Shanghai 'not yet challenging London's financial crown'
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Categories: General News
02 July 2008
Shanghai could become part of the top financial centres in the world, but is not yet as good as London.
According to the lord mayor of the City of London, who was on a trip to China, the city needs to put in more measures to match London's level, reports News.cn.
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David Lewis, the lord mayor, said the city needs to boost market liberalisation, attract more global business and create a stronger bond market, in order to compete with the UK.
"Shanghai deserves to be among the world's top ten financial centers, because it has a developed infrastructure, a recognised brand name and perceptions outside China of what it should be," he added.
London was recently ranked top in the list of global financial centres, which was compiled by the City of London Corporation.
New York and Hong Kong followed closely behind, with Shanghai standing in 31st place.
Recently an Italian law firm chose to move to office space in London, declaring it to be the financial centre of the world, reports the Lawyer.
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