• facebook
Author: Ewa Radomska
E-mail: ewa.radomska@up.krakow.pl
Institution: Uniwersytet Pedagogiczny im. Komisji Edukacji Narodowej w Krakowie
ORCID: https://orcid.org/0000-0002-9503-534X
Year of publication: 2021
Source: Show
Pages: 164-184
DOI Address: https://doi.org/10.15804/npw20212908
PDF: npw/29/npw2908.pdf

Shanghai as an international finance center - the achievements and challenges for further development

The purpose of the study was to analyze selected actions, which were and are important for Shanghai to obtain the status of the international financial center, together with an initial assessment of the achievements and an indication of the challenges for further development. The carried out analysis shows, that Shanghai strengthens its position as the world’s leading international financial center. Whereas it is necessary for its further development to implement reliable market rules, that will give certainty to investors (domestic and foreign) that they have an open and fair access to the market and their interests are protected. The transparency and growing maturity of the stock market, the full liberalization of capital flows and the full interchangeability of the chinese currency play an important role. Whether Shanghai will be given the right to valuation global financial assets, depends to a significant extent on the alignment of China’s economic development and progress in the internationalization of the yuan. It also depends on whether the leading foreign financial organizations will see Shanghai as the most important platform to draw dividends from China’s economic development and the internationalization of the chinese currency. In the event of these basic conditions not being completed, Shanghai will not be able to become a fully global, mature financial center, integrated into the global financial system, taking into account, for example, the degree of internationalization of stock exchange operations.

Шанхай как международный финансовый центр - достижения и вызовы для дальнейшего развития

Целью исследования был анализ отдельных направлений деятельности, которые были и важны для Шанхая в получении статуса международного финансового центра, а также предварительная оценка его достижений и определение проблем для дальнейшего развития. Проведенный анализ показывает, что Шанхай укрепляет свои позиции в качестве ведущего международного финансового центра в мире. Для его дальнейшего развития необходимо внедрить надежные рыночные правила, которые дадут инвесторам (внутренним и иностранным) уверенность в том, что они имеют открытый и справедливый доступ на рынок и что их интересы защищены. Важную роль играют прозрачность и растущая зрелость фондового рынка, полная либерализация потоков капитала и полная конвертируемость китайской валюты. Получит ли Шанхай право на оценку глобальных финансовых активов, в значительной степени зависит от выравнивания экономического развития Китая и прогресса в интернационализации юаня. Также от того, будут ли ведущие иностранные финансовые организации рассматривать Шанхай как наиболее важную платформу для получения дивидендов от экономического развития Китая и интернационализации китайской валюты. Если эти основные условия не будут выполнены, Шанхай не сможет стать полностью глобальным зрелым финансовым центром, интегрированным с мировой финансовой системой, даже с учетом степени интернационализации биржевых операций.


  • Amin, A., Thrift, N. (1992). Neo-Marshallian nodes in global networks. International Journal of Urban and Regional Research, 16, 571-587.
  • Bai, Y., Chow, D.Y.P. (2017). Shanghai-Hong Kong Stock Connect: An analysis of Chinese partial stock market liberalization impact on the local and foreign markets. Journal of International Financial Markets, Institutions and Money, 50, 182-203.
  • Bhattacharya, A.K. (2011). The Feasibility of Establishing an International Financial Center in Shanghai. Journal of Asia-Pacific Business, 12(2), 123-140.
  • Bloomberg (2020, 29 August). BlackRock Gets Approval to Set Up Mutual Fund Company in China. Pobrane z: https://www.bloomberg.com/news/articles/2020-08-29/blackrock-gets-approval-to-set-up-mutual-fund-company-in-china.
  • Cai, P. (2017, March). Understanding China’s Belt and Road Initiative. Analysis. Sydney: Lowy Institute for International Policy.
  • Cassis, Y. (2006). Capitals of Capital: A History of International Financial Centres, 17802005. Cambridge: Cambridge University Press.
  • Cassis, Y., Wójcik, D. (2018). International Financial Centres after the Global Financial Crisis and Brexit. Oxford: Oxford University Press.
  • Chen, Y. (2007). Shanghai Pudong: Urban Development in an Era of Global-local Interaction. Amsterdam: IOS Press.
  • Chen, Y. (2020). Financialising urban redevelopment: Transforming Shanghai’s waterfront. Land Use Policy, 105-126.
  • China Banking News (2019, 31 October). PBOC Launches Measures to Boost Shanghai’s Fintech Sector. Pobrane z: https://www.chinabankingnews.com/2019/10/31/pboc-launches-measures-to-boost-shanghais-fintech-sector.
  • China Banking News (2019, 13 December). Shanghai Seeks to Establish Fintech Hub and Regulatory Sandbox in Pudong District. Pobrane z: https://www.chinabankingnews.com/2019/12/13/shanghai-establishing-fintech-hub-and-regulatory-sandbox-in-pudong-district.
  • Clark, G.L., O’Connor, K. (1997). The informational content of financial products and the spatial structure of the global finance industry. W: K.R. Cox (ed.), Spaces of Globalization: Reasserting the Power of the Local (89-114). New York: The Guilford Press.
  • Coe, N., Lai, K., Wójcik D. (2014). Integrating Finance into Global Production Networks. Regional Studies, 48(5), 761-777.
  • Cong, J. (2009). Chinese informal financial systems and economic growth -A case study of China’s small and medium enterprises. Public Policy Review, 5(1), 63-88.
  • Degl’Innocenti, M., Matousek, R., Sevic, Z., Tzeremes, N.G. (2017). Bank Efficiency and Financial Centres: Does Geographical Location Matter? Journal of International Financial Markets, Institutions and Money, 46, 188-198.
  • Driscoll, I., Rechtschaffen, D. (2019, March). Shanghai 2020: A Financial Vision Unfulfilled. The American Chamber of Commerce Viewpoint.
  • Engelen, E., Grote, M.H. (2009). Stock exchange virtualisation and the decline of second-tier financial centres -the cases of Amsterdam and Frankfurt. Journal of Economic Geography, 9(5), 679-696.
  • Gibbs, K. (2019, 25 April). Shanghai can be made a global financial hub -if China fixes some fixable problems. South China Morning Post. Pobrane z: https://www.scmp.com/comment/insight-opinion/article/3007412/shanghai-can-be-made-global-financial-hub-if-china-fixes.
  • Góralczyk, B. (2018). Wielki renesans. Chińska transformacje i jej konsekwencje. Warszawa: Wydawnictwo Akademickie Dialog.
  • Grote, M.H. (2008). Foreign banks’ attraction to the financial Centre Frankfurt -An inverted ‘U’-shaped relationship. Journal of Economic Geography, 8(2), 239-258.
  • Haberly, D., MacDonald-Korth, D., Urban, M., Wójcik, D. (2019). Asset management as a digital platform industry: a global financial network perspective. Geoforum, 106, 167-181.
  • Hellenic Shipping News (2020, 2 November). Shanghai rises on global financial stage. Pobrane z: https://www.hellenicshippingnews.com/shanghai-rises-on-global-financial-stage.
  • IMF (2000, 23 june). Offshore financial centers, IMF Background Paper. Washington: Monetary and Exchange Affairs Department.
  • Ioannou, S., Wójcik, D., Pažitka, V. (2021). Financial centre bias in sub-sovereign credit ratings. Journal of International Financial Markets, Institutions and Money, 70 (C).
  • Johnson, Ch.K. (2016). President Xi Jinping’s ‘Belt and Road’ Initiative: A Practical Assessment of the Chinese Communist Party’s Roadmap for China’s Global Resurgence. Center for Strategic and International Studies -CSIS Report.
  • Karreman, B., van der Knaap, B. (2009). The financial centres of Shanghai and Hong Kong: Competition or complementarity? Environment and Planning A: Economy and Space, 41(3), 563-580.
  • Laurenceson, J., Tang, K.K., Wong, H.M. (2003, 2-3 October). Shanghai as an international financial centre. Proceedings of the 15th Annual Conference of the Association for Chinese Economics Studies Australia (1-29). Brisbane: University of Queensland.
  • Macrotrends (2021). Shanghai, China Metro Area Population 1950-2021. Pobrane z: https://www.macrotrends.net/cities/20656/shanghai/population.
  • McCann, P. (2001). Urban and Regional Economics. Oxford: Oxford University Press.
  • Marszałek-Kawa, J. (red.). (2010). Chiny supermocarstwem XXI wieku? Rozważania na temat polityki i gospodarki Państwa Środka. Toruń: Wydawnictwo Adam Marszałek.
  • Marszałek-Kawa, J., Dmochowski, T. (red.). (2018). Rozważania o kierunkach współczesnej polityki Chin. Toruń: Wydawnictwo Adam Marszałek.
  • Moody, A. (2020, 3 November). Shanghai’s role as global financial hub sure to expand. China Daily. Pobrane z: https://www.chinadaily.com.cn/a/202011/03/WS5fa0c6eaa31024ad0ba82c46.html.
  • Morgan Stanley (2019, 13 December). 2020 Global Macro Outlook: Calmer Waters Ahead. Pobrane z: https://www.morganstanley.com/ideas/global-economic-outlook-2020.
  • Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (2019). Pobrane z: https://www.bayarea.gov.hk/filemanager/en/share/pdf/Outline_Development_Plan.pdf.
  • PricewaterhouseCoopers (2013). China (Shanghai) Pilot Free Trade Zone. Pobrane z: http://www.iberchina.org/files/shanghai_free_trade_zone_pwc.pdf.
  • Robin, E., Brill, F. (2018). The global politics of an urban age: creating ‘cities for all’ in the age of financialisation. Palgrave Communications, 4(3), 1-5.
  • Rutland, T. (2010). The Financialization of Urban Redevelopment. Geography Compass, 4 (8), 1167-1178.
  • Shang-Jin, W., Xie, X., Zhang, X. (2017). From „Made in China” to „Innovated in China”: Necessity, Prospects, and Challenges. Journal of Economic Perspectives, 31(1), 49-70.
  • Shanghai Finance (2021). Construction of Shanghai Financial Market System. Pobrane z: http://en.jrj.sh.gov.cn/financial-centre/financial-market/134.shtml.
  • She, M. (2010, 24 March). The decision clearly shows the central government’s determination to fight the global financial crisis. China Daily.
  • Tasan-Kok, T. (2010). Entrepreneurial governance: challenges of large-scale property-led urban regeneration projects. Journal of Economic and Human Geography, 101(2), 126-149.
  • Taylor, P., Derudder, B. (2015). World City Network: A Global Urban Analysis. New York: Routledge.
  • Taylor, P., Beaevrstock, J., Cook, G., Pandit, N., Pain, K. (2003). Financial clustering and its significance for London. London: City of London Corporation.
  • The European Union Chamber of Commerce (2020, 2 July). Stance on the updated Negative List for Foreign Investment. Pobrane z: https://www.europeanchamber.com.cn/en/press-releases/3253/stance_on_the_updated_negative_list_for_foreign_investment.
  • The Free Trade Zone Special Administrative Measures on Access to Foreign Investment (2020 edition) (“2020 National Negative List”) (2020, July). Pobrane z: https://www.dezshira.com/library/legal/FTZ-free-trade-zone-special-administrative-measures-foreign-investment-2020-national-negative-list.html?1593599181.
  • The Special Administrative Measures on Access to Foreign Investment (2020 edition) (“2020 National Negative List”) (2020, July). Pobrane z: https://www.dezshira.com/library/legal/special-administrative-measures-access-foreign-investment-2020-edition-national-negative-list.html?1593598930.
  • Thornton, A. (2019, 6 February). 10 cities are predicted to gain megacity status by 2030. World Economic Forum. Pobrane z: https://www.weforum.org/agenda/2019/02/10-cities-are-predicted-to-gain-megacity-status-by-2030/.
  • Verdier, D. (2002). Moving Money. Banking and Finance in the Industrialized World. Cambridge: Cambridge University Press.
  • World Bank, People’s Bank of China (2018). Toward Universal Financial Inclusion in China: Models, Challenges, and Global Lessons. Washington and Beijing.
  • Wójcik, D. (2013). The dark side of NY-LON: Financial centres and the global financial crisis. Urban Studies, 50(13), 2736-2752.
  • Wójcik, D., Pažitka, V., Knight, E., O’Neill, P. (2019). Investment banking centres since the global financial crisis: New typology, ranking and trends. Environment and Planning A: Economy and Space, 51(3), 687-704.
  • Wu, F., Xu, J., Yeh, A.G. (2007). Urban Development in Post-reform China. State, Market, and Space. London-New York: Routledge.
  • Yan, Z., Zhu, J. (2020, 27 March). Goldman, Morgan Stanley receive approvals for majority stakes in China ventures. Pobrane z: https://www.reuters.com/article/us-morgan-stanley-china-idUSKBN21E1AO.
  • Yugui, Z. (2020, 27 February). Is Shanghai on track to becoming an international financial centre in 2020? ThinkChina. Pobrane z: https://www.thinkchina.sg/shanghai-track-becoming-international-financial-centre-2020.
  • Yusuf, S., Weiping, W. (2001, 30 June). Shanghai rising in a globalizing world. World Bank Policy Research Working Paper, WPS2617.
  • Z/Yen Group, China Development Institute (2021, 10 March). The Global Financial Centres Index 29. London-Shenzen.

Wiadomość do:



© 2017 Adam Marszałek Publishing House. All rights reserved.

Projekt i wykonanie Pollyart