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China: Shanghai Ranks 8th as Financial Hub Globally
Source: Shanghai Daily
Source Date: Friday, July 09, 2010
Country: China
Created: Jul 12, 2010

Shanghai was rated the eighth top financial hub in the world in a new index tracking 45 financial centers globally.

The International Financial Center Development Index, launched yesterday in Shanghai, rated New York, London and Tokyo as the world's top three financial hubs with Shanghai showing the biggest growth potential.

Shanghai, which has ambitions of becoming the world's leading financial center by 2020, was rated with the most potential, beating the likes of Hong Kong, New York and Tokyo, based on indicators on market growth, economic prospect, innovation efforts and prospects.

Despite those bright prospects for growth, Shanghai is still lagging behind mature markets in service, ranking only 19th.

Shanghai is lacking senior financial professionals, though the city is rolling out measures to attract senior bankers and products and risk control managers.

Shanghai, Beijing and Shenzhen are three Chinese mainland cities among the 45 hubs listed in the index.

In March 2009, the State Council issued guidelines to help Shanghai accomplish its goal to become a major global financial center by 2020.

Shanghai will create a multi-layered financial market, promote the opening of financial services and ensure financial stability in the coming years to achieve this goal.

City Party Secretary Yu Zhengsheng said in June that Shanghai will try every innovation to fulfill the target.

Shanghai's rise is backed by China's growing economic power. China defied the global financial crisis in 2009 by growing 9.1 percent, with the momentum picking up in the first quarter of this year to 11.9 percent.

The city already holds the Shanghai Stock Exchange, which is expected to be the biggest market on initial public offering this year; China's sole gold exchange; foreign currency bourse; and the major metals futures exchange.

The lion's stake of foreign bankers have based their China headquarters in Shanghai on the city's emergence in the financial industry.

Accelerating Shanghai's development in modern services, manufacturing, financing and shipping will be of great significance to the Yangtze River Delta and the nation, the State Council said earlier.

The index was launched by Xinhua News and Dow Jones Indexes. It was based on 66 indicators and 2,386 surveys. The two agencies have joined hands as strategic partners in Shanghai.
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