SHANGHAI/BEIJING — Some of the world's top financial institutions, including BlackRock and JPMorgan, are increasing investments in China's financial hub Shanghai, undeterred by the novel coronavirus outbreak, the city government said on Friday. Shanghai also held an online opening ceremony for local branches of five global institutions including JPMorgan, Invesco and Russell Investment. "In such a special situation where the city is making all efforts to combat the coronavirus, the ceremony shows the world Shanghai's determination to further open its financial industry," the Shanghai Municipal Office of Finance Service said in a statement. It also shows global financial institutions have confidence in Shanghai, it said. As the virus spreads globally, Shanghai has stepped up screening of inbound travelers to prevent them importing new cases, raising concerns the pace of China's financial liberalization could be slowed.

Source: International New York Times March 20, 2020 11:03 UTC