{"id":9565,"date":"2011-07-08T03:07:44","date_gmt":"2011-07-08T03:07:44","guid":{"rendered":""},"modified":"2011-07-08T03:07:20","modified_gmt":"2011-07-08T03:07:20","slug":"Shanghai-fast-becoming-world-financial-hub","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9565","title":{"rendered":"Shanghai fast becoming world financial hub"},"content":{"rendered":"

As Asian financial centers are among the most competitive internationally to outpace their global counterparts, Shanghai is further cementing its position as China’s financial hub<\/strong>.<\/p>\n

In the latest Xinhua-Dow Jones International Financial Centers Development Index, it ranked as the sixth most competitive financial center worldwide<\/strong>, up two spots from a year ago.<\/p>\n

But in the sub-category of growth and potential development, Shanghai topped the list<\/strong>.<\/p>\n

Jiao Ran, director of Economic Information Editorial Department of Xinhua News Agency, said: “Its vibrant financial market and continually improving service standards are attracting more and more investors and talent, gathering greater strength for development.<\/p>\n

“This is also the reason why Shanghai could overtake France and Frankfurt, two cities with long histories in the latest financial crisis.”
\n<\/strong>
\nThe index evaluates 45 cities worldwide<\/strong>, based on indicators such as the financial market, industrial support, service, general environment, plus an emphasis on growth and development.<\/p>\n

Meanwhile, Singapore also moved ahead by one place – to fifth <\/strong>– thanks to strength in its industrial support and balanced development in all aspects.<\/p>\n

Over the past year, cities in the Asia Pacific region appear to have developed an edge in terms of development, over American and European cities<\/strong>. Apart from those in the top 10, others such as Beijing, Mumbai, Seoul, Osaka and Taipei have also risen in ranking.<\/p>\n

But observers said there is still a lot of room for improvement.<\/p>\n

They note that the financial centers in emerging economies generally scored low in service levels.<\/p>\n

Michael Petronella, president of CME Group Index Services, said: “As confidence goes way up, service will follow. And to be very blunt, the Asian culture is not on service<\/strong>. I see that improving. The regulatory environment will improve.”<\/p>\n

Overall, New York and London were the two most competitive financial centers, but Washington was squeezed out of the top ten by Amsterdam.
\n<\/strong>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

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