ABSTRACT
More and more international financial centers emerged as the financial system
developed in the worldwide and along with the deepening of economic integration and
financial integration. The establishment of an international financial center plays a huge
role in promoting the host country's economy, so many cities now regard the
construction of an international financial center as their development objectives.
Shanghai's financial development has been of concern since Deng Xiaoping
proposed that China has to rely on Shanghai if it wants to improve financial
international status in the 1990's. The central and local governments make continuous
efforts to build Shanghai into an international financial center also. Today, every
country’s economy is still in the doldrums due to the financial crisis and the global
financial crisis has not yet bottomed out. In this situation, the State Council issued the
opinions in promoting the development of modern service industry and advanced
manufacturing industry for the construction of an international financial center and
international shipping center. It shows the confidence of the country to Shanghai, so we
need to study and strive to make better recommendations for the construction of
Shanghai international financial center.
In this paper, firstly, it analyzes the historical background of Shanghai international
financial center. In the history, Shanghai served as the Far East's largest financial center.
Therefore, there is hope for Shanghai to reshape its brilliant. Then, the paper analyzes
the development of Shanghai's financial industry status according to its economic base,
human resources and financial development. In additional, Shanghai has already been
the largest domestic financial center compared with Beijing, Tianjin and Shenzhen. So
Shanghai's future development goal is to build a regional international financial center
in Asia.
Secondly, this paper compared competitiveness as an international financial center
among Shanghai, Hong Kong, Singapore and Tokyo. It mainly uses gray relational
analysis method. By analysis, the competitiveness rank from strong to weak is Tokyo,
Shanghai, Hong Kong, and Singapore.
Thirdly, the paper analyzes financial development of Hong Kong, Singapore and
Tokyo. It summed up their construction experiences and has a good reference for
construction of Shanghai international financial center.
Finally, based on the empirical results in the previous chapter, we proposed the