Innovation helps develop Shanghai finance sector
Print Edition
Financial innovation powered the development of the financial industry in Shanghai in the first half although the sector’s growth slowed from last year, a report said yesterday.
The indicator that measures the development of the financial industry rose 8.4 percent from the end of last year to 3,076 points by the end of June. The growth was sparked by developments in financial innovation, markets and globalization, the Shanghai Financial Association and Munich-based consultants Roland Berger said in a joint report yesterday.
The indicator that studies the growth of Shanghai’s financial industry, however, fell 3.2 percent from the end of 2012 to 1,084 points by the end of June.
Overseas banks and insurance companies played a bigger role in the development of the city’s financial sector. The overseas banks in Shanghai comprise a larger proportion of the banking industry than their peers in other areas on the Chinese mainland.
The total assets of the overseas banks in the city accounted for 11.3 percent of the total assets of the local banking industry, down from 17.9 percent in 2012. The aggregate assets of all overseas banks on the mainland comprise 2 percent of the sector nationwide.
Meanwhile the premium income of foreign insurers, who also take up a bigger proportion of the sector in the city, accounted for 14.6 percent of the local insurance market in the first half, up from 12.9 percent by the end of last year. The premium income of all foreign insurance companies accounted for only 1.2 percent of the industry’s total in the same period nationwide.
Shanghai’s cross-border yuan trade settlement soared to 377 billion yuan (US$61.6 billion) in the first half compared with 359 billion yuan for the whole of 2012.
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