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.