1. Good basic conditions

Building an international financial center requires a complete financial system, financial institutions, talents, environment and management, and judging 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 a person from the Shanghai Financial Office, by the end of June last year, there were 85 financial institutions in Shanghai.

more importantly, the total assets of financial institutions in Shanghai account for a large proportion of the total financial assets in China. 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 27, the total assets of financial institutions in China were 6.48 trillion yuan, and Shanghai accounted for 6.94 trillion yuan, accounting for 11.5% of the total financial assets in China, which grew rapidly.

second, the market radiation is large

the completeness of the financial market is an important basic indicator to measure an international financial center. The influence and radiation of Shanghai's financial market is growing stronger.

Up to now, Shanghai has basically formed a national financial market system including stocks, bonds, currencies, foreign exchange, commodity futures, OTC derivatives, gold, property rights trading markets, etc. It is the domestic financial market center and one of the few financial center cities with relatively complete market types in the world.

It is encouraging that the total turnover and scale of Shanghai's financial market have continuously increased substantially. In 27, Shanghai's total financial market transactions reached 12.76 billion yuan, up 117% year-on-year, while the growth in 26 was only 69%. In 28, although the turnover of the securities market shrank year-on-year, the complementary role of financial factor markets was further enhanced. By the end of June last year, the total transaction volume of Shanghai's financial market had reached 76.6 trillion yuan, an increase of 41.7% year-on-year.

In this process, the scale of Shanghai's financial market is also expanding day by day and occupies a certain position in the world. In 27, the stock turnover of Shanghai Stock Exchange was 3.54 trillion yuan, ranking seventh in the world and second in Asia. The bond circulation balance of China Foreign Exchange Trading Center in Shanghai is 13 trillion yuan, ranking seventh in the world; Some products of Shanghai Futures Exchange are also among the top in the world, among which the turnover of natural rubber is 8.7 trillion yuan, ranking first in the world, and the turnover of copper is 1.1 trillion yuan, ranking second in the world.

the proportion of total direct financing in China is the most important symbol of the construction level of international financial centers. Based on the statistics of stocks, treasury bonds, corporate bonds, bonds of listed companies and short-term financing and securities lending of enterprises issued in Shanghai financial market, the proportion of direct financing in Shanghai financial market in domestic financing was about 17.7% in 25, 2% in 26 and 25.2% in 27. In 28, even though the securities market was deeply adjusted and direct financing declined greatly, the proportion of direct financing in the first half of the year reached 14.4%. From 22 to 27, the total amount of domestic enterprises directly financing in Shanghai reached 2 trillion yuan, of which 95% of the financing amount was from brother provinces and cities, which shows their ability to serve the whole country.

Third, the degree of openness is high

Openness is another symbol of an international financial center, and Shanghai is also at the forefront of the country.

By the end of June 28, 375 foreign-funded and Sino-foreign joint venture financial institutions had gathered in Shanghai, accounting for 44.1% of the total number of financial institutions in Shanghai. That is to say, nearly half of the financial institutions in Shanghai are foreign-funded. Among them, 17 foreign-funded 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 5/7 of the total number of foreign-funded corporate property insurance companies. In addition, more than half of Shanghai's Sino-foreign joint venture insurance companies and joint venture fund management companies 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 the financial reform and opening up, and actively strived to try first. At present, China's private equity funds, QFII, QDII and private banking business are also mainly concentrated in Shanghai.

in addition, Shanghai's overall financial ecological environment is also in the forefront of the country.

IV. Shanghai-Hong Kong Cooperation * * * Win

Choosing Shanghai to build an international financial center will not weaken international finance centre's position, but can achieve mutual benefit and win-win.

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; While Hong Kong has some resources, such as foreign listed enterprises, trading varieties and supervision system, Shanghai does not. As long as these two advantages cooperate, they can be enjoyed and won.