Shang­hai ranks high in fi­nan­cial power

China Daily (USA) - - BUSINESS - By YU RAN in Shang­hai yu­ran@chi­

Shang­hai ranked 16th in the 20th Global Fi­nan­cial Cen­ters In­dex re­leased on Mon­day, be­com­ing the high­est ranked Chi­nese main­land city and show­ing its ris­ing com­pet­i­tive­ness in the global fi­nan­cial sec­tor.

In the new rank­ing, which was also re­leased for the first time in Shang­hai, the top four cities are Lon­don, New York, Sin­ga­pore and Hong Kong, while other cities in China in­clud­ing Shen­zhen, Bei­jing, Qing­dao and Dalian are also shown on the list.

The Asia-Pa­cific re­gion, with more cities per­form­ing well in the fi­nan­cial sec­tor, is ex­pected to play more im­por­tant role in the list in the fu­ture.

“Shang­hai has made very good progress to re­tain the 16th place, fol­low­ing Hong Kong to be­come a global fi­nan­cial clus­ter with a com­pre­hen­sive sys­tem of fi­nan­cial re­lated ser­vices very soon,” said Mark Ye­an­dle, as­so­ciate direc­tor of the Z/Yen Group.

As the emerg­ing fi­nan­cial cen­ter in China, Shang­hai is cur­rently un­der­go­ing a trans­for­ma­tion to be­come a global fi­nan­cial cen­ter by 2020. There are nearly 1,500 fi­nan­cial in­sti­tu­tions in the city. Shang­hai also has the world’s largest trad­ing vol­ume of se­cu­ri­ties in the stock mar­ket, the world’s top trad­ing amount of spot gold on the Shang­hai Gold Ex­change and the fourth largest stock value in the world.

“As China’s ma­jor fi­nan­cial cen­ter, Shang­hai is march­ing to­ward the goal of be­com­ing a fi­nan­cial cen­ter in ac­cor­dance with China’s eco­nomic strength and the ren­minbi’s in­ter­na­tion­al­iza­tion by 2020,” said Zheng Yang, direc­tor gen­eral of Shang­hai Fi­nan­cial Ser­vices Of­fice.

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