Hub target requires more work
By Liang Yiwen |
April 8, 2010, Thursday
|
Print Edition
Print Edition
Shanghai enjoys a promising potential to grow into a global financial hub thanks to the yuan's rising influence, but it needs to improve its financial innovation capabilities and its role in revamping global financial rules so that it can compete with overseas rivals, according to a research report yesterday.
In terms of its existing strength and growth potential, the city was ranked third most competitive financial center in the world, after New York and London, according to the Institute of Shanghai Pudong International Finance and Shipping Center, a private research institute.
"Despite the great development potential, Shanghai is still at an early stage of the market system building, financial supervision development and professional training," said Zhu Yiqian, vice secretary of the institute.
The institute experts also advised the city to improve its "soft power" as it reforms its structure and regulations.
"Global finance has been entering a new developing stage of economic reform as the economic crisis burst the Wall Street myth, shook the Bretton Woods system and the dollar standard," Zhu said. Zhu was referring to the Bretton Woods system of monetary management which established rules for commercial and financial relations among the world's major industrial states.
Although the city enjoys rapid growth in share-trading volume and initial public offerings, it lags behind in other financial areas such as attracting foreign companies to list in Shanghai. But the city will start trading of the first stock index futures next week.
In terms of its existing strength and growth potential, the city was ranked third most competitive financial center in the world, after New York and London, according to the Institute of Shanghai Pudong International Finance and Shipping Center, a private research institute.
"Despite the great development potential, Shanghai is still at an early stage of the market system building, financial supervision development and professional training," said Zhu Yiqian, vice secretary of the institute.
The institute experts also advised the city to improve its "soft power" as it reforms its structure and regulations.
"Global finance has been entering a new developing stage of economic reform as the economic crisis burst the Wall Street myth, shook the Bretton Woods system and the dollar standard," Zhu said. Zhu was referring to the Bretton Woods system of monetary management which established rules for commercial and financial relations among the world's major industrial states.
Although the city enjoys rapid growth in share-trading volume and initial public offerings, it lags behind in other financial areas such as attracting foreign companies to list in Shanghai. But the city will start trading of the first stock index futures next week.
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