Hong Kong, Shanghai among the elite_美文_趣味英语-查字典英语网

Hong Kong, Shanghai among the elite

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Shanghai remains the world's sixth most influential financial center, according to a new index of 45 cities, while Hong Kong moved up the ranks to third place.

Shanghai has made significant improvements in the services it provides and in the regulatory conditions it has in place, according to the fourth Xinhua-Dow Jones International Financial Centers Development Index released on Tuesday in Shanghai.

Shanghai has been at the top in the development and growth indicator for four consecutive years, showing an impressive performance and great potential for further growth, the report said.

"Shanghai's pilot free trade zone will benefit the city's growth as a financial center and support its aspirations to become a more influential international financial center," said Shen Haixiong, deputy editor-in-chief of Xinhua News Agency.

Analysts said Shanghai's pilot program will also upgrade the city's core competitiveness and boost its status as a global financial trade, shipping and logistics hub.

"While the initial set of detailed policies and rules have yet to be unveiled, we think the areas related to financial innovation, reducing investment controls and approvals, simplifying customs procedures and internationally competitive tax regimes are worth watching," said Jian Chang, an analyst at Barclays Research.

"Shanghai has been through hard times. Its stable position in the financial center list in the last four years is evidence of that," said Jiao Ran, director of the economic information department at Xinhua.