The Shanghai-London stock connect will be launched within this year with Shanghai aiming to be the first to open the financial industry to foreign companies and institutions.

The city is discussing with the state's financial regulators to become a "pioneer" to accelerate the financial opening-up, said Li Jun, deputy head of Shanghai Municipal Financial Service Office, at a news conference held on Thursday.

Some large financial institutions from Europe and Asia have filed applications to increase their shareholdings and expand their businesses scopes, Li added.

Moreover, the financial office will continue to push forward renminbi internationalization and capital account convertibility in Shanghai free trade zone, Li said.