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People's Daily Online>>China Business

Shanghai jumps high as financial hub

By Ding Yining (Shanghai Daily)

09:36, November 18, 2011

SHANGHAI is the most competitive domestic financial center and tied with Tokyo in fifth place in a ranking of global financial centers, according to a latest report.

Beijing and Shenzhen are the other two cities on the Chinese mainland that are ranked in the top 20 globally, according to the report released yesterday by the Institute of Finance and Banking of Chinese Academy of Social Sciences.

The Chinese Financial Center Development Report (2010-2011) used the competitiveness of global financial centers in the latest Global Financial Centers Index published by the City of London at the end of September for its study.

Shanghai's ranking rose from No. 35 in 2009 while Beijing improved to 15th and Shenzhen ranked 17th.

Shanghai, Beijing and Shenzhen are national financial hubs while Guangzhou, Hangzhou and Dalian are core regional financial centers, according to the report, which took into account three areas for its study - financial market development, economic competency and infrastructure.

The domestic financial service sector still lags behind those of developed economies.

Financial services accounted for less than 7 percent of the domestic gross domestic product in 2009, while it was more than 22 percent for Hong Kong and 26 percent for Singapore, the report said.

Globally, London and New York remained the top two financial cities in the world, with Hong Kong in 3rd and Singapore in No. 4.

In 2009, China mapped out guidelines for Shanghai to be a global financial and shipping hub by 2020.

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