Photos/Graphics

Shanghai ranks 8th in world's financial center

(chinadaily.com.cn)
Updated: 2010-08-03 17:38

Shanghai's new financial district skyline along the Huang Pu river in Shanghai March 28, 2010. [Agencies]

Shanghai is the eighth most competitive financial center worldwide according to a report issued on Thursday by Xinhua-Dow Jones International Financial Centers Development Index (IFCD Index).

Over the past decades, Shanghai has witnessed an economic boom, which made great contributions to China's growth and its own.

The city has complete financial services including commercial banks, securities companies, insurance companies, fund management companies, trust companies, futures companies and financial leasing companies. The financial strength of its fund management companies and trust companies are among the nation's best. There were a total of 850 financial institutions in Shanghai by the end of June, 2008.

A national financial market system including stocks, bonds, currency, foreign exchange, commodity futures, Over-the-Counter (OTC) derivatives, gold and property also has been formed in Shanghai.

The Shanghai Stock Exchange (SSE) had a turnover of 39.29 trillion yuan in 2009, surging by 85.1 percent year-on-year. The total market capitalization of shares in the Shanghai securities market was 18.5 trillion yuan, an increase of 89.9 percent compared with the previous year.

The Shanghai securities market raised a total of 481.766 billion yuan in 2009, an increase of 46.2 percent year-on-year.

In addition, a total of 375 foreign-capital financial institutions and Chinese-foreign equity joint financial institutions set up headquarters or branch offices in Shanghai by the end of June 2008, accounting for 44.1 percent of the city's financial institutions.

China's State Council, the cabinet, said on March 25, 2009 that Shanghai will be built into an international financial center and a global shipping hub by 2020.