Which city is the financial center in China?
There is a long time debate in China about the following question: Which city is the financial center in China?
If you raised this question 10 years ago, the answer is definitely Hong Kong, but now Shanghai is catching up really fast, and Shenzhen, a city near Hong Kong, is grabbing more attention.
Shanghai used to be the financial center of China for a long time. When I travelled to Shanghai I heard quite a lot people talking about the old Shanghai, they said the city used to be called the Eastern Paris in the early 20th century. That city became history when the Communist took power and shut down all stock activities. The old stock dealers were worried about their asset being captured by the government, they chose to leave Shanghai to Taiwan or to Hong Kong, which made this small city full of financial talent. Due to the immigrants coming to Hong Kong, the city developed really fast after the second world war, and made it become a amazing miracle in the far east area.
Shenzhen is a city just north of Hong Kong, when China decided to open up in the late 1970s, it chose this place as the special economic zone. In just 30 years, the population of Shenzhen has grown from less than 5000 to over 14 million people. It has a stock exchange market in the early 1990s, and recently opened up the Chinese “NASDAQ”, a stock market for small and medium sized company trading in public.
So far as I am concerned, I strongly believe Hong Kong will remain the financial center of China in 10 years time. But Shanghai is definitely the emerging financial center on the horizon. Shanghai is a huge city compared to Hong Kong, and it is still growing.
I will spend more time in Shanghai, and if you share the same interest, do come to China and see for yourself. It is just amazing to see Shanghai becoming a stronger competitor of the New York city.
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