Shanghai rises to No. 6 financial city
By Lydia Chen |
July 9, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI has surpassed Paris and Frankfurt to become the world's sixth most competitive global financial center, according to an industry index released in the city yesterday.
The Xinhua-Dow Jones International Financial Centers Development Index, a gauge to measure and value the development capacity of 45 global international financial centers, showed that Shanghai has moved two places higher from a year ago and now trails only New York, London, Tokyo, Hong Kong and Singapore.
Beijing was ranked 14th in the annual index released by the Xinhua news agency and Chicago-based CME Group Inc, while Shenzhen took the 21st spot.
The index put the cities of New York, London, Tokyo and Hong Kong as the world's first-tier financial hubs, each scoring more than 80 out of 100 points. The comprehensive assessment gauges a city's financial strength in areas including markets, growth, pillar industry development, service and regulatory environment.
New York remained the most competitive financial center with a total score of 87.69 points, compared with last year's 88.4. The Big Apple has the world's largest scale of asset management and stock transaction volumes. It topped all global markets with combined capital raised from initial public offerings, reaching US$25.4 billion in the first half of this year.
Shanghai was rated at 71.42 points after Singapore's 74.53 points but is ahead of Paris, Frankfurt, Sydney and Amsterdam. All were considered second-tier global financial centers in the index.
Shanghai's financial clout is growing quickly, powered by improvements in services, development of pillar industries and overall industry environment, according to the index.
Last year, Shanghai was ranked 8th with a total score of 63.8 points.
The city, which aims to build itself into a world-class financial center by 2020, led all its rivals in terms of growth. Shanghai's financial sector had a compound annual growth rate of 22 percent in the 11th Five-Year period that ended last year, 1.8 times the city's gross domestic product growth, according to previous reports.
Its financial industry has already launched hiring sprees in the top centers, including London and New York, to lure experienced professionals. About 230,000 financial professionals are now working in the city, against Shanghai's population of 23.02 million residents.
"For a financial center, the most important thing is a mature market system," said Qi Bin, head of the research center at the China Securities Regulatory Commission.
Shanghai is home to China's key stock market, the major commodities futures exchange, and the sole bourses for financial futures, foreign exchange and gold and platinum.
The Xinhua-Dow Jones International Financial Centers Development Index, a gauge to measure and value the development capacity of 45 global international financial centers, showed that Shanghai has moved two places higher from a year ago and now trails only New York, London, Tokyo, Hong Kong and Singapore.
Beijing was ranked 14th in the annual index released by the Xinhua news agency and Chicago-based CME Group Inc, while Shenzhen took the 21st spot.
The index put the cities of New York, London, Tokyo and Hong Kong as the world's first-tier financial hubs, each scoring more than 80 out of 100 points. The comprehensive assessment gauges a city's financial strength in areas including markets, growth, pillar industry development, service and regulatory environment.
New York remained the most competitive financial center with a total score of 87.69 points, compared with last year's 88.4. The Big Apple has the world's largest scale of asset management and stock transaction volumes. It topped all global markets with combined capital raised from initial public offerings, reaching US$25.4 billion in the first half of this year.
Shanghai was rated at 71.42 points after Singapore's 74.53 points but is ahead of Paris, Frankfurt, Sydney and Amsterdam. All were considered second-tier global financial centers in the index.
Shanghai's financial clout is growing quickly, powered by improvements in services, development of pillar industries and overall industry environment, according to the index.
Last year, Shanghai was ranked 8th with a total score of 63.8 points.
The city, which aims to build itself into a world-class financial center by 2020, led all its rivals in terms of growth. Shanghai's financial sector had a compound annual growth rate of 22 percent in the 11th Five-Year period that ended last year, 1.8 times the city's gross domestic product growth, according to previous reports.
Its financial industry has already launched hiring sprees in the top centers, including London and New York, to lure experienced professionals. About 230,000 financial professionals are now working in the city, against Shanghai's population of 23.02 million residents.
"For a financial center, the most important thing is a mature market system," said Qi Bin, head of the research center at the China Securities Regulatory Commission.
Shanghai is home to China's key stock market, the major commodities futures exchange, and the sole bourses for financial futures, foreign exchange and gold and platinum.
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