SHANGHAI is set to build up its asset-management capability as it rises into a global financial hub, a senior city official said yesterday.

Fang Xinghai, director of the Shanghai Financial Services Office, said the city has a clear strategy to achieve the aim to build itself into a global financial center by 2020.

"First, we should build Shanghai into a center of financial markets, and the city is quite successful in doing so," Fang told a financial forum yesterday in the city.

"The next step is to build the city into a hub of assets and wealth management," he said.

Shanghai is now home to China's major stock exchange, the main metals futures bourse, and the sole foreign exchange