Shanghai remains No. 6 financial center
By Feng Jianmin |
August 24, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI remains the world's sixth-most competitive financial center this year, an industry index showed yesterday.
The Xinhua-Dow Jones International Financial Centers Development Index, a gauge to measure the growth capacity of 45 financial centers around the world, showed that Shanghai ranks sixth after New York, London, Tokyo, Hong Kong and Singapore.
Frankfurt and Paris are seventh and eighth, while Zurich and Chicago replaced Sydney and Amsterdam at ninth and tenth.
"The gap between New York, London, Tokyo and Hong Kong is widening this year," said a vice president of S&P Dow Jones Indices Asia Pacific. "But the gap narrowed significantly among the four cities ranking fifth to eighth, who are strong competitors to the first group."
Shanghai, which targets to become the world's leading financial center by 2020, was rated as having the most potential for the third consecutive year, beating Hong Kong, New York and Tokyo, based on indicators such as market, economic prospect, service and regulatory environment.
But the city is comparatively weak in economic and political environment and openness, the report said.
New York remained the most competitive financial center, scoring 87.27 points, down from last year's 87.69 and 88.4 in 2010. So far the total market value of more than 2,800 companies on the New York Stock Exchange hit US$15 trillion.
Shanghai scored 63.8 points this year, lower than 71.42 last year.
Among other Chinese cities, Beijing climbed three ranks to No. 11, Shenzhen rose two spots to No. 19, and Taipei jumped four spots to No. 36.
The Xinhua-Dow Jones International Financial Centers Development Index, a gauge to measure the growth capacity of 45 financial centers around the world, showed that Shanghai ranks sixth after New York, London, Tokyo, Hong Kong and Singapore.
Frankfurt and Paris are seventh and eighth, while Zurich and Chicago replaced Sydney and Amsterdam at ninth and tenth.
"The gap between New York, London, Tokyo and Hong Kong is widening this year," said a vice president of S&P Dow Jones Indices Asia Pacific. "But the gap narrowed significantly among the four cities ranking fifth to eighth, who are strong competitors to the first group."
Shanghai, which targets to become the world's leading financial center by 2020, was rated as having the most potential for the third consecutive year, beating Hong Kong, New York and Tokyo, based on indicators such as market, economic prospect, service and regulatory environment.
But the city is comparatively weak in economic and political environment and openness, the report said.
New York remained the most competitive financial center, scoring 87.27 points, down from last year's 87.69 and 88.4 in 2010. So far the total market value of more than 2,800 companies on the New York Stock Exchange hit US$15 trillion.
Shanghai scored 63.8 points this year, lower than 71.42 last year.
Among other Chinese cities, Beijing climbed three ranks to No. 11, Shenzhen rose two spots to No. 19, and Taipei jumped four spots to No. 36.
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