This photo taken on Nov. 4, 2022 shows an evening view of the Lujiazui area in east China's Shanghai. (Xinhua/Wang Xiang)

SHANGHAI, March 28 (Xinhua) -- More than 100 foreign-funded asset management institutions have now settled in Shanghai's Lujiazui Financial City, demonstrating China's further opening-up of its financial sector, according to the third Lujiazui Global Asset Management Summit held in Shanghai on Monday.

In 2022, Lujiazui Financial City introduced 10 foreign asset management institutions or related upstream or downstream enterprises. Financial institutions from 13 countries have thus far established 122 foreign asset management institutions in the Shanghai financial zone, nine of which are among the world's top 10 such institutions.

At the summit, the Lujiazui Administration Bureau of China (Shanghai) Pilot Free Trade Zone signed a memorandum of cooperation on opening-up with 10 global asset management institution.

By 2025, the total number of industry-leading international asset management institutions in Lujiazui is expected to exceed 150, said Xiao Jian, director of the Lujiazui Administration Bureau of China (Shanghai) Pilot Free Trade Zone.