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Global Reseach on Financial Hubs ② | Guangzhou, Shenzhen, and Hong Kong jointly build up a regional financial center

2018-May-9       Source: Newsgd.com

“Guangzhou and Shenzhen can join Hong Kong to construct an excellent regional financial center, (each) drawing on their own strengths,” says Nic Nicandrou, CEO of the Asia HQ of Prudential UK and Chair of CITIC Prudential Life Insurance.

(Source: Nanfang Plus)

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“Guangzhou and Shenzhen can join Hong Kong to construct an excellent regional financial center, (each) drawing on their own strengths,” says Nic Nicandrou, CEO of the Asia HQ of Prudential UK and Chair of CITIC Prudential Life Insurance.

Indeed, with a growing demand for international financing comes a trend of financial centers rising and competing globalwide with their cluster advantages.

New emerging financial centers, such as Frankfurt, Luxembourg, San Francisco, Boston and China’s four first tier cities –Beijing, Shanghai, Guangzhou and Shenzhen, have sprung up.

International financial centers (IFCs) can be either comprehensive or specialised

One of the core advantages of top IFCs is the cluster of financial institutions they attract (especially financial headquarters), prevalent since the 1970s and is now the basic form of the modern financial institution system.

“First appearing in Amsterdam, and later in London and New York, they gather a comprehensive range of financial institutions and capital, and naturally heighten the distribution efficiency,” says Wang Baolian, the Assistant professor of finance from the Gabelli School of Business in Fordham University.

However, specialised financial institutions clustered in a region can also constitute an international financial center. According to an asset manager from Montreal, some new and small-scaled financial centers perform better when they focus on only one particular specialty.

(Source: Nanfang Plus)

In reality, with regional advantages, an efficient transport network and quality education resources, many new international financial centers have risen in power, and they provide brilliant examples for Guangdong to emulate when building up an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area.

“To achieve that goal, an open culture, a fair and transparent market, protection of intellectual property, a cluster of enterprises, capital and talents, constant improvement of the financial market and a powerful capital market are needed in the Greater Bay Area.” says Julie A. Monaco, Managing Director Global Head Public Sector Group and Corporate and Investment Banking of the Citigroup.

Organized by Xie Sijia, Liu Jiangtao, Xie Meiqin, Luo Yanjun, Zhang Ying, Huang Qianwei

Reported by Peng Lin, Huang Qianwei, Guo Jiaxuan, Tang Liuwen, Tang Zitian, Zhang Jun, Long Jinguang, Hu Nan

Edited by Olivia Ouyang, Simon Haywood

Chinese Version please click: 全球金融中心深调研|世界级湾区如何吸引金融总部集聚?

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Editor: Monica Liu

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