Shanghai's financial sector rises
By Lilith Hu |
October 19, 2012, Friday
|
Print Edition
Print Edition
GREATER innovation and development of Shanghai's financial markets have helped the city's finance sector grow steadily in the first half of this year, according to the Shanghai Financial Association yesterday.
The development of the city's financial industry rose 9.4 percent year on year in the first half of 2012, according to the association's Shanghai Financial Prosperity Index. The index, which measures the development of the city's finance sector and its progress toward becoming an international financial center, is compiled by the association and Roland Berger Strategy Consultants.
Innovation, advancement and internationalization of the financial markets accounted for 40 percent, 29 percent and 12 percent respectively to the overall development of the sector, according to the index.
The city stayed top among other international hubs in development, followed by Mumbai, according to a sub index.
Economists said there is still plenty of room for the city to improve.
"So we need to relax the controls on financial innovation, and promote reforms in liberalization and internationalization of the financial markets," Hu Ruyin, director at the research center of the Shanghai Stock Exchange, said yesterday.
The development of the city's financial industry rose 9.4 percent year on year in the first half of 2012, according to the association's Shanghai Financial Prosperity Index. The index, which measures the development of the city's finance sector and its progress toward becoming an international financial center, is compiled by the association and Roland Berger Strategy Consultants.
Innovation, advancement and internationalization of the financial markets accounted for 40 percent, 29 percent and 12 percent respectively to the overall development of the sector, according to the index.
The city stayed top among other international hubs in development, followed by Mumbai, according to a sub index.
Economists said there is still plenty of room for the city to improve.
"So we need to relax the controls on financial innovation, and promote reforms in liberalization and internationalization of the financial markets," Hu Ruyin, director at the research center of the Shanghai Stock Exchange, said yesterday.
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