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Shanghai ranks 6th in financial center rating
By Feng Jianmin |
August 23, 2012, Thursday
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Online Edition
Online Edition
Shanghai remains the world's sixth most competitive financial center this year after New York, London, Tokyo, Hong Kong and Singapore, an industry index showed today.
The Xinhua-Dow Jones International Financial Centers Development Index tracks the performance of 45 international financial centers in the world.
Shanghai, with an ambition to become the world's leading financial center by 2020, was rated a center showing the most potential for three consecutive years, beating Hong Kong, New York and Tokyo in terms of market growth, economic prospect, and innovation.
But in terms of service, Shanghai fell from the 7th place to 12th. The city also paled in economic and political environment and openness, the report said.
"The gaps between New York, London, Tokyo and Hong Kong are widening this year with the US leading global economy," said an S&P Dow Jones Indices executive. "But the gaps between the fifth and eighth cities narrowed significantly. They are strong competitors to the first group."
New York remained the most competitive financial center with a score of 87.27 points, down from last year's 87.69 and 2010's 88.4. Total market value of more than 2,800 listed companies on the New York Stock Exchange topped US$15 trillion.
Among other Chinese cities, Beijing rose three ranks to the 11th, Shenzhen rose 2 to 19, and Taipei rose 4 to 36.
The Xinhua-Dow Jones International Financial Centers Development Index tracks the performance of 45 international financial centers in the world.
Shanghai, with an ambition to become the world's leading financial center by 2020, was rated a center showing the most potential for three consecutive years, beating Hong Kong, New York and Tokyo in terms of market growth, economic prospect, and innovation.
But in terms of service, Shanghai fell from the 7th place to 12th. The city also paled in economic and political environment and openness, the report said.
"The gaps between New York, London, Tokyo and Hong Kong are widening this year with the US leading global economy," said an S&P Dow Jones Indices executive. "But the gaps between the fifth and eighth cities narrowed significantly. They are strong competitors to the first group."
New York remained the most competitive financial center with a score of 87.27 points, down from last year's 87.69 and 2010's 88.4. Total market value of more than 2,800 listed companies on the New York Stock Exchange topped US$15 trillion.
Among other Chinese cities, Beijing rose three ranks to the 11th, Shenzhen rose 2 to 19, and Taipei rose 4 to 36.
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