NEW YORK, New York, Sept. 20 (Xinhua) — Shanghai is expected to play an increasingly important role as a financial center thanks to China’s commitment to and efforts in the continuous reform and opening up, experts have said.
According to the yearly Global Financial Centers Index reports by Z/Yen, a commercial think-tank in London, Shanghai has become the fourth most competitive financial center in the world following New York, London and Tokyo in early 2020. It ranked the 24th in 2013.
Aiming to become both an international financial center and an international shipping center by 2020, Shanghai’s ranking as a financial center moved up significantly.
Shanghai has a lot of potential to be a major international financial center for similar reasons why New York is, said Richard Sylla, chairman of the Museum of American Finance in a recent interview with Xinhua.
The economic foundation there for a financial center is