Key Shanghai planner promoted to national office

Fang Xinghai, a key figure in plans to develop Shanghai into a global financial center by 2020, has landed an elevated position in Beijing’s Office of the Central Leading Group for Financial and Economic Affairs, South China Morning Post reported. As the head of the Shanghai Financial Services Office and deputy general manager of the Shanghai Stock Exchange, Fang garnered attention for downplaying the importance of Hong Kong as a financial center. Fang’s new position will give him greater control over Shanghai’s market reforms in efforts to overtake Hong Kong as China’s most important financial hub.