Common Contracts
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The government of the People’s Republic of China has set a goal of turning Shanghai into a true global financial center by 2020, a target with which the municipal government of Shanghai is in enthusias- tic agreement. This objective is a highly...November 11th, 2010
This paper examines other global financial centers, and some regional financial centers that strove to become truly global, in order to draw lessons for Shanghai about the prerequisites for success as a global financial center. There is no rulebook that will guarantee suc- cess if followed scrupulously, since there are only a very small number of such centers from which to draw les- sons and they grew in part due to very particular cir- cumstances that could not, and probably should not, be repeated. Every city is unique and must build on its own strengths and work to shore up its own weakness- es; these strengths and weaknesses are themselves often a reflection of the time in history and the larger world and local circumstances. However, a comparison with other centers still yields a number of useful clues, some of which are intuitive and others of which are not.
