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September 9, 2009

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City ranked third in the world

SHANGHAI shows great potential to become the world's financial and shipping center and its competitiveness as a double center is ranked third, after New York and London, in research by a non-government organization in Shanghai.

Although the findings are in sharp contrast to the Global Financial Centers Index published by the City of London, which ranked Shanghai in 35th place as an international financial center in March, it at least highlights the target of Shanghai and its ambition, analysts said.

The Global Financial and Shipping Double-Center Index, or GDCI, compiled by the Shanghai Pudong Management Consulting Industry Association, said Shanghai gained 513.1 points in its evaluation, behind New York's 624.4 points and London's 553.9.

Shanghai was ahead of the other nine cities in the study - Tokyo, Hong Kong, Singapore, Dubai, Sydney, Mumbai, San Paulo, Hamburg and Vancouver.

The result was based on 60 sub-indices including financial trading volume, financial environment, growth potential as well as shipping services.

The data were collected through public resources offered by organizations such as the World Federation of Exchanges, the United Nations and AT Kearney Inc.

"We try to reflect the real weight of Shanghai among the global financial and shipping centers," said Zhuang Ling, chairman of the association.

He noted the wide gap between its index and the one by the City of London, and explained that the GDCI evaluated cities in both financial and shipping sectors. It also put more emphasis on the growth potential of cities.

Fang Xinghai, director of the Shanghai Financial Services Office, has argued on several occasions that Shanghai should be much more important than the position reflected by its 35th ranking, given the size of Shanghai's stock market and futures market and their huge trading volume.

Sun Lijian, a finance professor at Fudan University, said the GDCI and its compilers have sent a clear message that Shanghai had major ambitions.

"Shanghai is not satisfied with being only a state-level financial and shipping center. It has placed itself on the global stage and wants to demonstrate its function," Sun said yesterday.


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