International Financial Center

International Financial Center

The international financial center is a city or area that gathers a large number of financial institutions and related service industries to carry out international capital lending, bond issuance, foreign exchange trading, insurance and other financial services.

It can provide the most convenient international financing services, the most effective international payment and settlement system, and the most active international financial trading place. The basic characteristics of international financial center are complete financial market, highly intensive service industry, and radiation influence on surrounding areas and even the world.

ranking

On March 26, 2018, the 23rd "global financial centers index" (GFCI) report was released in jinjialing Financial District, Qingdao, China. London, New York and Hong Kong are among the top three global financial centers, while Shanghai, Beijing, Shenzhen, Guangzhou and Qingdao are among the top five cities in mainland China.

In the 23rd issue of "global financial center index", a total of 96 financial centers have entered the list, among which the top 20 financial centers in the world are London, New York, Hong Kong, Singapore, Tokyo, Shanghai, Toronto, San Francisco, Sydney, Boston, Beijing, Melbourne, Montreal, Chicago, Vancouver, Zurich, Los Angeles, Shenzhen, Dubai and Frankfurt.

China has 10 cities including Hong Kong, Taipei, Shanghai, Beijing, Shenzhen, Guangzhou, Qingdao, Tianjin, Chengdu and Dalian on the list. This report shows that China's financial centers are developing well, showing some of the latest dynamic features.

Among them, Hong Kong has consolidated its top three position as a global financial center. In this issue, the GFCI score of Hong Kong has increased by 37 points, far exceeding that of Singapore. At the same time, the gap between Hong Kong and New York, which ranks second, is only 12 points. "Port Newlon" has become the first "camp" of the world's top financial centers, and its position in the top three global financial centers has been further consolidated.

In March 2020, according to the latest global financial center index (GFCI) released by the British think tank Z / yen group, the top ten financial centers in the world are: New York, London, Tokyo, Shanghai, Singapore, Hong Kong, Beijing, San Francisco, Geneva and Los Angeles.

classification

(1) According to the occurrence of financial transactions, international financial centers can be divided into functional and bookkeeping types. If financial institutions provide services for customers or engage in substantive financial transactions in the local financial market, and create employment and income opportunities, then the region is a functional international financial center, such as Tokyo, Singapore, etc.; if there are no substantive business activities, but only provide legal registration places for financial transactions in other regions, it is called a bookkeeping country International financial center.

(2) According to the different geographical space, international financial centers can be divided into global and regional types. The former includes New York, London and Hong Kong; the latter includes Tokyo, Frankfurt and Paris.

influence

(1) As the hub of the international financial market, the international financial center has made great contributions to the development of the world economy.

(2) The development of the international financial center has also brought significant benefits to the local economy.

compete

International financial centers show the relationship of competition and cooperation.

Because international financial centers can bring great benefits to the economic development of the countries and regions where they are located, there has always been competition among international financial centers. In history, in order to compete for the leading position of global financial center, London and New York once had the "Keynes plan" and "white plan". Finally, the United States won the "white plan" with its strong economic strength. The US dollar became the leading currency in the post-war global financial system, and New York also replaced London as the leader of international financial center.

Of course, the relationship between international financial centers is not completely competitive, and the common interest orientation will also induce the need for mutual cooperation. Due to the limited endowments of each financial center, they may have different focuses on business content and different radiation regions. The complementary advantages based on business division and regional division can produce external economy and improve their competitiveness in the process of cooperation. For example, in Europe, despite the increasingly fierce competition among various financial centers within the EU, countries have not ignored the importance of cooperation. Instead, they have strengthened their close cooperation at various levels by coordinating the financial tax system, establishing Pan European financial markets, and carrying out financial business exchanges. On the basis of their respective development, they have formed mutual division of labor, mutual cooperation, and cooperation The basic pattern of order competition.

condition

The position of international financial center is based on the comprehensive advantages of various resources, and is formed and consolidated by a series of supply and demand factors.

According to historical experience and relevant research results, these conditions can be summarized as follows:

(1) A strong and prosperous economic foundation.

(2) A stable and peaceful political environment.

(3) Efficient and sound financial system.

(4) Centralized financial institutions.

(5) The policy orientation of encouragement and support.

(6) Low and reasonable tax cost.

(7) Complete infrastructure.

evolution

1. The development path of natural evolution: Economic and Trade Development - financial service demand - spontaneous formation of domestic financial center - natural evolution of international financial center, typical examples are New York and London.

2. The development path promoted by the government: the government promotes the construction of financial centers - policies and measures Guide - financial institutions gather - and rapidly grow into international financial centers, with Tokyo and Singapore as typical representatives.

Architecture

All over the world, there are commercial office buildings with the name of international financial center. For example, Hong Kong International Financial Center, Shanghai international financial center, Guangzhou International Financial Center, Nanjing International Financial Center, rose rock international financial center in Tianjin, Ping'an international financial center in Shenzhen and Suzhou international financial center.

Major areas

According to the "global financial center index", London, New York, Hong Kong, Singapore and Shanghai are the five largest financial centers in the world.

New York

New York, founded in 1624, is located in the southeast of New York state. It is under the jurisdiction of New York State and has five districts. New York is the financial and economic center, the largest city, the port and the most populous city in the United States. It is also the largest city in the world, ranking first among the four traditional "global cities". Its every move affects the world all the time. As the core of New York metropolitan area, one of the largest metropolitan areas in the world, New York has played an extremely important global influence in business and finance for more than a century. It controls the global media, politics, education, entertainment and fashion circles. The headquarters of the United Nations is also located in the city. Wall Street, located in lower Manhattan, has dominated the world's international finance since the Second World War. The New York Stock Exchange is also located here.

London

London is the capital of the UK, the largest city and port in Europe, one of the largest metropolitan areas in Europe and one of the four world-class cities in the world. It is juxtaposed with New York in the United States, Paris in France and Tokyo in Japan. From 1801 to the beginning of the 20th century, as the capital of the British Empire, London became the world's largest city because of its outstanding achievements in politics, economy, humanities, entertainment, scientific and technological invention. London is not only the political center of Britain, but also the headquarters of many international organizations. Because London is a very diversified metropolis, its residents come from all over the world, with a wide range of races, religions and cultures, and more than 300 languages are used in the city. London is also a world-famous tourist destination, with a large number of scenic spots and museums.

Shanghai

Shanghai, the second largest national city in China, was once known as "Oriental Paris", and together with New York, Paris and Tokyo, it was called "world fashion city".

Shanghai has abundant educational resources. It has state-level colleges and universities such as Shanghai Jiaotong University, Fudan University, Tongji University, Shanghai University and Donghua University. It also has Asia Pacific headquarters of many enterprises in the world. Its financial institutions include bank of communications, Pudong Development Bank, Bank of Shanghai and Shanghai Stock Exchange. It is also the host of China Import Trade Expo.

Compared with Hong Kong, Shanghai is still far behind. However, as China's second world financial center, Shanghai still has great potential.

Singapore

Singapore is one of the important financial, service and shipping centers in Asia, and the fourth largest international financial center after New York, London and Hong Kong. Industry is the leading force in Singapore's economic development, with Jurong Industrial Zone, one of the earliest development zones in Asia. Singapore is known as "garden city" because of its remarkable effect in greening and cleaning.

Singapore is one of the 10 member countries of the association of Southeast Asian Nations (ASEAN) and one of the member economies of the World Trade Organization (WTO) and Asia Pacific Economic Cooperation (APEC).

Hong Kong

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