Gray financial institutions refer to the formal financial institutions registered outside Shanghai, bypassing the research and development centers, offices or liaison offices set up by the Shanghai financial regulatory authority. There are indications that Shanghai will clean up gray financial institutions, and there are three main things to be done: First, setting standards, establishing accounts, diverting gray financial institutions; second, taking "anti-risk" as the starting point to rectify violations; third, guiding the gray financial institutions as an opportunity to conduct business and regulatory innovations.