Shanghai's financial industry gains
By Hu Xiaocen |
May 11, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S financial industry kept growing steadily and outperformed other international financial centers in 2011, said a report published yesterday by the Shanghai Financial Association and Roland Berger Strategy Consultants.
They jointly announced launch of the Shanghai Financial Climate Index 2011, a gauge designed to provide reference about the local financial climate and the city's development into an international financial hub.
The index indicated that the overall development of Shanghai's financial industry achieved 2,570 points in 2011, up 14.4 percent from the year before.
In the past five years, the index grew 21 percent annually on average, outpacing the growth momentum of the city's gross domestic product at 13 percent in the same period.
The report pointed out that innovation and internationalization were the biggest contributors to Shanghai's financial development while the development of professionals and the financial environment progressed at a slower pace.
"The average salary of people working in the finance industry was 167,000 yuan (US$26,445) last year, slightly up from 2010," said Fei Fangyu, spokesman of the association.
The report suggested that improvements in tax policies, living costs, intermediary services and financial policies should be undertaken to boost the environment.
Mumbai ranked second as an emerging financial center in terms of growth.
They jointly announced launch of the Shanghai Financial Climate Index 2011, a gauge designed to provide reference about the local financial climate and the city's development into an international financial hub.
The index indicated that the overall development of Shanghai's financial industry achieved 2,570 points in 2011, up 14.4 percent from the year before.
In the past five years, the index grew 21 percent annually on average, outpacing the growth momentum of the city's gross domestic product at 13 percent in the same period.
The report pointed out that innovation and internationalization were the biggest contributors to Shanghai's financial development while the development of professionals and the financial environment progressed at a slower pace.
"The average salary of people working in the finance industry was 167,000 yuan (US$26,445) last year, slightly up from 2010," said Fei Fangyu, spokesman of the association.
The report suggested that improvements in tax policies, living costs, intermediary services and financial policies should be undertaken to boost the environment.
Mumbai ranked second as an emerging financial center in terms of growth.
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