A recent survey released by the Chinese Academy of Social Sciences indicates that Shanghai ranks top in terms of comprehensive economic competitiveness among all China's provinces and municipalities. With a unique geographical location and historical significance, Shanghai has become the biggest port and a center of technique, trade, finance, information and culture in mainland China today. Also it is a famous international port and now ranks sixth in the latest edition of the Global Financial Centres Index published by the City of London. Taking up only 0.06% of the country's land area, Shanghai now generates about 8.3% of China's gross industrial output value, 10% of its ports' cargo-throughput, 25% of the total value of the country's imports and exports and 12.5% of the total revenue of China.
Financial Center of the Far East
Stock market in Shanghai
Shanghai was the leading financial centre of Far East in the 1930s and the city has a solid foundation in the financial services industry. The city has set up a complete financial institution, including commercial banks, securities companies, insurance companies, fund management companies, trust companies, futures companies and financial leasing companies. By the end of 2009, there were 787 financial institutions, of which 170 were foreign-invested. In 2009, the Shanghai Stock Exchange ranked third among worldwide stock exchanges in terms of trading volume and sixth in terms of the total capitalization of listed companies, and the trading volume of six key commodities including rubber, copper and zinc on the Shanghai Futures Exchange all ranked first across the world. Shanghai is now ranked sixth in the latest edition of the Global Financial Centres Index published by the City of London.
Shanghai Speed
Shanghai is China’s largest industrial base. In China, there are 166 different kinds of industry of which 157 ones are in Shanghai. Industry structure in Shanghai has constantly optimized and upgraded its industrial structure in 2010, Shanghai's total GDP grew to 1.687 trillion RMB ($265.3 billion) with GDP per capita of 77,564 RMB ($11,361). 59.4% of Shanghai’s GDP in 2010 was attributed to services industries. The top 3 largest service industries are: financial services, retail and real estates. The manufacturing (Industry) and agricultural sector accounted for 39.9 percent and 0.7 percent of the total output respectively. In 2010, Shanghai's gross domestic product expanded 9.3 percent from a year earlier to 1.83 trillion yuan ($287 billion).
Container Terminals on the port of Shanghai
Shanghai has become one of East Asia’s principle financial centers with a solid foundation in the financial services industry. By the end of 2010, there were 787 financial institutions, of which 170 were foreign-invested. In 2009, the Shanghai Stock Exchange ranked third among worldwide stock exchanges in terms of trading volume and sixth in terms of the total capitalization of listed companies, and the trading volume of six key commodities including rubber, copper and zinc on the Shanghai Futures Exchange all ranked first across the world.
Like the most international metropolises in the world, Shanghai people have a busy pace of life, high level of consumption and also a high quality of life in China's most economically developed city with the highest degree of urbanization. In recent years, Shanghai’s rapid development made its degree of modernization far ahead other cities of China where tall buildings placed closely side by side, the subways shuttle in the city, bustling business circles and sound security environment. Moreover, with average per capita incomes of US$7000, its residents now enjoy China’s highest salaries.
Companion with the high speed of development, Shanghai is also a home to numerous Forbes and celebrities of all domains. It is an ideal land to seek for success in one’s career for its international environment and dynamic economy.
Xu Yongmao and Ye Lipei ranked in No.5 and No.10 of Forbes China (2010) worth more than USD 4 billion separately
Yao Ming (left) is one of NBA all-star player was born in Shanghai in1980.
Liu Xiang (Right) is the Olympic record-holder of 110-hurdle race
Pudong New Area
Pudong District, the pilot area for integrated economic reforms, aims to build into an extroverted, multi-function and modern area possessing the leading level of the world, which will establish the base of building Shanghai as one of the center of international economy, finance and trade and the socialist modern city. Pudong develops rapidly. In 2009 its new gross domestic product amounts to an estimated RMB370 billion (US$53.98 billion), and GDP per capita is around US$16,938. Therefore, Pudong has attracted considerable fixed asset and real estate investment, reporting RMB 87.268 billion in fixed asset investment and RMB 27.997 billion in real estate investment in 2008.The newest Disney Theme Park is now under construction in Pudong, which is planned to be operational by 2013.The Greater China office of InterContinental Hotels Group is also located in Pudong.
Lujiazui Financial Center and the SEE
The nightscape of Lujiazui financial district
Reaffirmed by the State Council in 2005 as the only financial and trade center among other 185 state-level development zones in China, Lujiazui is a crucial financial district in Pudong as well as in Asia. The area covers an area of 31.78 square kilometers with numerous skyscrapers located in the area. Currently, there are more than 30 commercial buildings over 25 stories and over 504 domestic and overseas financial and insurance groups located in Lujiazui. The success of Pudong in the past 20 years has fueled tourism and business related travel to Shanghai. As a major attraction for visitors to Shanghai, Lujiazui area is abundant with five-star hotels of which approximately 2,443 rooms are provided. It is reported that three more five-star hotels are expected in the area in 2011, adding more than 1,200 luxury units.
The Shanghai Stock Exchange (SSE) was founded on Nov. 26th, 1990 and in operation on Dec.19th the same year. It is a membership institution directly governed by the China Securities Regulatory Commission (CSRC). The SSE bases its development on the principle of "legislation, supervision, self-regulation and standardization" to create a transparent, open, safe and efficient marketplace. The SSE endeavors to realize a variety of functions: providing marketplace and facilities for the securities trading; formulating business rules; accepting and arranging listings; organizing and monitoring securities trading; regulating members and listed companies; managing and disseminating market information.
After several years' operation, the SSE has become the most preeminent stock market in Mainland China in terms of number of listed companies, number of shares listed, total market value, tradable market value, securities turnover in value, stock turnover in value and the T-bond turnover in value. December 2007 ended with over 71.30 million investors and 860 listed companies. The total market capitalization of SSE hit RMB 26.98 trillion. In 2007, Capital raised from SSE market surpassed RMB 661.6 billion. A large number of companies from key industries, infrastructure and high-tech sectors have not only raised capital, but also improved their operation mechanism through listing on Shanghai stock market.
Entering the new century，SSE is faced with great opportunities as well as challenges to further boost the market construction and regulation. Combining the cutting-edge hardware facilities，favorable policy conditions in Pudong, exemplary role of Shanghai economy, SSE is fully committed to the goal of State-owned industrial enterprises reform and developing Shanghai into an international financial center with great confidence.
Bright Future
As the host city for World Expo 2010, Shanghai attracts 73 million visitors. According to the preliminary estimate, the Expo brings more than 80 billion yuan of direct tourism revenue and contributes to 5 percent of the city’s GDP and drive from 40 percent to 50 percent of the investment in the Yangtze River Delta. With the established infrastructure and the great policy support, Shanghai is now aiming to be a global finance hub and international shipping centre in the future, and is predicted to become one of the world's main global financial centers, on the level of even London and New York in this regard.
