Shanghai
international finance centre financial centre. ‘Lujiazui is emerging as a world- a strong magnet for many financial companies phic
Realising the city’s glowing potential, foreign powers class business district, with superb facilities. Its and individuals with the best financial skills,’
secured concessions in the 19th century. Many plethora of tall buildings, including the Shanghai Mathieson comments.
.com/Photomor
architectural reminders remain, particularly the World Financial Centre, allows the clustering of There is determination to modernise the
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grand, early 20th century financial houses along financial services companies in close proximity to financial system. In May 2009, at the second
iStoc
the Bund, Shanghai’s waterfront drive. Jonathan each other.’ Lujiazui Forum, Zhou Xiaochuan, governor of the
Reardon is a partner in the international law firm Current national strategy decrees the People’s Bank of China (PBOC), commented: ‘One
Pinsent Masons LLP, which is based in the former transformation of Shanghai into a leading global thing, I believe, is clear with the development
HSBC building. ‘Shanghai is a fantastic place, it is finance centre by 2020. As the main national of China’s economy and finance – we need an
dynamic and a great place to live and work,’ he financial centre for economically developing international financial centre.’ To achieve global
states as he gazes across the river from his office to China, Shanghai can rightly view that goal as acceptance, he stressed, China needs to modify its
Pudong – which, since 1990, has been transformed having already been largely attained. But insiders market regulation including rules on accounting,
from farmland into an international business centre take the view that more needs to be done to corporate governance, market access and initial
with an awesome skyline as symbolic as 1930s achieve the ultimate goal. public offerings. Zhou believed that in order to
Manhattan. ‘To be a truly world financial centre that reach its target Shanghai could learn from Hong
Across that river, Tim Mathieson works can rival established centres such as Hong Kong, Kong and other major Asian financial centres.
as chief operating officer in China for Willis London or New York, Shanghai still needs to work Hong Kong developed into a leading Asian
Insurance Brokers in Lujiazui, Pudong’s financial on its regulatory and legal framework, which will financial centre with professional, well-educated
heart, which is home to mainland China’s second encourage companies to set up their regional – personnel well versed in international business –
stock exchange after Shenzhen. He sees the or global – headquarters here. All this may take skills partly acquired through learning from the
infrastructure developments as key components longer than 10 years, but China’s economic best that Britain could offer. Today we see that
of Shanghai’s transformation into a great power will certainly mean that Shanghai will be happening in Shanghai – with not only Hong
pathfinder buSineSS l JUNE/JULY 2009 21
PBS12 pp20-25 Shanghai.indd 25 5/6/09 15:27:09
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