The burgeoning Shanghai Free Trade Zone has put forward a series of extensive supporting policies to promote the further opening up of the financial sector, The Paper reported.

In terms of the banking sector, the Shanghai government will help foreign banks to set up branches and subsidiary banks in the city, as well as to expand their business scope.

Commercial banks are encouraged to set up financial asset investment firms and wealth management companies in which there is no shareholding ceiling for foreign-funded investors.

For the securities sector, the government will support the establishment of securities brokers, fund management firms and futures companies controlled by foreign investors.

As for the insurance sector, foreign investors will be supported to take controlling stakes in newly set up life insurance companies.

They are also welcome to establish foreign-funded insurance groups, reinsurance agencies, insurance agents and insurance assessment firms.

Existing foreign insurance brokerage companies are also being encouraged to expand their business scope.