SHANGHAI, May 13 (Xinhua) -- Shanghai on Sunday announced new measures to open wider its finance businesses, in a bid to develop itself into an international finance center.

In the near future, the city will further open up banking, securities, and insurance sectors, according to the municipal finance authority.

Foreign-funded banks will be encouraged to set up both branches and subsidiaries in Shanghai. The city will also support establishment of securities, fund, and futures companies with majority ownership by foreign capital.

The scope of Shanghai-based foreign-funded insurance companies will be expanded.

The financial market will open wider. For example, the city will support overseas investors to invest in its securities market and overseas innovative enterprises will be allowed to issue Chinese Depository Receipt in Shanghai.

The practice of free trade accounts, which enable funds to move freely between the free trade zone (FTZ) and offshore entities, would be spread to pilot FTZs in the Yangtze River Delta region and the Yangtze River economic belt. The investment and financing function of those accounts would be expanded.

Shanghai will open its market for bank card clearing institutions and non-bank payment services providers, while relaxing the restrictions on credit rating services for foreign-funded financial services companies.

The city will advance financial reforms, without slacking in risk control, said a spokesperson with the authority.