Esta cúpula abordará os mais recentes desafios comerciais e tecnológicos que afetam o lado da compra em um cenário financeiro e regulatório em constante mudança, bem como estratégias inovadoras para otimizar a execução comercial, gerenciando riscos e aumentando a eficiência operacional, mantendo os custos ao mínimo. WatersTechnology e Sell-Side Technology têm o prazer de apresentar a 7ª Cúpula anual de arquitetura comercial da América do Norte. Reunindo tecnólogos, arquitetos, desenvolvedores de software e gerentes de centros de dados da comunidade financeira para discutir as últimas questões em tecnologia de negociação. Data: 05 de abril de 2017 New York Marriott Marquis, Nova York Tóquio Tecnologia da Informação Financeira Waters TechnologyThe Rise of China e o Desenvolvimento de Centros Financeiros em Hong Kong, Pequim, Xangai e Shenzhen À medida que a economia da China se torna mais integrada com o mundo, vários financeiros Espera-se que os centros cresçam dentro do sistema financeiro chinês. Hong Kong e Xangai são indiscutivelmente os principais centros financeiros na economia chinesa, mas Pequim e Shenzhen desempenham funções únicas e insubstituíveis na estrutura financeira da China. Este artigo examina os pontos fortes e a competitividade de Hong Kong, Pequim, Xangai e Shenzhen através de uma ampla gama de avaliações de mercado em ações, títulos, mercados de fundos, futuros e derivativos, bem como o mercado de câmbio e a presença de sede corporativa para revelar como O desenvolvimento de centros financeiros na China diz respeito ao aumento da economia chinesa. As descobertas sugerem que Hong Kong desempenha o papel de um centro financeiro internacional na região da Grande China em termos de possuir indústrias financeiras altamente internacionalizadas e um ambiente legal sólido, enquanto Xangai, Pequim e Shenzhen têm pontos fortes em serviços e funções financeiras nacionais juntos Não só representam o aumento simbólico da China, mas também contribuem para o crescimento rápido das economias chinesas e asiáticas. Palavras-chave: Centro financeiro internacional, Hong Kong, Pequim, Xangai, Shenzhen, o aumento da China, quadro financeiro chinês, serviços financeiros e funções. O crescimento econômico persistente das Chinas nos últimos trinta anos anuncia seu surgimento como um grande poder na economia mundial. A China tornou-se a segunda maior economia do mundo em 2011, tem as maiores reservas de câmbio em termos de superávit comercial, um setor bancário que permaneceu relativamente intacto após a crise do subprime 2007ndash2008 e um mercado de capitais que se prevê tornar-se o terceiro maior do mundo por 2016 (XINHUA 2007). O crescimento econômico extraordinário da China tornou os serviços financeiros cada vez mais importantes. Os serviços financeiros oferecem às organizações apoio na captação de recursos para expansão de produtos e serviços, gerenciamento de riscos e assim por diante. A nível privado, os serviços financeiros apoiam o investimento individual e a gestão da riqueza. Assim, o desenvolvimento do setor financeiro é necessário e significativo para a China expandir ainda mais sua economia. De fato, o estudo dos centros financeiros chineses é um tema candente no mundo acadêmico de hoje. Muitos estudiosos mostraram interesses nesta área de pesquisa nas últimas duas décadas. Alguns fizeram grandes contribuições para estudos comparativos de Hong Kong e Xangai (Yeung 2001 Jao 2003 Sung 2009), enquanto outros dedicaram seus estudos aos fatores determinantes para a formação de centros financeiros (Gehrig 1998 Zhao 2003, 2013) e teorias de desenvolvimento de centros financeiros. (David 1988, 1994 Porteous 1995 Zhao 2003, 2013 Zhao et al., 2004) e assim por diante. No entanto, pouca atenção foi dada a outros centros financeiros chineses, como Pequim e Shenzhen. Além disso, poucos estudos se concentraram na cooperação entre os centros financeiros na China, embora a literatura existente já tenha discutido a concorrência ou relacionamento entre Hong Kong e Xangai (Yeung 2001 Jao 2003 Karreman e Knaap 2007) ou Hong Kong, Xangai e Pequim (Yeung 2010). A recente tendência de aceleração do desenvolvimento do centro financeiro da Chinas garante um monitoramento próximo e pesquisas futuras. Os governos centrais e locais de Chinas são zelosos em promover o desenvolvimento de centros financeiros. Beijing Financial Street, localizada dentro da Beijings 2 ª Ring Road, foi posicionada como o núcleo do centro financeiro de Beijings, de acordo com o plano estratégico do Centro Financeiro Internacional de Pequim anunciado em maio de 2008 pelo governo municipal de Pequim. No entanto, o futuro de Shanghais parece mais promissor. Em 2009, o Conselho de Estado da China divulgou uma resolução para construir Xangai em um Centro Financeiro Internacional que combinará a força econômica do país e o status internacional de sua moeda, o RMB, até 2020 (Zhao 2010). Shenzhen também está se recuperando. Em 2009, o Conselho Estadual de Chinas aprovou um plano piloto para a Zona de Cooperação da Indústria de Serviços Modernos Qianhai Shenzhen-Hong Kong para implementar políticas experimentais, que promovem o Qianhai como uma zona piloto para o estabelecimento de instituições financeiras inovadoras e o desenvolvimento de plataformas de negociação inovadoras para apoiar Atividades experimentais na reforma financeira sob cooperação Shenzhen-Hong Kong. O Sr. Li Keqiang, Vice-Primeiro Ministro do Conselho de Estado, durante sua visita a Hong Kong em agosto de 2011, anunciou inúmeras medidas do Governo Central para apoiar o desenvolvimento financeiro de Hong Kong no âmbito do 12º Plano quinquenal. Entre eles, três são de especial preocupação para o setor de finanças e seguros, ou seja, permitir investimentos no mercado de ações da China continental (continente) por meio do mecanismo Renminbi Qualified Foreign Institutional Investor (RQFII), que facilita as empresas de gestão de fundos a lançar operações negociadas em bolsa Fundos constituídos por ações listadas na Hong Kong nas bolsas de valores da Mainlands e apoiando as companhias de seguros de Hong Kong para entrar no mercado do Continente através da criação de escritórios ou de apostas. Nestas circunstâncias, Pequim, Xangai, Shenzhen e Hong Kong estão à porta de Nova York e Londres para o primeiro lugar na arena do centro financeiro global. Este trabalho tem como objetivo estudar os assuntos relacionados ao desenvolvimento de centros financeiros e revelar a importância da informação do interior, da geografia das finanças, bem como da teoria da lei e das finanças no mercado financeiro chinês e do regime regulatório e da qualidade jurídica em chinês sistema financeiro. O quadro teórico do desenvolvimento dos centros financeiros mundiais Um centro financeiro compreende um superávit de capital, um déficit de capital de compensação e um agente intermediário ou processo de intermediação. Pode ser considerado como um agrupamento de um certo número de serviços financeiros em conjunto em um determinado espaço urbano ou em uma descrição funcional, um lugar onde os intermediários coordenam as transações financeiras e providenciam a liquidação dos pagamentos (Cassis 2011). O surgimento e os movimentos de localização dos centros financeiros não são um fenômeno novo na era moderna, de fato, pode ser rastreado até os tempos antigos (Jarvis 2009). Uma das cidades mais antigas do mundo, Samarkand (a segunda maior cidade do Uzbequistão, localizada na estrada de seda entre a China e os países mediterrânicos) e outras cidades antigas como Babilônia, Timbuktu (com a sua posição como terminal sul de trans - Shararan rotas de caravanas) e Constantinopla funcionou como principais centros financeiros para o comércio intercontinental em seus tempos. Durante os séculos XVIII e XIX, emergiram centros financeiros maiores como Londres e Nova York para atender mercados regionais e internacionais à medida que o volume de intercâmbios econômicos e a complexidade aumentaram (Ibid.). O surgimento de centros financeiros depende de numerosos fatores endógenos e exógenos. O tamanho da economia doméstica é um dos principais fatores de desenvolvimento a longo prazo dos centros financeiros (Cassis 2011). Por essa razão, a transição de poder e a difusão de poder de centros financeiros podem ser rastreados ao longo da história. Durante a maior parte do século XIX, Londres foi o principal centro financeiro mundial. No século XX, Nova York dominou a cena financeira global até a crise do subprime de 2008. Na segunda metade do século XX, o surgimento de vários centros financeiros nacionais, internacionais e globais baseou-se no seu tamanho da economia doméstica ou assumiu a função de intermediário para economias emergentes maiores, como Tóquio, Hong Kong, Cingapura e Mais recentemente Shanghai. Kindleberger (1974) foi o primeiro a usar as economias de escala como um fator que explica a formação de um centro financeiro. Ele considerou as economias de escala na organização dos mercados financeiros, juntamente com informações localizadas, diferentes fusos horários e práticas discriminatórias nas relações comerciais como principais forças centrífugas. Duas décadas depois, Krugman (1991) sugeriu quatro forças centrífugas notáveis: externalidades do mercado de trabalho, demanda de serviços intermediários, spillovers tecnológicos e de informação que, como ele afirmou, foram os fatores mais importantes para a aglomeração de atividades financeiras em centros financeiros. Embora a opinião de Krugmans difira de Kindlebergers, uma ideia subjacente é a mesma: economias de escala ou spillovers são fatores significativos para a formação de um centro financeiro. Gehrig (1998) analisou as forças centrípeta e centrífuga nos mercados financeiros e sugeriu que economias de escala no mecanismo de pagamento, spillovers de informações, liquidez e externalidades grossas do mercado eram grandes forças centrípeta, enquanto os custos de acesso ao mercado e coordenação, busca de renda e intervenção política. Bem como informações localizadas eram forças centrífugas. Ele demonstrou que os centros financeiros tendem a ser o lugar privilegiado das atividades financeiras sensíveis à informação em uma região, enquanto os setores insensíveis à informação tendem a se mudar para áreas suburbanas de baixo custo ou a usar meios de comunicação de baixo custo, como redes informatizadas. Esses estudos anteriores descobriram que os centros financeiros, como outras aglomerações, são o resultado de forças centrífilas e centrífugas. A dependência do caminho, o hinterland da informação eo fuso horário são outras teorias importantes para interpretar o desenvolvimento e a mudança dos centros financeiros na era da globalização. A dependência do caminho refere-se aos acidentes históricos que teriam consequências acumuladas de longo prazo (David 1988, 1994). Um padrão de localização inicial pode ser simplesmente um acidente histórico, mas, uma vez estabelecido, esse padrão pode se tornar dependente do caminho e inscrito no inrsquo através de mecanismos de causalidade cumulativa (Porteous, 1999). Em outras palavras, uma vez que uma cidade atinge um certo nível de atividade financeira, ela pode sustentar essa vantagem em outras cidades por um certo tempo. Esta teoria explica por que Londres continua a ser o principal centro financeiro há muito tempo após o declínio do Império Britânico (Porteous, 1995). Além da dependência do caminho, vários estudiosos também prestaram atenção à importância de lsquoinformationrsquo no mercado financeiro mundial para preencher a lacuna do conhecimento, eles chamaram a atenção para o interior da informação com a finalidade de explicar o aumento e declínio dos centros financeiros ao longo do tempo (Porteous 1995 Wang et al 2007 Zhao et al., 2004). O conceito de isquoinformation hinterlandrsquo define uma região para a qual uma determinada cidade central (centro financeiro) fornece o melhor ponto de acesso para a lucrativa exploração de valiosos fluxos de informações. Em um sentido dinâmico, espera-se que um centro financeiro cresça a partir do seu interior da informação, e ele se moverá e mudará à medida que sua informação for transferida e mudada (Zhao 2003, 2013). A teoria do fuso horário também chama a atenção dos estudiosos. Estudos fisiológicos e geográficos revelaram que os seres humanos não podem mudar seus ciclos de vida. Os fusos horários determinam o ritmo de trabalho diário e padrões comportamentais em diferentes continentes (Laulajainen 2003 Waterhouse et al. 2007 Zhao 2010, 2013). Assim, o fuso horário é um fator significativo que influencia o desenvolvimento de centros financeiros. Uma vez que nosso mundo pode ser dividido em três grandes fusos horários com base em um dia útil de oito horas, a distribuição espacial dos centros financeiros globais ocorre nestes fuso horários, cada um com um centro financeiro dominante. Londres domina nos fusos horários europeu e africano, enquanto Nova York reina suprema na América do Norte e do Sul. No momento, as zonas horárias asiáticas não possuem um centro financeiro dominante, porém uma tabela de centros financeiros está configurada para assumir o status (Zhao 2010). Assim, a concorrência dos centros financeiros internacionais no fuso horário asiático é muito intensa em termos de implicação da teoria do fuso horário. Quanto ao surgimento da economia Chinarsquos no mundo, o surgimento de um centro financeiro internacional na Ásia deve competir nos centros financeiros relacionados com a China. Portanto, nosso artigo incorpora o tamanho da economia doméstica, o contexto da informação, a dependência do caminho e as teorias do fuso horário em um quadro teórico para explicar o desenvolvimento dos centros financeiros na China ao longo do tempo e suas contribuições para o cenário financeiro global. Uma Breve Pesquisa dos Importantes Centros Financeiros na China Hong Kong, Pequim, Xangai e Shenzhen têm diferentes funções e papéis na estrutura financeira de Chinas em termos de seus pontos fortes e competitividade em diferentes mercados financeiros. A investigação sobre a sua história, estruturas básicas, principais fatores, mercados financeiros, indústrias importantes e áreas e políticas relacionadas são importantes para identificar e entender a competitividade desses centros financeiros. Hong Kong tem um ambiente político e social relativamente estável, onde o capital é totalmente móvel e o sistema bancário está maduro. O Estado de Direito de Hong Kong apoia uma plataforma aberta e transparente de angariação de fundos para o mundo e, em particular, para as empresas do Continente. O ambiente legal e regulamentar justo, transparente e não político, atraiu muitas empresas do Continente que procuram a lsquogo outrsquo, estatal ou privada, para listar suas ações em Hong Kong, a fim de introduzir capital estrangeiro em seus negócios. Na verdade, com a economia estagnada dos países ocidentais e a economia vigorosamente crescente da China após a crise das hipotecas subprime em 2008, mais e mais empresas estrangeiras consideraram listar as Bolsas de Valores de Hong Kong (HKEx) para aproveitar o crescimento de O mercado asiático. Embora as empresas chinesas dominem o mercado de ações de Hong Kong, especialmente as grandes empresas estatais, como o China Construction Bank, o Banco Industrial e Comercial da China e a China Mobile, a HKEx ainda possui 17 empresas estrangeiras cotadas, em comparação com as bolsas de valores da Mainlands com zero listas de empresas estrangeiras . A bolsa de valores de Hong Kong classificou-se no 1º lugar no mundo, com o índice de referência em relação ao tamanho da economia e na proporção de capitalização de mercado como porcentagem do PIB (Fig. 1). As características comuns de um alto índice de mercado de base para o PIB no mundo, como a Suíça e Cingapura, são que eles servem como centro financeiro regional com serviços e funções financeiros únicos e têm empresas nacionais com importantes negócios regionais e internacionais. Hong Kongrsquos alto índice de mercado de base para o PIB é principalmente devido à lista de empresas do Continente em Hong Kong e muitas empresas listadas em Hong Kong têm investimentos substanciais no mercado continental e no exterior. Assim, Hong Kong é, sem dúvida, um centro financeiro muito especial e importante no mundo. O mercado IPO de Hong Kong adiantou outros nos últimos anos devido ao rápido crescimento das listas de empresas chinesas. Os IPO chineses no exterior são principalmente listados no Conselho Principal da HKEx (ver Tabela 1), que promoveu o total de fundos arrecadados por IPO em Hong Kong para classificar o primeiro lugar no mundo em 2009 e 2010. O futuro do HKEx é bastante prometedor, como o O papel de Hong Kong como uma porta de entrada entre a China e o mundo continua a aumentar. A integração financeira da China na economia global pode expandir o balanço de Hong Kong mais do que o de outros centros financeiros fora do Continente na Ásia. FIG. 1. Top 10 e Seleção de Capitalização Nacional de Bolsas de Valores em relação ao PIB (final de 2010) Fonte: Federação Mundial de Intercâmbios Base de dados do Banco Mundial. IPOs de empresas chinesas estrangeiras (em 2009ndash2010) Fonte. Relatórios de IPO das empresas chinesas, 2009ndash2010. 1 mercado de fundos de Hong Kong também é muito forte. Para os fundos negociados tanto na bolsa de valores como no mercado de OCT, Hong Kong supera Pequim, Xangai e Shenzhen. Os ativos sob gestão e o número de 20 maiores empresas mundiais de private equity em Hong Kong são muito maiores do que os de Pequim, Xangai e Shenzhen. De fato, Hong Kong tornou-se o segundo maior centro de gerenciamento de ativos da Ásia, logo após o Japão. O setor de gerenciamento de ativos bem estabelecido, maduro e sofisticado em Hong Kong, Chinas precisa e constrói canais seguros de investimento para altas reservas em moeda estrangeira e poupança doméstica. Enquanto isso, Hong Kong serve como porta de entrada para os investidores estrangeiros para investir no continente da China. As companhias de fundos mútuos e de seguros dos países ocidentais escolhem Hong Kong como o primeiro lugar para expandir seus negócios na região Ásia-Pacífico. Além disso, Hong Kong possui os talentos de gestão de ativos de maior densidade e qualidade em termos de maior porcentagem de pessoas envolvidas no setor financeiro entre os centros financeiros asiáticos (ver Tabela 2). Mais de 80% das empresas mundiais de gestão de fundos regionais ou internacionais criaram sua sede regional em Hong Kong e a maioria das companhias de fundos com sede em Hong Kong são instituições estrangeiras. Isso contribuiu para o rápido desenvolvimento do mercado de gerenciamento de ativos em Hong Kong. Empregos no setor financeiro entre os principais centros financeiros (o final de 2009) Emprego no setor financeiro (em mil) Porcentagem na população total Residente no final do ano População dos IFCs (em milhões) 465.1 (1 de julho de 2008) 8.36 (1 de julho , 2008) 12.99 (1 de outubro de 2009) 7.09 (final de 2010) Fonte. Com base nos dados dos departamentos de estatísticas das cidades acima. A perspectiva de Hong Kong de se tornar o maior centro de vínculo RMB no mundo no mundo é promissora. Contrariamente ao relativamente pequeno mercado de obrigações em Dólar de Hong Kong, o desenvolvimento de um mercado de obrigações denominado RMB é importante para o status de Hong Kong como um centro financeiro internacional. A China também promove proativamente o mercado de títulos de Hong Kong. Desde 2007, o governo central permitiu às instituições financeiras do Continente emitir obrigações RMB em Hong Kong. Em 2009, a medida foi aberta ao Ministério das Finanças da China e às empresas subsidiárias no Continente dos bancos de Hong Kong. De 2007 a 2009, tendo alcançado aumentos consistentes ao longo destes três anos, foram emitidos em Hong Kong um total de obrigações denominadas em RMB de valor de RMB, 38 bilhões de yuans (incluindo a dívida nacional). Em 2010, os títulos denominados em RMB com valor de yuan atingiram aproximadamente RMB30 bilhões de yuans (He 2011). A China, como parte de seu esforço para internacionalizar sua moeda e abrir seus mercados financeiros, planeja permitir que as seguradoras de Hong Kong invistam no mercado chinês de obrigações interbancárias e incentivem as empresas do Continente a emitir títulos RMB em Hong Kong. O setor de seguros em Hong Kong continuou a se destacar e crescer em sofisticação. Os prémios brutos contribuem rotineiramente para um total de 11ndash12 por cento do PIB, tornando Hong Kong o segundo maior mercado de seguros da Ásia após o Japão. Se medido apenas por renda premium, Hong Kong ocupa o 25º lugar no mundo. O número total de matrizes de seguros, prémios, densidade de seguros e penetração de seguros em Hong Kong é maior do que qualquer centro financeiro na China (ver Tabela 3). Todas as maiores empresas de resseguros do mundo têm escritórios de longa data em Hong Kong, incluindo Munich Re, Swiss Re, General Re (Berkshire Hathaway) e Hannover Re. Como em outros setores, importantes escritórios regionais estão sendo construídos em Hong Kong principalmente para cobrir o mercado chinês (Pauly 2011). Entre todos os tipos de negócios de seguros, o seguro de longo prazo domina o mercado de seguros de Hong Kong. O crescimento futuro do mercado de seguros de Hong Kong reside no aumento econômico da China e na abertura do setor de seguros da Chines. Para muitas seguradoras baseadas em Hong Kong que não estão inteiramente concentradas nas empresas locais, seus planos futuros são, obviamente, moldados pelos desenvolvimentos na China. As seguradoras e as resseguradoras usam Hong Kong como base para operações regionais para as ligações de transportes de Hong Kong para a Europa e América do Norte, facilidade de acesso ao Continente, regime jurídico sólido e melhores condições de vida. Se as seguradoras chinesas investem em mercados estrangeiros no futuro próximo, Hong Kong se beneficiará desses investimentos porque as possibilidades de joint ventures com seguradoras estrangeiras, bem como para operações de seguros autônomas baseadas em Hong Kong, serão tremendas (Pauly 2011). Número de empresas de seguros sede, prémios, densidade de seguros e penetração de seguros em Hong Kong, Pequim, Xangai e Shenzhen (no final de 2009) Número de empresas de seguros sede Densidade de seguro (despesa per capita) Penetração de seguro (prémio como PIB) 137,31 (HKD, final de 2005) 19796 (final de 2005) Fonte: China Insurance Regulatory Commission Shanghai Bureau 2009 China Insurance Regulatory Commission Beijing Bureau 2009 China Insurance Regulatory Commission Shenzhen Bureau 2009. 2 Em termos de futuros e derivados financeiros Mercados, não há dúvida de que Hong Kong supera os outros centros financeiros da China. O mercado de futuros e derivados de Hong Kong é aberto e bem estabelecido. Possui o maior mercado de derivativos OTC na Ásia, embora o mercado ainda seja relativamente pequeno em comparação com a Europa e os Estados Unidos. Existem muitos tipos diferentes de futuros financeiros e produtos derivados negociados em Hong Kong, enquanto a maioria deles não existe na China. Após a crise subprime em 2008, a Comissão de Valores Mobiliários e Futuros de Hong Kong, o governo de Hong Kong, a Autoridade Monetária de Hong Kong e o HKEx juntos planejam estabelecer um sistema de regulamentação para os derivados OTC no futuro próximo. Este projecto contribuirá definitivamente para o desenvolvimento futuro do mercado de derivados de Hong Kong. O capital pode fluir livremente dentro e fora de Hong Kong devido à falta de controle de divisas, o que impulsiona o mercado cambial de Hong Kong. Em 2010, Hong Kong foi o sexto maior mercado cambial do mundo, o terceiro maior da Ásia, atrás de Singapura e do Japão. O mercado cambial de Hong Kong é ainda mais forte do que as Chinas, para não mencionar os de Pequim, Xangai e Shenzhen. Hong Kong é um dos dez maiores centros bancários internacionais em termos de volume de transações externas e o segundo maior da Ásia depois do Japão. O setor bancário desempenha um papel vital no estabelecimento de Hong Kong como um importante centro de sindicato de empréstimos na região. Em termos de número de bancos, ativos bancários e valor de volume de negócios interbancário, Hong Kong supera Pequim, Xangai e Shenzhen. De fato, Hong Kong tornou-se uma das maiores concentrações de instituições bancárias no mundo setenta dos 100 maiores bancos do mundo executam operações em Hong Kong. Seu setor bancário é mais internacional e ativo do que qualquer outro centro bancário na China. Em termos de empresas multinacionais (MNCs), Hong Kong possui um número maior de matrizes regionais de multinacionais e multinacionais do que qualquer outro centro financeiro na China. Atualmente, Hong Kong é um lugar ideal para que as multinacionais estabeleçam sua sede. Empresas multinacionais em Hong Kong, Pequim, Xangai e Shenzhen (no final de 2010) Número de matrizes regionais das multinacionais Fonte: Jiang 2011 Departamento de Estatística do Município de Shenzhen 2009 Shanghai Industrial Real Estate Evaluation Research Center 2010 Número total de corporações multinacionais sede regional em Hong Kong 2010. Para resumir, Hong Kong é forte em quase todos os mercados financeiros. No entanto, como é comumente conhecido, Hong Kong é fraco em seu mercado de títulos e no Growth Enterprise Market. Devido à falta de desenvolvimento nas tecnologias da informação de Hong Kong e nas indústrias relacionadas, o crescimento do Enterprise Market cresce muito devagar, ficando para trás do mercado Shenzhens ChiNext. Por mais de três décadas, Hong Kong tem tentado desesperadamente tentar promover seu mercado de títulos, no entanto, ainda está longe de ser suficiente. O seu crescimento futuro reside na internacionalização do RMB e no aumento econômico da China. A importância do quadro financeiro de Pequim em Chinas é misteriosa para muitos devido às funções de capital nacionais, incluindo o controle das políticas monetárias e o domínio de empresas estatais e organizações poderosas. Zhao (2003) e Zhao et al. (2004) argumentou que Pequim é o centro financeiro mais importante da China devido ao seu papel como centro de elaboração de políticas financeiras. O número de empresas estrangeiras e suas matrizes, agências bancárias estrangeiras e escritórios de representação, investimento estrangeiro direto (FDI), volume de negócios e operações de valores mobiliários, depósitos de instituições financeiras, empréstimos de instituições financeiras e emprego em finanças, seguros e imóveis ilustram Beijings Funções financeiras na China (Zhao et al., 2004, Wang et al., 2007). A grande presença do desenvolvimento financeiro geral de Pequim em Chinas demonstra a força de seu centro financeiro. As forças subjacentes à formação de um centro financeiro também foram analisadas e verificou-se que a informação assimétrica criou a necessidade de aglomeração geográfica de atividades financeiras com base na fonte de informação. Pequim, como principal fonte de informações políticas, era mais provável do que outras cidades chinesas serem o centro financeiro nacional preeminente quando os mercados financeiros chineses se tornam mais abertos às empresas estrangeiras no futuro próximo. Pequim é um centro financeiro consideravelmente forte na China, embora não tenha uma bolsa de valores. Ele apresentou melhor desempenho do que Xangai e Shenzhen em relação à captação total de recursos por ações, A-partes, IPOs e H-shares. A capitalização de mercado total da Beijings da A-parts também classificou a 1ª na China. Além disso, existem muitas grandes empresas estatais com sede em Pequim, que contribuem para o bom desempenho do mercado de valores mobiliários da Beijings. A distribuição geográfica das empresas da Pequim, Xangai e Shenzhens listadas na SSE e SZSE revelou que Pequim possui o segundo maior número de empresas listadas nas cidades chinesas (Fig. 2). As empresas de Pequim recentemente listadas nos mercados da A-share e da H-market dominam o mercado, que é destacado pelo fundo total levantado por A-shares, H-shares e IPOs. Além disso, o valor comercial total foi o segundo maior e o aumento de capital das A-shares foi o maior na China, representando o significado de Pequim no mercado de ações chinês (ver Tabela 5). FIG. 2. Distribuição geográfica das empresas listadas em Pequim, Xangai e Shenzhen (abril de 2010) Fonte: Relatório Mensal da Bolsa de Xangai, 2010 Relatório Mensal da Bolsa de Valores de Shenzhen, 2010. 4 Nota: Bolsa de Valores da SSE Shanghai SZSE Shenzhen Stock Exchange. Distribuição regional do volume de negócios e IPOs das A-Shares (2008) Valor do Volume de Negócios (RMB milhões) Volume Emitido (milhão de partes) Volume Total Emitido na China () Capital Elevado (RMB milhões) Do capital total levantado na China () Fonte. China Securities and Futures Statistical Yearbook 2009. 5 O mercado de títulos Beijings é o maior da China. As obrigações na China são negociadas em bolsas de valores e no mercado OTC, e mais de 90% dos títulos são negociados no último. Uma vez que as obrigações do Tesouro (títulos T) são emitidas pelo Ministério das Finanças na China e as notas de débito são emitidas pelo Peoples Bank of China, que tem sede em Pequim e compartilham metade do montante total de títulos de títulos na China (Wang et al . 2010) 6, o papel do mercado de títulos da Pequim em Chines é significativo e insubstituível. Além disso, quatro grandes bancos comerciais, 13 bancos comerciais e mais de 100 empresas estatais estão sediadas em Pequim, como China Unicom, China Mobile e China National Petroleum Corporation. A grande emissão total de títulos T e títulos corporativos torna Pequim considerado como o maior mercado de títulos na China. A indústria de fundos de Private Equity (PE) em Pequim funciona muito bem devido à informação assimétrica existente no mercado. Como centro de política financeira e de supervisão, Pequim recebe informações e tendências políticas do setor financeiro quase que instantaneamente (Deng 2010). Mais importante ainda, o papel exclusivo de Pequim como formulador de políticas e o lugar das instituições de supervisão financeira reforçam a importância do private equity em Pequim. O número total de 20 maiores empresas mundiais de capital privado em Pequim foi o maior na China Continental, mas inferior ao de Hong Kong (ver Tabela 6). Pequim teve o maior montante tanto do número de investimentos de fundos PE e montantes de investimento de fundos de PE na China. O número total de fundos domésticos de PE em Pequim também foi o maior (Fig. 3). Pequim superou a indústria de fundos de PE em outras cidades da China e recebeu mais da metade de todos os fundos industriais licenciados pelo governo central. Além disso, uma grande maioria das grandes instituições de investimento PE em casa e no exterior tem sede em Pequim. 7 O motivo desse fenômeno é que as empresas que vão ao público devem obter aprovação da China Securities Regulatory Commission, que está localizada em Pequim. A lucratividade do investimento em PE é impulsionada pela exploração e aquisição de informações assimétricas no mercado, essas empresas sensíveis à informação, no exterior e doméstico, são atraídas a Pequim para aproveitar o fluxo de informações. Presença das 20 maiores empresas mundiais de private equity em Pequim, Xangai, Shenzhen, Hong Kong, Nova York e Londres (2009) Goldman Sachs Área de Investimento Principal O Grupo Carlyle Kohlberg Kravis Roberts Apollo Gestão Global CVC Capital Partners The Blackstone Group First Reserve Corporation Hellman amp Friedman Providence Equity Partners Terra Firma Capital Parceiros Fortress Investment Group Note. Sim Sim, N N ° Fonte. O PEI 300 de 2009, 2009. 8 Fig. 3. Número de empresas nacionais de private equity do ano de 2010 na China Fonte: Zero2IPO Group. 9 O mercado de seguros de Pequim e Xangai desenvolveu-se bem. Para prémios, densidade de seguros e penetração de 2003 a 2005, Pequim funcionou melhor do que Xangai. Antes de 2007, a renda e a penetração de seguros de Pequim eram maiores do que as de Xangai no entanto, o pagamento e a densidade do seguro de Shanghais foram maiores desde 2007. Em 2009, a receita total de renda e a penetração de seguros de Pequim foram maiores do que as de Xangai e Shenzhen (ver Tabela 3), e o número total de sucursais de companhias de seguros em Pequim continua a ser o maior da China. A sede das principais companhias de seguros, como China Life, The Peoples Insurance Company Group, Taikang Life e Xinhua Life, residem em Pequim. Há mais de 4000 bilhões de yuans em ativos totais do setor de seguros na China, com 50% provenientes de Pequim e cerca de 25% de Xangai. A sede da China Insurance Regulatory Commission em Pequim fornece um ambiente único para as companhias de seguros ter acesso rápido a informações táticas para a formulação de políticas. In addition, a great many large state-owned enterprises are located in Beijing, which is beneficial for extending insurance businesses and for communication and cooperation among different companies. Beijings banking industry is the largest in China as Beijing is the centre for domestic banks, and the four major commercial banks, policy banks as well as a lot of regional banks are concentrated in Beijing. With respect to the banking industry, Beijing is rather strong as a domestic banking centre despite its underdevelopment in foreign banking (see Table 7). Domestic and foreign banking sector in Beijing, Shanghai and Shenzhen (the end of 2009) Note . No. of domestic banking institutions includes branches Business networks do not include headquarters. Source . China Banking Regulatory Commission. 10 The predominance of Beijing in the Mainlands domestic banking industry can be reflected from the interbank market, as Beijings monthly turnover value was about twice as large as the total value of Guangdong and Shanghai. 11 By the end of May 2011, with respect to the number of Fortune 500s global headquarters (though they largely belong to PRCs mega-sized state-owned enterprises), Beijing ranked 1 st even exceeding those of London and New York. In summary, Beijings role as a financial centre cannot be underestimated. Beijing is quite strong in the stock market, bond market, PE fund market and insurance market. Beijing has become a large domestic banking centre and an ideal place for MNC headquarters (see Table 4). The functions and roles of Beijing are unique and incomparable in Chinese specific financial framework. The tertiary sector has gained the dominant position in Shanghais economy with the contraction of the secondary sector. The secondary sector in 1978 accounted for well over 70 of Shanghais economy and has since downsized to 39 in 2010. The tertiary sector has expanded since 1978 from 23 to account for 59 of Shanghais total GDP in 2010 (Luo 2012) commerce and financial services make up the top two subsectors within the tertiary sector, indicating the rise of Shanghai as an important financial centre. Shanghai has its advantages in a higher rate of economic growth with a much larger bond market, a sizeable commodity market and a well-diversified industrial structure. In comparison to Hong Kong, Shanghai does not have a fully convertible currency, transparent and non-political regulatory regime and rule of law, however, its sizeable domestic economy and financial markets prop up Shanghai as a major domestic financial centre in China. Shanghai is considered as the capital centre in China as its financial markets are well established and diversified under a joint endeavor of central and municipal governments. The Shanghai Stock Exchange (SSE) has grown very rapidly over the past decade. Therefore, it is important to investigate Shanghais stock market. Having made a comparison of the stock markets of Beijing, Shanghai and Shenzhen, we can note that Shanghai ranked 1 st with respect to the total number of listed companies, of listed H-shares companies, the total number of fund companies headquarters and securities companies headquarters, total stock turnover value and so forth. Compared to Beijing, Shanghai has more listed companies on Chinese stock market and H-share market however, the funds raised by newly listed companies were smaller than that of Beijing because the central government proactively encourages state-owned enterprises to list outside China. Shanghais stock market has its own advantages, therefore it is impossible to define their rankings. The ostentatious prosperity of Shanghais stock markets is due to its sizeable domestic economy under the Yangzi River Delta economic zone. Several studies have showed that companies listed in China tend to list on their neighbouring stock exchanges (Fig. 2). According to the Chinese statistical yearbook, in 2010, the GDP per capita of Shanghai, Jiangsu and Zhejiang were ranked in Chinas top five. Shanghai shareholders is the main source of shareholders in SSEs stocks, accounted for about 25 per cent. That is because most mass investment capitals in China usually go to the stock market and real estate industry due to the inconvertibility of the RMB and lack of investment producers provided by the banking sector. Shanghais fund market performed better than those in Shenzhen and Beijing. The first listed investment fund in China ndash Zibo Town and County Enterprises Fund ndash was listed on the SSE in 1993 the first listed open-end fund was launched by the China Southern Fund and the first Exchange Traded Fund (ETF) ndash Huaxia SSE 50 ETF was listed in 2010 the first two China-listed tracking Hong Kong stock indices ETF was launched in June, 2012 and listed on SSE and Shenzhen Stock Exchange (SZSE) simultaneously in October 2012. Although the ETF was first launched on the SSE in 2005, its turnover value grew very fast and exceeded that of the HKEx in 2009. The reason is that the Central Government has been positively pushing the financial development of Shanghai over the past decade in an effort to expand the influence of Shanghai in the world as well as to upgrade its image and status as an international financial centre. Assets under management and total number of fund companies of Shanghai ranked 1 st in China (see Table 8). Shanghais fund companies occupy half of the market share of assets under management in China. For funds traded on stock exchanges, the SSE was better than the SZSE in terms of turnover value and volume because Shanghai enjoys special policies initiated by the central government to build itself as an international financial centre. In May 2009, the Central Peoples Government of China published an official document, aiming at promoting the development of financial institutions in Shanghai, including mutual fund management companies. This policy is greatly beneficial to Shanghai to develop its fund industry. As these supportive policies are put into practice, the financial information platform is well equipped and once the related laws and rules are up to international standards, Shanghai will enjoy a faster growth of its fund market. Number of fund companies in Beijing, Shanghai and Shenzhen Source: China Securities and Futures Statistical Yearbook 2009 12 Deng 2010. The development of an insurance industry in Shanghai is the fastest in China. As a matter of fact, the rapid development of the insurance headquarters economy is a part of the strategy of Shanghais goal to become an international financial centre by the end of 2020. In April 2010, the central government announced lsquoOpinions on Promoting Shanghai to Speed up the Development of Modern Service Industry and Advanced Manufacturing, Building an International Financial Centre and the Views of an International Shipping Centrersquo. This is the first time that Chinas central government purposefully made policies to build Shanghai as an international financial centre and shipping centre. Shortly after the announcement, Wu Dingfu, at that time the chairman of the China Insurance Regulatory Commission, proclaimed that the commission would support Shanghai to develop Chinas insurance products innovation and technology research and development (RampD) centre as well as insurance management and logistics centre. By May 1991, the China Pacific Insurance Group was set up in Shanghai, which laid a foundation for the development of insurance industry there. The Shanghai municipal government puts greater efforts in promoting the development of an insurance headquarters economy in order to promote faster development and healthier industrial structure of the insurance sector. The favourable policies not only enhance the political environment for the insurance industry, but also help attract more national and international insurance companies to settle down in Shanghai. The efforts are paying off. The Ping An Group, headquartered in Shenzhen, set up a second headquarters in Shanghai, and moved four of its eight subsidiaries headquarters to Shanghai. For Ping An Insurance of China, Shenzhen is its administrative centre, while Shanghai is the profitable centre (Tong 2009). Total assets of Shanghais insurance industry have also increased. By the end of 2007, Shanghais insurance companies total assets accounted for about 25 per cent of Chinas insurance industrys total assets. The most evident advantage of Shanghais insurance industry rests on its financial market and trading. Shanghai has several important financial markets and exchanges: the Shanghai Stock Exchange, Shanghai Future Exchange, Shanghai Gold Exchange, Foreign Exchange market, etc. As the concentration of these financial markets and exchanges increase, Shanghai has become an important place to insure capital in China. Shanghai has become the foreign banking centre of China. It possesses the largest number of foreign banks headquarters, deposits and loans of foreign financial institutions in China. By 2009, 191 foreign firms had established regional headquarters in Shanghai, far exceeding the numbers in Beijing and Shenzhen. Although nation-wide banks locate their headquarters in Beijing for the advantage of access of tacit information from the central governments banking bodies, the majority of Chinas banks are listed on SSE. While Beijing is strong in the domestic banking industry, Shanghai has the largest number of foreign banks corporate bodies in China. As for the number of domestic banking corporate bodies, Shanghai is equivalent to Beijing. In 2005, Peoples Bank of China set up the Shanghai Head Office to govern the rapidly growing operations and business of domestic and foreign banking bodies in Shanghai. Historically, Shanghai had opened corporate RMB business to foreign banks earlier than Beijing. Foreign banks that entered Chinas market in the early stages preferred to locate their headquarters in Shanghai. These foreign banks mainly focus on retail business, and most of them are concentrated in the rich YRD region since the Pearl River Delta market was already covered by Hong Kongs banks. In fact, foreign banks that entered the Chinese market in 2007, all set up their headquarters in Shanghai. Many foreign banks that entered Chinas market after 2007 still chose Shanghai as their headquarters, including Hong Kong Hang Seng Bank and DBS. By the end of 2010, eight out of ten big foreign banks set up their headquarters in Shanghai (Zhang and Zhang 2011). The concentration of foreign banks in Shanghai can be expressed in the total deposits and loans of foreign institutions, which absorbed over 80 per cent market share of total deposits and loans of all foreign companies in China. 13 Shanghais banking sector is quite promising as it attracts the largest number of foreign banks as well as the majority of foreign bank businesses, making it the second largest banking centre in China. The headquarters of Chinas foreign exchange trading system is located in Shanghai and preforms differently from that of other financial systems. The China Foreign Exchange Trading System (CFETS), also known as the National Interbank Funding Centre, is a sub-institution of the Peoples Bank of China. Its core functions include providing trading, information and services for the operation and transmission of the central banks monetary policies. The CFETS also serves as a benchmark to the interbank lending, bond and foreign exchange markets. Chinas first foreign exchange futures were issued by the Shanghai Foreign Exchange Transactions Centre in 1992. The products of foreign exchange futures included RMB to the US dollar, pound, euro and yen. The trading of foreign exchange derivatives in China has increased rather quickly in recent years. The total turnover value of foreign exchange swaps and forward foreign exchange in Shanghai outperformed that of Beijing and Shenzhen. 14 Shanghais share of financial futures, options, foreign exchange market and being home to Chinas Financial Futures Exchange, the only future exchange in China, have made Shanghai a financial powerhouse in more ways than its Beijing and Shenzhen counterparts. Shanghai is an attractive place for MNCs to do business in China. By the end of 2010, there were 213 foreign investment companies, 319 foreign RampD centres and 305 MNCs regional headquarters (see Fig. 4). Among them, 74 were Fortune 500 companies regional headquarters. Shanghai has already become a financial centre that possesses the largest number of MNC headquarters in China. 15 Before 2002, there were no MNCs regional headquarters in Shanghai. However, the number grew to 319 by the end of 2010. The growth in the number of MNCs regional headquarters in Shanghai can be partly attributed to Shanghais preferential policies. In 2002, with the support of the Ministry of Commerce of China, Shanghai Municipal Peoples Government promulgated the lsquoShanghai Municipality, Encouraging the Establishment of Regional Headquarters by Foreign Multinational Corporations Tentative Provisionsrsquo. As more and more foreign companies enter and set up their regional headquarters in Shanghai, the total number of foreigners has increased to over 140,000 by the end of July 2008, accounting for about 30 per cent of total foreigners in China. In 2008, the Shanghai government revised its previous policy, in hopes to improve MNCs access into Shanghais market issued lsquoThe Provisions of Shanghai Municipality on Encouraging Multinational Corporations to Establish Regional Headquarters in Shanghairsquo. This new policy simplifies the exit and entry procedures of MNCs top foreign managers. At the end of 2008, the Shanghai government once again promulgated lsquoSeveral Opinions Regarding the Implementation of the Provisions on Encouraging the Relocation of Regional Headquarters in Shanghairsquo by attracting Multinational Corporations Headquarters. In the document, the government clearly states that if MNCs set up their regional headquarters in Shanghai, they will enjoy preferential policies. Apart from the Shanghai Municipal Peoples government, several districts and counties of Shanghai also issued related preferential policies to attract MNCs regional headquarters. The future development of a headquarters economy in Shanghai is promising. FIG. 4. MNCs headquarters in Shanghai (2004ndash2010) Source: Shanghai Headquarter Economy and the Development of Headquarter Business Park Report 2010 (by Shanghai Industrial Real Estate Evaluation Research Centre). Shanghais continuous preferential policies enhance its status as an important financial centre for MNCs and their headquarters. Apart from policies, Shanghai has other advantages that outperform other financial centres in China. In April 2011, the European Union Chamber of Commerce in China and the Roland Berger Strategy Consultants together published the lsquoEuropean Business in China: Asia-Pacific Headquarters Study 2011rsquo. Shanghai, due to its proximity to the sizable domestic market, was at the top of the list for being one of the most attractive locations in the Asia-Pacific region for multinational companies to establish their regional headquarters. Charles-Edouard Boueacutee, President in Asia and Member of the Global Executive Committee of Roland Berger Strategy Consultants, stated that with the gradual global economic shift towards the Asia-Pacific region, many multinational companies attribute increasing strategic importance to this region, especially as regional GDP and consumer demand growth rates exceed those in other regions. In line with this trend, more and more companies are establishing their regional headquarters in the Asia-Pacific region. Whereas this step also reflects Chinas growing importance in the world and the significance of Shanghai as the largest business and financial centre in China. Shenzhen has many advantages over other financial centres in China, including its advantage of the small and medium enterprise (SME) board and the ChiNext, Chinas NASDAQ-style stock market on SZSE. The ChiNext was found in 2009, which was designed for high-growth companies that do not fit for the listing requirements of the SSE. Shenzhens ChiNext board has become the worlds third largest market for growth enterprises due to its proximity to Hong Kong and the irreplaceable experimental role of financial innovation in China. The SME boards uniqueness and the ChiNexts suitability in the Chinese market make both operations grow rapidly. Although it was founded only three years ago, ChiNext have already outperformed the HKEx Growth Enterprise Market in all aspects. ChiNext, in terms of market capitalization and trade value, became the largest one among the similar boards in Asia. Although the public and various scholars criticized the fact that the ChiNext still has the old problems of Chinas capital market, like overvaluation and speculative fever, the establishment of ChiNext has attracted many growing companies to be listed on SZSE. In 2010, the number of listed companies in SZSE exceeds that of the SSE (see Fig. 5). Shenzhen is considered as the most important fund centre in China due to its proximity to Hong Kong. According to lsquoThe Outline of the Plan for the Reform and Development of the Pearl River Deltarsquo announced by the National Development and Reform Commission, a regional financial centre is the national Strategic Positioning for Shenzhen. The future position of Shenzhen is to cooperate with Hong Kong and become the Chinese private wealth management centre. Shenzhen has a lot of investment and management companies, and private equity and venture capital funds are the advantage of its fund industry. What is more important, the Shenzhen government announced lsquoThe Regulations on Promoting the Development of the Private Equity Industryrsquo to support the development of its private equity funds. This was the first time the municipal government clearly highlight its support for the private equity fund industry. FIG. 5. Number of listed companies on HKEx, SSE and SZSE (1991ndash2010) Source . Securities and Futures Commission 2010 Hong Kong Exchanges and Clearing Fact Book, various years Shanghai Stock Exchange Statistics Annual, various years Shanghai Stock Exchange Monthly Report, January 2007 ndash December 2010 Shenzhen Stock Exchange Fact Book, various years. 16 Venture Capital (VC) funds in Shenzhen are active and suit the needs of growing companies. Shenzhen has become the biggest venture capital hub in China with the total number of VC fund companies ranking first in 2010. VC is financial capital provided to early-stage, high-potential, high risk, and growing start-up companies. The investment model of VC funds puts money by bartering for an equity proprietorship in the invested companies, which usually have a modern technology or business model in high tech industries, such as biotechnology, information technology and software. In China, venture capital funds are heavily invested in the high-tech industry, whereas private equity funds tend to invest in more diversified industries. The recent investment models and characteristics of VC funds in China are inclined to invest in the newly listing small, medium and growing companies. VC usually claims back the funds from the investment after earning satisfactory profits and the primary exit route for VC is IPO. There were 331 IPOs supported by 157 VC companies, accounted for 86 per cent of the total number of withdrawals in 2010. In China, the establishment of ChiNext on the SZSE promotes the development of VC funds as the exit or withdrawal of VC funds becomes easier. Just in 2010, the total number of VC investments and VC investment amounts were 526 and US 2.72 billion respectively, accounting for 64.4 per cent and 50.5 per cent of the total number of VC investments and their amounts in China. ChiNext as well as the SZSE SME board has become the primary destination of VC investments. The major exit route for VC funds to claim back money from investments in China goes through IPOs, which accounted for a majority proportion of the total number of withdrawals (Fig. 6). In 2010, there were 157 companies listed on stock exchanges at home and abroad by IPOs through 331 investments of VC funds. In the Chinese market alone there were 119 companies listed on the SSE and SZSE by IPOs supported by the VC companies investments (Fig. 7). At the end of 2010, half of the top 20 domestic venture capital firms were situated in Shenzhen, making Shenzhen the biggest venture capital hub in China, surpassing Beijing and Shanghai. FIG. 6. Exit routes of VC funds in China (2010) Source . Zero2IPO Group 2010b. 17 Fig. 7. Corporate IPOs invested by VC funds in stock exchanges (2010) Source . Zero2IPO Group. Shenzhen is an experimental zone for financial innovations in China. Shenzhen has a long history on implementation of reforms and opening up policies ahead of other cities in China since it was designated as a Special Economic Zone in the 1980s. At the early stage of development, Shenzhen provided many preferential policies to attract FDI. Processing trade industries (processing with materials, assembling supplied components, and then exporting the final products to overseas markets) were very popular in Shenzhen in the 1990s due to its proximity to Hong Kong. Many Hong Kong industrialists moved their production processes to Shenzhen seeking lower production costs. Hong Kong enterprises brought advanced management concepts, new modes of operation and so forth to Shenzhen. These indirect effects were beneficial for Shenzhens economic growth and attractiveness to other foreign MNCs. Hong Kongs enterprises had become innovators, generated investment and nurtured Shenzhens business environment, making it easier for foreign enterprises to do business in China regions. The prosperity of foreign investment initiated domestic investment and attracted a lot of money from other parts of the Mainland to invest in Shenzhen from spheres such as real estate, logistics, financial industries, etc . Hong Kong remains the largest source of FDI in Shenzhen. By the end of 2010, there were about 42,000 Hong Kong companies in Shenzhen and US 60 billion in FDI from Hong Kong, accounting for 80 per cent of the total foreign companies and two-third of the total FDI in Shenzhen. Apart from Hong Kongs contribution, Shenzhen municipal government actively conducts a preferential policy to attract foreign companies setting up their headquarters. In 2007, the Shenzhen municipal government promulgated lsquoSome Opinions on Accelerating the Development of Headquarter Economy in Shenzhenrsquo which states that any company that establishes its headquarters or moves to Shenzhen will get support from the government in financing, use of land, human resources as well as the simplification of related procedures. In fact, under a lot of foreign investments and new technologies, Shenzhen itself cultivated several global corporations, like Huawei technologies, ZTE Corporation, BYD, Tencent, China Merchants Bank and Ping An Insurance. The function and role of reforms and opening-up frontier moved Shenzhen forward to become an experimental zone for financial innovation in China, especially of the pilot plan approved by the central government for the development of Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Qianhai. Internally, the Shenzhen municipal government also provided different kinds of preferential policies to promote financial innovation. For insurance industry the Shenzhen government issued lsquoMeasures for Accreditation of Headquarter Enterprises in Shenzhen (Trial)rsquo and the lsquoDetailed Implementation Rules of Several Opinions on Accelerating the Development of a Headquarter Economy in Shenzhen (Trial)rsquo in October 2008, which provides 5 billion RMB to award enterprises that would set up or move their headquarters to Shenzhen in the next five years. This preferential policy is the direct reason for the movement of China Life to Shenzhen (Tong 2009). As a matter of fact, China Life Insurance (Overseas) had already moved its headquarters from Beijing to Shenzhen since 2007 on the consideration of other favouring aspects of Shenzhen. Aside from the preferential policy, one of the reasons for insurance companies to move their headquarters to Shenzhen is the good investment environment and unique institutional innovation, which is beneficial for the development of insurance business. Shenzhens government supports the innovation development of its insurance industry and have made Shenzhen into a major experimental place of insurance innovation development in China (Xiao 2010). Another favourable factor is Shenzhens close proximity to Hong Kong which enhances the flow of talented people between Hong Kong and Shenzhen and allows Shenzhens financial industry to learn from Hong Kongs advanced financial practices. The Strengths and Potential Cooperation of Financial Centres in the Greater China Region Based on the various strengths and competitiveness of Hong Kong, Beijing, Shanghai and Shenzhen in different financial sectors, this part will discuss the direction of development and opportunities for cooperation among the financial centres in the Greater China region. Hong Kong, Beijing and Shanghai are in a similar position with respect to the stock markets in terms of the regional distribution of listed companies and turnover values in China. As for the bond market, Hong Kong and Beijing have achieved a similar level. Regarding the whole fund market, Hong Kong was in the first position due to the participation of the worldrsquos leading fund houses. Hong Kong is also the number one insurance market in the Greater China due to its exuberant and multi-dimensional insurance industry. Beijing and Shanghai are in similar positions on commodity future market and rapidly growing owing to the Chinese economys continuous brisk advancement. Hong Kong still ranks first in the foreign exchange and related derivatives market among the financial centres in China, but for the on-shore foreign exchange market in the Mainland, Beijing ranks the first because of the foreign exchange controlled by the central government bodies. Beijings banking sector is similar to the foreign exchange market. Hong Kong is a top-ten international banking centre in terms of the volume of external transactions, but Beijing is the Chinese banking centre as the lsquoBig Fourrsquo state-owned commercial banks, policy banks as well as majority of the domestic banks headquarter are all concentrated in Beijing. Although many financial markets are relatively weak in Shenzhen compared to Beijing and Shanghais scales and advantages, the functions of Shenzhen in the VC market and in financial innovation are highly important to Chinas financial development. Hong Kong is a vibrant international financial centre invigorated by a sophisticated financial infrastructure, world-class financial professionals, a robust regulatory regime, high liquidity and efficiency. Beijing, Shanghai and Shenzhen are powerful in providing domestic financial services for foreign investors to invest in the Mainlands markets. Together they serve the massive rise of Chinas economy that increasingly captures the global investors attention and that has become one of the most robust emerging markets in the world. In general, Hong Kong together with Beijing, Shanghai and Shenzhen will represent the league or fleet of financial centres and services in China and perform unique and incomparable financial functions in Asia and the world financial system. Besides, Hong Kong and the Mainland financial centres can strive for cooperation in several financial products and segment markets. With different complementary advantages they will together serve well for investors from Asia and all over the World. Hong Kongs practice in common law system, similar to the institutional system in London and New York, provides the best basis for financial development and economic growth according to comparative studies on Anglo-American Common Law system and European Civil Law system (La Porta et al. 1997, 1998 La Porta, Lopez-de-Silanes, and Shleifer 2008). Hong Kongs history as a British colony compels the continuance and maintenance of its common law system, rules of equity, ordinances, subordinate legislation and customary law after the establishment of Hong Kong as a Special Administrative Region in 1997 (Zhao 2010). Hong Kongs legal system is comparable to those financial centres which adopted Anglo-American common law, such as New York and London, whereas China uses the European Civil Law system. Several scholars found that those financial centres that adopt Anglo-American legal system tend to be market-led and put priority on the protection of shareholders, but the financial centres applying the Continental legal system incline to bank-led financial centres and mainly protect the interests of creditors (Levine 1998 Ergungor 2004). As a matter of fact, civil law countries have both the weakest investor protections and the least developed capital markets compared to common law countries lsquobecause a good legal environment (good investor protection) protects the potential financiers against expropriation by entrepreneurs, and it raises their willingness to surrender funds in exchange for securities, and hence expands the scope of capital marketsrsquo (La Porta et al. 1997: 1149). Rajan and Zingales (1998) also find that countries with better developed financial systems show superior growth in capital-intensive sectors that rely particularly heavily on external finance. In short, stock markets operating under the Anglo-American legal system perform better than those under a Continental legal system. Under the Anglo-American legal system, stock markets achieve capital growth over the years whereas the stock markets with a Continental legal system only protect the principles of capital or even result in loss of money at times (Zhao 2010). Thus, companies listed on HKEx achieve capital growth through the times, while those on the SSE and SZSE experience capital losses. Shanghais financial industry is catching up Hong Kong, but the market environment in the Mainland still has several problems due to insufficiencies of regulatory enforcement and supervision integrity. State-owned enterprises dominate the market with their total assets and businesses taking up around 90 per cent of total assets and businesses of Shanghai and Shenzhens financial markets. However, there are more than 200 listed companies subjected to security enforcement actions by China Securities Regulation Commission of the SSE and SZSE since 1992. Zhang (2004) pointed out that the fundamental reason is the regular scandals in financial markets. One of the most essential features of the ownership of Chinese listed companies is the dominance of the substantial shareholders. There is no effective and practical mechanism to monitor and restrict the substantial shareholders under the civil law system as they can expropriate the minority shareholders for private benefit. For example, HKEx has a corporate governance code to enforce accountability of issuers (the listed companies) and their directors, which was written and amended by the HKEx after consultations with listed issuers, market practitioners, and professional and industry associations. In fact, the Mainlands financial centres are weak in regulatory enforcement, supervision, and requirement of information disclosure the finance-related industries, including accounting, law, financial services, etc . lack their own integrated industry codes of conduct. Therefore, scandals of Chinese listed companies show the potential for fraud and glitches in the regulatory and legal systems as well as the fiasco of corporate governance in China. Under these circumstances, there is a room for cooperation among the HKEx, SSE and SZSE. Companies listed on the HKEx are more transparent under a better regulatory and legal system while those listed on the SSE and SZSE are not transparent enough as we can judge from those common scandals of listed companies in China. There were 80 A and H dual-listed companies in Hong Kong by the end of 2012, about two-third of them are state-owned enterprises. That means that these dual-enterprises are governed by HKEx, and SZSESSEs listing rules and related listing regulations. The HKEx, SZSE, SSE, and the regulatory bodies, Hong Kong Securities and Futures Commission and China Securities Regulatory Commission could jointly establish a united regulatory and supervisory standard and build up an information exchange system for disclosure of price sensitive information for these dual-listed companies, in order to enhance listing regulations and supervision in Hong Kong and the Mainlands financial centres, and strike a reasonable balance between ensuring market transparency and safeguarding the legitimate interests of state-owned listed corporations in preserving certain information in confidence to facilitate their operation and business development. In fact, building Hong Kong-Shanghai-Shenzhen joint cooperation on listing regulation and supervision on a par with international standard could help promote a continuous disclosure culture among listed corporations to enhance market transparency and quality in the Mainlands financial centres, and to bring Shanghai and Shenzhens regulatory and supervision regime for listed corporations more in line with other international financial centres, and to enhance Hong Kongs strength as a premier capital formation platform. The collective formulation of a sophisticated trading platform andor sub-stock exchange in Qianhai, Shenzhen for the ChiNext of Shenzhen could provide a safe and more resilient financing channel for high-tech and high-growth enterprises in Hong Kong and the Mainland on the basis of complementing existing strengths of both sides. The Hong Kong Growth Enterprise Market (GEM) was established in 1999 unfortunately, it was immediately hit by the burst of the dotcom bubble, resulting in its sluggish performance either in number of listed companies, or in market capitalization, or in trading value. In fact, the investment banks and PE and VC funds prefer the Mainlands high-techhigh-growth enterprises to list on NASDAQ or Alternative Investment Market of London Stock Exchange in order to raise fund and claim back money from IPO and the secondary offering easier. As a matter of fact, the establishment of ChiNext brought hope of the emergence of a brand-new tailor-made capital platform for the needs of the Mainlands enterprises engaged in independent innovation and other growing venture enterprises. Although the ChiNext has already become the largest one among the ilk in Asia since its establishment in 2009 in terms of total market capitalization, as well as the number of listed companies and trading value, it is speculated and overvalued by high price-earnings ratios, high stock issuance prices and excessive fundraising of IPOs. The problems in the ChiNext show the weak supervision, non-transparency and system defects in the Mainlands financial market full of insider trading, speculation, the impairment of small shareholders rights and interests and so forth. Therefore, the approval given by the central government for the development of Shenzhen-Hong Kong Modern Service Industry Cooperation Experimental Zone in Qianhai is a tremendous opportunity for leveraging Shenzhen-Hong Kong cooperation to jointly develop the growth enterprises market in China. In the actual operations, the Shenzhen government can ask the SZSE to invite the HKEx to establish a sophisticated trading platform andor sub-stock exchange in Qianhai under lsquoB. O.T (build ndash operate ndash transfer)rsquo basis, which has been used in the infrastructure projects in Shenzhen, such as Longhua line of Shenzhen Metro. The SZSE could transfer the ChiNext trading to this new platform in Qianhai and spread its operation authorities and regulatory powers over the platform andor sub-stock exchange to HKEx. The HKExs rich experience and fine regulatory framework for listing companies in line with international standards could strengthen market transparency and regulatory quality in the ChiNext, enhance the standard of governance required of the listed high-techhigh growth enterprise, and evict corporate corruption and management misconduct. Shenzhen and Guangzhou still have a great number of high-techhigh-growth companies that are waiting for listing and fundraising, they do not suit to be listed on overseas financial markets. The Shenzhen ndash Hong Kong cooperation to develop the growth enterprises in the Mainland could generate benefits for the supervision, regulatory and legal systems in Chinas financial markets, and sustain steady and healthy growth. The proximity, close economic ties and sharing complementary advantages with Hong Kong support Shenzhen to have the unique and best position among Chinas financial centres to undertake this kind of cross-border cooperation for financial innovation in Chinas financial market and system. The cooperation on collective development of private equity funds with Beijing would create a win-win situation for enhancing Hong Kongs position as the preferred city for private equity operating across Asia. Hong Kong is an import private equity fund centre in Asia for capital from all over the world to invest in the Mainlands markets and enterprises due to its role as a gateway to China, to its excellent financial infrastructure, better regulatory and legal system, developed financial market and abundance of skilled professionals. However, in the contemporary China market, the government has become the main source of funds for private equity. Since Beijing is Chinas political centre, private PE funds tend to move and gather in Beijing to have an easier and more frequent access to asymmetrical information from the central government organs via formal or informal networks in Beijing in order to change their investment decision and direction immediately once the central government issued or adjusted its policies. Therefore, Beijing becomes the PE fund centre in China and Asia (excluding Japan). According to Thomson Reuters study, in the first half of 2011, the Asian-Pacific private equity investments in China accounted US 6209.3 million, and Beijing shared almost 50 per cent of the market in China, within the same period the amount in Hong Kong was only US 44.8 million (see Table 9). This study also shows that private equity funds in Beijing exceeded those of Hong Kong. In 2009, the Beijing municipal government successively promulgated lsquoTentative Measures for the Establishment of Foreign-invested Equity Investment Fund Management Enterprises in Beijingrsquo and lsquoOpinions on Promoting the Development of the Equity Investment Fund Industryrsquo to promote the development of equity investment funds in Beijing by providing convenient taxation, supporting policies on company registration, and attracting foreign financial talents. Half a year later, the lsquoTentative Measures for the Establishment of Foreign-invested Equity Investment Fund Management Enterprises in Beijingrsquo was promulgated in an effort to promote the development of equity investment funds. Foreign-invested equity investment fund companies can apply new investment models for business in China and obtain capital support from the Beijing government. They can also be offered the same policies as Chinese equity investment fund companies receive. In fact, many foreign PE companies in Hong Kong also have established their business and office in Beijing, and the preferential policies on private equity in Beijing are beneficial to both foreign-invested equity investment fund companies and Hong Kong-based PE companies. Hong Kongs government should strive for further liberalization measures and policies under the Closer Economic Partnership Agreement (CEPA) from the central government for the thresholds of market entry into the Beijings PE market as the same treatments and standards applied to domestic PE companies. Zhongguancun of Beijing, known as Chinas Silicon Valley, has more than 20,000 high-tech companies (Yu 2011), but only about 400 of them had completed reorganization and institutionalization according to the listing requirements of SSE or SZSE, and just about 21 companies were listed on the ChiNext market through IPOs by the end of 2010 (Zhang 2010). PE companies usually claim money back from the investment after earning satisfactory benefits. IPO is the major exit route for claims of funds according to the current common practice in China. Therefore, Beijing has a lot of potential customers for PE enterprises. Hong Kongs PE industries with their unique advantages can help promote the development of Beijings PE market. If the threshold of market entry for Hong Kong-based PE companies into the Beijings market could be lower than that of direct investment foreign PE companies, it could attract more foreign PE firms leveraging Hong Kong as gateway into the Chinas PE market. Hong Kong will endeavour to meet the overall development needs of the country and achieve a win-win situation, and contribute to the development and cooperation of the financial centres in China. Asia Pacific (excluding Japan) private equity investments in the first half of 2011 Source: Thomson Reuters. 18 The present paper analyzes the strengths and comparative advantages of Hong Kong, Beijing, Shanghai and Shenzhen through a wide range of market assessment. It reveals that the recent rapid development of the financial centres in China is expected to match the financial needs of Chinas economy. The analysis in our study is based on the theoretical framework of the literature survey encompassing the geography of finance, the importance of the size of domestic economy, path dependence and information hinterland behind the financial centres formation. The study covers a wide range of assessment in stock, bond, funds markets, futures and derivatives as well as the foreign exchange market and presence of corporate headquarters of the financial centres in China. It also investigates the strengths and competitiveness of Hong Kong, Beijing, Shanghai, and Shenzhen in the context of Chinese specific financial framework. The findings suggest that Hong Kong ranks first in the funds, insurance, financial futures and options, foreign exchange and related derivatives, off-shore RMB markets and banking industry because of a more transparent and fair regulatory and legal system. Beijing is strong in domestic banking industry, stock, bond, private equity fund, venture capital fund and insurance markets while Shanghai is competitive in attracting foreign banks and multinational corporations due to the sizeable domestic economy. Shenzhen is the number one in Chinas SME board and Nasdaq market (ChiNext) as well as a very important venture capital fund centre in China. The conglomeration of banks, insurance and fund companies in Beijing shows the significance of information generated by regulatory bodies and central government as decision-making bodies in Chinese financial industry. Our findings confirm the political centre Beijing as a very important financial centre, which is often absent from other studies on the functions of Beijing in Chinas financial framework. This paper also provides a discussion of the future development and potential cooperation of financial centres in China through the cooperation between the SSE, SZSE and HKEx for joint establishing a united regulatory and supervisory standard for the dual-listed companies, the collective formulation of a sophisticated trading platform in Qianhai, for the ChiNext, and the further cooperation under CEPA between private equity funds in Hong Kong and Beijing. All these suggested cooperation areas aim at enhancing a better regulatory and supervisory quality in the Mainlands financial markets so that Chinas financial centres can sustain a steady and healthy growth, ultimately building influential financial centres in the world with Chinese characteristics. The work presented in this paper was partially supported by grants from the Theme-based Research Scheme grant of Research Grants Council of the HKSAR, China (Project No. T3171712R), the Hui Oi Chow Trust Fund, The Mrs. Li Ka Shing Fund, Strategic Research Theme on Contemporary China, and Seed Funding Program for Basic Research and Applied Research, the University of Hong Kong. 1 Chinese Enterprises IPO Reports 2009ndash2010 were published by Zero2IPO Research Centre. URL: pedaily. cnreport330Index. aspx. 2 China Insurance Regulatory Commission Beijing Bureau Annual Report 2009 China Insurance Regulatory Commission Shanghai Bureau, Annual Report 2009 China Insurance Regulatory Commission Shenzhen Bureau, Annual Report 2009. 3 See Shenzhen Statistical Communiqueacute Annual Report 2009 (by Statistics Bureau of Shenzhen Municipality) Shanghai Headquarter Economy and the Development of Headquarter Business Park Report 2010 (by Shanghai Industrial Real Estate Evaluation Research Centre) Total number of multinational corporations regional headquarters in Hong Kong, 2010. Treasury. URL: treasury. cntreasuryindustry4650.htm. 4 Shanghai Stock Exchange Monthly Report January 2007 ndash December 2010. URL: sse. cnsseportalpszhsyjcbsztjyb. shtml. Shenzhen Stock Exchange Monthly Report December 1999 ndash 2010. Shenzhen Stock Exchange. URL: szse. cnmain marketdatatjybfront. 5 China Securities and Futures Statistical Yearbook is pulished by China Securities Regulatory Commission annully. 6 Wang, W. Wu, Q. Zhang, W. and Liu, X. 2010. Rates, Currencies and Credits Research Report: Bank of China International. 7 Venture Capital Association of Beijing 2011. Bulletin of venture capital (457). URL: vcab. orgattachmentid2215. 8 lsquoThe 2009 PEI 300rsquo was pulished by the Private Equity International in 2009.URL: peimedia2009pei300. 9 China Private Equity Annual Report 2010. Zero2IPO Group. URL: zero2ipogroup. comresearchreportdetails. aspxra751b9cb-80b7-4a2d-a229-658d704a43b1. 10 Cited from Almanac of Chinas Finance and Banking 2010. 1 1 China Foreign Exchange Trade System Website. URL: chinamoney. cn feChannel21397. 1 2 China Securities and Futures Statistical Yearbook is published by China Securities Regulatory Commission annually. 1 3 Hu Jingwei wrote a report lsquoAn Increase of 31 of Foreign Banks assets in 2010rsquo to express this fact. Caijing Web . URL: caijing. cn2011-01-29110631057.html. 14 Almanac of Chinas Finance and Banking 2010. 1 5 The information comes from the lsquo2010 Shanghai Headquarter Economy and the Development of Headquarter Business Park Reportrsquo, which was published by Shanghai Industrial Real Estate Evaluation Research Centre in 2010. URL: 4008208040ArticleOurViews 2011225160855.shtml. 1 6 lsquoA Review of the Global and Local Securities Markets in 2009rsquo was published by Securities and Futures Commission. URL: sfc. hkwebdocENresearchresearchRS20Paper 2046.pdf Hong Kong Exchanges and Clearing Fact Book 1999ndash2010 were issued by Hong Kong Exchanges and Clearing Limited. URL: hkex. hkengstatstatrptfactbookfactbook. htm Shanghai Stock Exchange Statistics Annual 2001ndash2009, published by Shanghai Stock Exchange annually Shenzhen Stock Exchange Fact Book 1998ndash2010. Shenzhen Stock Exchange. URL: szse. cnmainmarketdatawbwmarketstat. 1 7 lsquoChina Venture Capital Annual Report 2010rsquo. Zero2IPO Group. URL: zero2 ipogroupresearchreportdetails. aspxr5045f16c-05b2-4de4-82b9-059beb237b76. 1 8 lsquoAsia ex-Japan Private Equity Snapshot (June 2011)rsquo. Hong Kong Venture Capital and Private Equity Association . URL: hkvca. hkhkvcpeaclinks01.html. 2011. Capitals of Capital: A History of International Financial Centres, 1780ndash2009. Cambridge: Cambridge University Press. 1988. Path Dependence: Putting the Past into the Future of Economics . Stanford, CA: Stanford Institute for Mathematical Studies in the Social Science. 1994. Why are Institutions the lsquoCarriers of Historyrsquo Structural Change and Economic Dynamics 5(2): 205ndash220. 2010. Fund Industry in Beijing, Shanghai and Shenzhen: Opportunity and Challenge Coexist. Wise Money 10. In Chinese . 2004. Market - vs. Bank-based Financial Systems: Do Rights and Regulations Really Matter Journal of Banking amp Finance 28(12): 2869ndash2887. 1998. Cities and the Geography of Financial Centers. Discussion Paper No. 1894. London: Center for Economic Policy Research. 2011. Offshore RMB Bond Market on Fast Lane. China Economic Net . URL: en. ce. cnInsight20110418t2011041822369672.shtml. 2003. Shanghai and Hong Kong as International Financial Centres: Historical Perspective and Contemporary Analysis . Paper presented at the conference lsquoNew Development in Chinese Finance: Shanghai as an Emerging International Financial Centrersquo, held in Shanghai, September 13ndash14, 2003. URL: hiebs. hku. hkworkingpapers. aspID91. 2009. Race for the Money: International Financial Centers in Asia . Lee Kuan Yew School of Public Policy Working Paper No. SPP10-03. URL: spp. nus. edu. sg docswp2010wp1003.pdf. 2011. 62 Fortune Global 500 Set Up Regional Headquarters in Beijing, Investing More than US 10 Billion. Beijing Daily . In Chinese . Karreman, B. and van der Knaap, B. 2007. The Financial Centres of Shanghai and Hong Kong: Competition or Complementarity Research Paper ERS-2007-062-ORG. The Netherlands: The ERIM Report Series. Kindleberger, C. P. 1974. The Formation of Financial Centres: A Study in Comparative Economic History . Princeton Studies in International Finance 36. Princeton, NJ: Princeton University Press. 1991. The Geography of Trade . Cambridge, MA: MIT Press. La Porta, R. Lopez-de-Silanes, F. and Shleifer, A. 2008. The Economic Consequences of Legal Origins. Journal of Economic Literature 46(2): 285ndash332. La Porta, R. Lopez-de-Silanes, F. Shleifer, A. and Vishny, R. W. 1997. Legal Determinants of External Finance. Journal of Finance 52: 1131ndash1150. 1998. Law and Finance. Journal of Political Economy 106(6): 1115ndash1155. 2003. Financial Geography: A Bankers View . London, NY: Routledge. 1998. The Legal Environment, Banks, and Long-Run Economic Growth. Journal of Money, Credit, and Banking 30(3): 596ndash613. 2012. Shanghai as an International Financial Center-Aspiration, Reality and Implication. Undergraduate Economic Review 8(1): 1ndash50. 2011. Hong Kongs International Financial Centre: Retrospect and Prospect . Report for the Savantas Policy Institute, February 5, 2011. Honf Kong: Savantas Policy Institute. 1995. The Geography of Finance: Spatial Dimensions of Intermediary Behaviour . Aldershot: Avebury. 1999. The Development of Financial Centers: Location, Information Externalities and Path Dependence. In Martin, R. (ed.), Money and the Space Economy (pp. 95ndash114). Chichester: Wiley. Rajan, R. G. and Zingales, L. 1998. Financial Dependence and Growth. The American Economic Review 88(3):559ndash586. 2009. Hong Kong and Shanghai as Global Service Hubs: Rivalry or Complementarity Occasional Paper 20. Hong Kong: ShanghaindashHong Kong Development Institute. 2009. Shanghai: Aspirations and Reality, and Implications for Hong Kong. URL: hkjournal. orgarchive2009winter3.htm. Wang, T. Zhao, X. B. and Wang, D. G. 2007. Information Hinterland ndash A Base for Financial Center Development: The Case of Beijing versus Shanghai in China. Journal of Economic and Social Geography 98(1): 102ndash120. Waterhouse, J. Reilly, T. Atkinson, G. and Edwards, B. 2007. Jet Lag: Trends and Coping Strategic. The Lancet 369: 1117ndash1129. 2010. The Movement of Insurance Companies Headquarters: What are the Attractivenesses of Shenzhen The Economic Observer . 2007. Mainland Stock Market to become the Worlds 3 rd Largest. URL: chinadaily. cnbizchina2007-0115content783513.htm. 2001. A Tale of Three Cities: The Competitiveness of Hong Kong, Shanghai and Singapore in the Era of Globalization . Occasional Paper No. 1. Shanghai: Hong Kong Development Institute. 2010. Hong Kong and Shanghai as International Financial Centres: Present Assessment and Future Prospect. Occasional Paper No. 21. Shanghai: Hong Kong Development Institute. 2011. No. of Companies Founded by People Returned Back to China after Finishing Overseas Study in Zhongguancun is the Largest in China . China News Web April, 26. URL: chinanewslxsh201104-262999035.shtml Zhang, L. and Zhang, X. 2011. Foreign Banks Report on Yangtse Delta: Eight Large Banks Headquartered in Shanghai. Money Weekly . 2010. Growth Companies from Zhongguancun Dominate the ChiNext Market . Beijing Business Today . 2004. Law, Corporate Governance, and Corporate Scandal in an Emerging Economy: Insights from China . URL: papers. ssrnsol3papers. cfm abstractid957549. 2003. Spatial Restructuring of Financial Centers in Mainland China and Hong Kong: A Geography of Finance. Urban Affairs Review 38(4): 535ndash571. 2010. Century Competition of Global Financial Centers: Determining Factors for the Success or Failure of a Financial Center and the Emergence of Financial Centers in China. Social Sciences in China 21(3): 52ndash58. 2013 Information Exchange, Headquarters Economy and Financial Centers Development: Shanghai, Beijing, and Hong Kong. Journal of Contemporary China 22(84). Zhao, X. B. Li, Z. and Wang, T. 2004. Determining Factors of the Development of a National Financial Center: The Case of China. Geoforum 35 (5): 577ndash592.
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