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Shanghai eclipses Paris, Frankfurt in financial center ranking
By Lydia Chen |
July 8, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI has surpassed Paris and Frankfurt as the world's sixth most competitive global financial center, according to an industry index released today.
The Xinhua-Dow Jones International Financial Centers Development Index, a gauge to measure the growth capacity of 45 global international financial centers, showed that Shanghai has moved up two spots this year but is after New York, London, Tokyo, Hong Kong and Singapore.
Beijing ranked the 14th place in the annual index released by Xinhua News Agency and Chicago-based CME Group Inc. Shenzhen took the 21st spot.
The index put New York, London, Tokyo and Hong Kong as the world's first-tier financial hubs, each scoring over 80 points out of a full score of 100 in the assessment of a city's financial strength, market size and growth, industrial development, services and regulatory environment.
New York remained the most competitive financial center with a score of 87.69 points, down from last year's 88.4. In the first half of this year it raised US$25.4 billion in capital from initial public offerings.
Shanghai earned 71.42 points, after Singapore's 74.53 points, but is ahead of Paris, Frankfurt, Sydney and Amsterdam, which were considered the second-tier global financial centers.
The city's financial clout is growing fast on strength of improved services, development of key industries and overall economic environment, according to the compilers.
Last year Shanghai was in the 8th place with a score of 63.8 points.
Shanghai, aiming to become a world-class financial center by 2020, led other financial cities in terms of future growth. Its financial sector reported an annual growth rate of 22 percent in the past five years, 1.8 times the city's GDP growth rate.
The city is currently scouring for financial professionals in cities like London and New York. There are about 230,000 people working in the city's financial firms.
The Xinhua-Dow Jones International Financial Centers Development Index, a gauge to measure the growth capacity of 45 global international financial centers, showed that Shanghai has moved up two spots this year but is after New York, London, Tokyo, Hong Kong and Singapore.
Beijing ranked the 14th place in the annual index released by Xinhua News Agency and Chicago-based CME Group Inc. Shenzhen took the 21st spot.
The index put New York, London, Tokyo and Hong Kong as the world's first-tier financial hubs, each scoring over 80 points out of a full score of 100 in the assessment of a city's financial strength, market size and growth, industrial development, services and regulatory environment.
New York remained the most competitive financial center with a score of 87.69 points, down from last year's 88.4. In the first half of this year it raised US$25.4 billion in capital from initial public offerings.
Shanghai earned 71.42 points, after Singapore's 74.53 points, but is ahead of Paris, Frankfurt, Sydney and Amsterdam, which were considered the second-tier global financial centers.
The city's financial clout is growing fast on strength of improved services, development of key industries and overall economic environment, according to the compilers.
Last year Shanghai was in the 8th place with a score of 63.8 points.
Shanghai, aiming to become a world-class financial center by 2020, led other financial cities in terms of future growth. Its financial sector reported an annual growth rate of 22 percent in the past five years, 1.8 times the city's GDP growth rate.
The city is currently scouring for financial professionals in cities like London and New York. There are about 230,000 people working in the city's financial firms.
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