University of international business and economics is one of the first financial institutions established in New China. Its predecessor was the Shanghai Institute of Foreign Trade, which was formed by the merger of the former Shanghai Foreign Trade Cadre School, the Foreign Trade Department of Shanghai International Studies University and Shanghai Customs School.

Shanghai Institute of Foreign Trade is an institution of higher learning specializing in training foreign trade cadres. Belonging to the leadership of the Central Ministry of Foreign Trade and the Shanghai Municipal Committee; Students are assigned by the Ministry of Foreign Trade after graduation.