The eighth Global Financial Centers Index (GFCI8) released by the Z/Yen group recently shows London and New York rank the first and second, respectively, in bank industries and financial services. Hong Kong ranks the third.
While the big change is that Shanghai surged five places to the sixth as one of the top ten global financial centers. This is the first time that Shanghai squeezed onto the top ten list. GFCI8 shows Shanghai had significantly improved in the rankings of "human" and "business environment" up four places to reach the sixth and the seventh, respectively.
"The two indicators are both the most important factors for the development of the global financial centers. The improvement in 'human' is the result of the adjustment of the personnel structure during promoting the development Shanghai as a financial center," He Ying, vice president of Shanghai Financial University, said to International Financial News during a interview.
In Shanghai, only 1 percent of employers are financial accounting practitioners, compared to around 10 percent in London and New York. So we put focus on the personnel development in number in Shanghai. The fact shows the establishment of personnel system in Shanghai as financial center lies not only in number, but also in structure, said He Ying, because the graduates from financial universities could not find jobs, while the financial institutions could not recruit talents.
In terms of business environment, He Ying says the global financial crisis has provided good opportunities for the establishment of Shanghai global financial center. The good performance of China's economy was eye-catching. In the midst of this, China's financial sectors, played a significant supporting role, which provided better conditions for the establishment of the Shanghai financial center.
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