Date: December 26, 2013
Source: Shanghai Securities News

　　The 2013 Shanghai Financial Innovation Prizes unveiled on December 25, with a total of 42 innovative projects awarded. The grand prize, which was set up for the very first time, was conferred to the 5-year treasury bond futures of the China Financial Futures Exchange. On the morning of that day, the Shanghai Municipal Government convened the prize-awarding reception.
　　According to related regulations, the Shanghai Financial Innovation Evaluation Work Leading Group Office, composed of Shanghai Financial Services Office, Shanghai Municipal Finance Bureau and Shanghai Municipal Human Resources and Social Security Bureau, kicked off the reception of applications for the 2013 Shanghai Financial Innovation Prizes from September 2013. Upon examination by experts, pubic notice and final review by the evaluation work leading group, the Shanghai Municipal Government decided to grant the prizes to 35 projects including the 5-year treasury bond futures.
　　According to the Shanghai Financial Services Office, the awards take on three main features. Firstly, significant innovation in financial market propels continuous deepening of financial reform. For example, the project of 5-year treasury bond futures holds an especially important strategic significance in establishing international financial center, which has recently been a landmark event in Shanghai.
　　Secondly, the innovation of financial business leads the reconstruction and development of industry. For example, the project of securities integrated wealth management service innovation created the one-account–through account for the convenience of cross-trading systems management by integrating into the system of the People's Bank of China. It directly knocks through the channel connecting clients’ fund and accounts of all commercial banks, fulfilling the function of multi-agency payment.
　　Thirdly, innovation of financial services highlights social management and benefits for the public. There are many typical projects including the project of introduction of insurance (assured insurance) for project quality in case of latent defects, the project of actively promoting safety management for housing quality in Shanghai, the project of NFC mobile payment of Shanghai Pudong Development Bank and the project of easily-paid-products in public’s convenience of China UnionPay.