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SHANGHAI still has a lot to do to achieve international standards as it bids to become a global financial center, said Liu Mingkang, chairman of the China Banking Regulatory Commission.
"Shanghai has established a relatively complete modern financial complex and many national financial institutions are based here," Liu said at the first Lujiazui Forum that opened yesterday in the city.
But he pointed out the city still has a lot to do before it succeeds in becoming a true global financial center. He said building the city into a global financial center requires four basic elements, including a universal legal system.
"To set up a universal legal system is very important as only in this way can we make our operations and oversight of the economy and finance in line with international practice and make it understood and operated by others," Liu said.
"Secondly, a financial center requires a very open and relatively sound financial market system for both domestic and overseas markets. It needs capability to radiate and connect markets in various time zones to quickly and efficiently handle large quantities of financial transactions and small quantities of special businesses," he said.
"Thirdly, a center should have good financial infrastructure, especially excellent service awareness and service quality, to massively, timely and objectively reflect markets, institutions, tools and products changes."
Last but not least, a financial center should be very competitive that can gather first-class financial talents to come and work in it, he said.
It is estimated that 400,000 people work in Wall Street in New York in finance-related jobs and the figure is 250,000 to 300,000 in London, but Shanghai only has around 100,000 finance-related professionals as of the end of last year, said Liu.
"The city should improve its soft environment for the industry and shore up efforts to attract high-level professionals," he said.
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