Building an international financial center requires a complete financial system, financial institutions, talents, environment and management, and from the current situation of domestic cities, Shanghai has the most conditions.
Up to now, Shanghai's financial system has begun to take shape. Shanghai has established a complete system of financial institutions, including commercial banks, securities companies, insurance companies, fund management companies, trust companies, futures companies, financial leasing companies, money brokerage companies and bill business centers. Among them, the strength of financial institutions such as fund management companies and trust companies is in a leading position in the country. According to the Shanghai Financial Office, as of the end of June last year, there were 850 financial institutions in Shanghai.
More importantly, the total assets of Shanghai financial institutions account for a large proportion of the total financial assets of the country. This is an important indicator reflecting the gathering function of financial institutions in the construction of Shanghai International Financial Center. At the end of the Tenth Five-Year Plan, the total assets of financial institutions in Shanghai reached 3.2 trillion yuan, accounting for about 9% of the whole country. By the end of 2007, the total assets of financial institutions in China were 60.48 trillion yuan, with Shanghai accounting for 6.94 trillion yuan, accounting for about 1 1.5% of the total financial assets in China, with a rapid growth.
Second, the market radiation is large.
The completeness of financial market is an important basic index to measure international financial center. The influence and radiation of Shanghai's financial market are getting stronger and stronger.
Up to now, Shanghai has basically formed a national financial market system including stocks, bonds, currency, foreign exchange, commodity futures, OTC derivatives, gold and property rights trading markets. It is a domestic financial market center and one of the few financial center cities with relatively complete market types in the world.
Encouragingly, the total turnover and scale of Shanghai's financial market have continued to grow substantially. In 2007, the total transaction volume of Shanghai financial market reached12.76 billion yuan, up by 1654.38+07% year-on-year, while the growth in 2006 was only 69%. In 2008, although the turnover of the securities market shrank year-on-year, the supplementary role of the financial factor market was further enhanced. By the end of June last year, the total transaction volume in Shanghai's financial market had reached 76.6 trillion yuan, a year-on-year increase of 4 1.07%.
In this process, the scale of Shanghai financial market is also expanding day by day, and it occupies a certain position in the world. In 2007, the stock turnover of Shanghai Stock Exchange was 30.54 trillion yuan, ranking seventh in the world and second in Asia. The bond circulation balance of Shanghai China Foreign Exchange Trading Center 13 trillion yuan, ranking seventh in the world; Some products of Shanghai Futures Exchange also rank among the top in the world, among which natural rubber turnover is 8.7 trillion yuan, ranking first in the world, and copper turnover is 10. 1 trillion yuan, ranking second in the world.
The proportion of total direct financing in China is the most important symbol of the level of international financial center construction. According to the statistics of stocks, treasury bonds, corporate bonds, listed corporate bonds and short-term margin financing and securities lending in Shanghai financial market, the proportion of direct financing in Shanghai financial market in domestic financing was about 17.7% in 2005, 20% in 2006 and 25.2% in 2007. In 2008, even though the securities market was deeply adjusted and direct financing dropped sharply, the proportion of direct financing reached 14.4% in the first half of the year. From 2002 to 2007, the total direct financing of domestic enterprises in Shanghai reached 2 trillion yuan, 95% of which came from brother provinces and cities, showing their ability to serve the whole country.
Third, a high degree of openness.
The degree of openness is another symbol of an international financial center, and Shanghai is also at the forefront of the country.
By the end of June 2008, Shanghai had gathered 375 foreign-funded and Sino-foreign joint venture financial institutions, accounting for 44. 1% of the total number of financial institutions in Shanghai. In other words, nearly half of the financial institutions in Shanghai are foreign-funded. Among them, 17 foreign banks are headquartered in Shanghai, accounting for 2/3 of the national foreign-funded corporate banks. Five foreign-funded corporate property insurance companies have their domestic headquarters in Shanghai, accounting for seven fifths of the total number of foreign-funded corporate property insurance companies. In addition, more than half of Sino-foreign joint venture insurance companies and joint venture fund management companies in Shanghai are concentrated in Shanghai, which has also attracted the fund management centers of many domestic Chinese and foreign banks to settle in.
Fang Xinghai, director of Shanghai Financial Office, said that Shanghai has always adhered to financial reform and opening up, and actively strived to try first. At present, China's private equity fund, QFII, QDII and private banking business are mainly concentrated in Shanghai.
In addition, Shanghai's overall financial ecological environment is also in the forefront of the country.
Fourth, the cooperation between Shanghai and Hong Kong will win.
Choosing Shanghai to build an international financial center will not weaken its position, but can achieve mutual benefit and win-win results.
At present, Shanghai has an absolute advantage in the mainland, while Hong Kong has an advantage in international resources that Shanghai does not have. At present, Shanghai has some resources, such as a large number of listed resources of state-owned enterprises, which Hong Kong does not have; Hong Kong has some resources, such as overseas listed companies, trading varieties and supervision system, but Shanghai does not. As long as these two advantages work together, we can enjoy and win.