Shanghai has broader prospects in developing its financial industry than other cities worldwide in the long term, city mayor Han Zheng said yesterday when meeting a delegation of Canada's Bank of Montreal (BMO) Financial Group.

“The newly concluded national financial work conference stressed the importance of developing Shanghai into an international financial center. It is a national strategy," said Han. He also invited foreign financial companies to participate in Shanghai's development towards an international financial center, promising a better investment climate.

As an open city full of vitality, Shanghai has maintained sustainable development over the past few years, Han said at the meeting, adding that the local financial industry has a bright future though there is gap between Shanghai and other international financial centers in terms of financial talent, management capability, and laws and regulations.

Echoing Han's view, Jiang Boqin, president of BMO Financial Group, expressed his hope that the Bank of Montreal will soon open its branch in Shanghai and fully participate in Shanghai's construction of international financial centers at the earliest time.