Shanghai is set to double efforts to open up and accelerate the growth of its financial sector through various measures.

In a statement, Gong Zheng, Mayor of Shanghai, affirmed that Shanghai will play a better role as a pioneer for the steady expansion of institutional opening-up in the financial sector in the New Year.

Relying on key areas, such as Pudong New Area and Lingang New Area, the city will carry out financial stress tests to a greater extent, build a trading platform for international financial assets, and promote innovative pilot projects in the fields of cross-border and offshore finance, said Gong during a municipal press conference after the conclusion of the annual plenary sessions of the city's legislative and political advisory bodies.

"The city will also focus on expanding its two-way opening. We'll develop internationally oriented financial products and enhance cross-border investment and financing facilitation while taking further steps to attract more foreign-funded financial institutions and long-term capital to do business in Shanghai," said Gong.

He mentioned that Shanghai has launched a number of international financial products and built a number of cross-border interconnection mechanisms in the finance sector in recent years.

According to a report by China Daily, the number of licenced financial institutions in Shanghai had reached 1,771 by the conclusion of the previous year, with foreign financial institutions representing over 30 percent of that figure.

"Shanghai has become the forefront of the Chinese mainland's financial opening to the world," Gong said.