Given the size of China's population, economy as well as its fast growth, many of these financial markets are among the world's biggest in terms of transaction volume.P These markets, together with the influx of foreign banks, mean that Shanghai is well on its way to become one of the world's leading financial centers, analysts have said.
Meanwhile, the gathering of international talents helps boost Shanghai's international financial center ambition, said Jens Henriksson, president of the Nasdaq OMX's Stockholm Stock Exchange.
As of the end of May, 332 transnational enterprises had established their regional headquarters in Shanghai and at least 325 foreign-funded research and development centers were set up in the metropolis.
International financial service giants such as Citigroup, HSBC, Morgan Stanley and Bank of America have all established their China headquarters in Shanghai.
Support from the central government has helped boost Shanghai's economy.
In March 2009, the Chinese government announced plans to build Shanghai into an international financial and shipping center in line with the country's economic strength and the international status of its currency by 2020.
The scheme includes developing a multi-functional and multi-layer financial market in Shanghai, and trial program for cross-border yuan trade settlement.
The city intends to keep pushing forward on many fronts.
One key development will be the launch of the Shanghai stock exchange's international board, which China Securities Regulatory Commission chairman Shang Fulin said is "coming closer and closer."
The board will allow overseas companies to raise funds by listing yuan-denominated shares in China.
However, economists warn that many problems must be solved before Shanghai can overtake New York and London to become the world's largest financial center.
"Shanghai is still some way behind other international financial centers in terms of market openness, size and variety, as well as sophistication of products," according to a KPMG report.
It noted that China needs to open its financial markets further, which will include "full currency convertibility and opening up of yuan-denominated A-shares to foreign investors."
Shanghai will become the world's largest financial center in a decade, according to the report.
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Source:Xinhua
Weekly review
Meanwhile, the gathering of international talents helps boost Shanghai's international financial center ambition, said Jens Henriksson, president of the Nasdaq OMX's Stockholm Stock Exchange.
As of the end of May, 332 transnational enterprises had established their regional headquarters in Shanghai and at least 325 foreign-funded research and development centers were set up in the metropolis.
International financial service giants such as Citigroup, HSBC, Morgan Stanley and Bank of America have all established their China headquarters in Shanghai.
Support from the central government has helped boost Shanghai's economy.
In March 2009, the Chinese government announced plans to build Shanghai into an international financial and shipping center in line with the country's economic strength and the international status of its currency by 2020.
The scheme includes developing a multi-functional and multi-layer financial market in Shanghai, and trial program for cross-border yuan trade settlement.
The city intends to keep pushing forward on many fronts.
One key development will be the launch of the Shanghai stock exchange's international board, which China Securities Regulatory Commission chairman Shang Fulin said is "coming closer and closer."
The board will allow overseas companies to raise funds by listing yuan-denominated shares in China.
However, economists warn that many problems must be solved before Shanghai can overtake New York and London to become the world's largest financial center.
"Shanghai is still some way behind other international financial centers in terms of market openness, size and variety, as well as sophistication of products," according to a KPMG report.
It noted that China needs to open its financial markets further, which will include "full currency convertibility and opening up of yuan-denominated A-shares to foreign investors."
Shanghai will become the world's largest financial center in a decade, according to the report.
1 2 3
Source:Xinhua
Weekly review
