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Still 20-30 Years to Go For Shanghai to Become Int'l. Financial Center
Shanghai still has at least another 20 to 30 years to go to reach the goal of a world financial center according to an official with the Shanghai Branch of the People's Bank of China.
As reported, financial center can be classified into three categories as domestic, regional and international. Shanghai has actually met the conditions of being a domestic financial center, but to acquire the status of an int'l financial center it needs to take the following three steps. First, it must solidify its position as domestic financial center by 2005; secondly, it takes 20 to 30 years to build itself into a financial center of the Asia and Pacific Region and thirdly, it should then focus on realizing its global goal thereafter. However, the timetable can be adjusted accordingly when the opening process of RMB business is adapted into consideration.
The official also pointed out that Rome couldn't be built in one day this has been proved in the shaping of other international financial centers. So it requires time and support in the development of economy and trade for Shanghai to build into a world financial center.
He also claims that Shanghai still has a lot to do before it can meet the criteria of an international financial center, such as weakness in brokerage, no sufficient broads and width of financial market and financial system to be improved.
By PD Online Staff Deng Gang
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