Lujiazui Financial City, Shanghai's financial hub, has been working on creating an international, convenient, and legal business environment, Pudong Times reported on Sept 7.

After financial talks with the City of London in June, Lujiazui reached a cooperation deal with the International Capital Market Association (ICMA) on Sept 6. The ICMA is a self-governing organization that represents capital market companies in 15 regions around the globe. Together they will strengthen exchanges on brand promotion and market construction.

Lujiazui will seek more partners globally so as to offer more business opportunities for local companies, said Wang Hua, director of the Lujiazui Financial City Development Bureau.

Lujiazui recently announced reforms to its management mechanism by establishing a management board of which 90 percent is made up of members from key enterprises, industry organizations, building developers and other industry representatives. The board allows various forces to participate in the governance of the financial city, and jointly promote the city's development.

Wang added that the board will build a more efficient communication system among industry organizations, supervision institutions and local government, and its members are expected to have greater input on policy making and improving the business environment.

This reform will help align Lujiazui's operations to international regulations and standards and will boost the allocation of resources and influence in global financial markets, contributing to Shanghai's goal of becoming an international financial center.