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International Financial Center

Source:http://www.patpoh.com Clicks:Date:2020-01-14 13:34


International Financial Center refers to a city or region that gathers a large number of financial institutions and related service industries to carry out international capital lending, bond issuance, foreign exchange transactions, insurance and other financial services.
It is the city that can provide the most convenient international financing service, the most effective international payment and settlement system, and the most active international financial trading place. The basic characteristics of international financial center are complete financial market, highly intensive service industry and radiation influence on surrounding areas and even the world.
Examples of New York, London, Hong Kong and other features: complete financial markets, highly intensive service industry, etc
On March 26, 2018, the 23rd global financial centers index (GFCI) report was released in jinjialing Financial District, Qingdao, China. London, New York and Hong Kong ranked the top three global financial centers, while Shanghai, Beijing, Shenzhen, Guangzhou and Qingdao ranked the top five cities in mainland China.
There are 96 financial centers in the 23rd "global financial center index", among which the top 20 are London, New York, Hong Kong, Singapore, Tokyo, Shanghai, Toronto, San Francisco, Sydney, Boston, Beijing, Melbourne, Montreal, Chicago, Vancouver, Zurich, Los Angeles, Shenzhen, Dubai and Frankfurt.
There are 10 cities in Greater China, including Hong Kong, Taipei, Shanghai, Beijing, Shenzhen, Guangzhou, Qingdao, Tianjin, Chengdu and Dalian. This report shows that the financial center in Greater China has a good momentum of development, showing some of the latest dynamic characteristics.
Among them, Hong Kong consolidated its top three position as a global financial center. In this period, the GFCI score of Hong Kong has increased by 37 points, which is far higher than that of Singapore. At the same time, the gap between the GFCI score of Hong Kong and that of New York, which ranks second, is only 12 points.
(1) According to the occurrence of financial transactions, international financial centers can be divided into two types: functional type and bookkeeping type. If financial institutions provide services to customers or engage in substantive financial transactions in the local financial market, and create employment and income opportunities, then the region is a functional international financial center, such as Tokyo, Singapore, etc.; if there is no substantive business activity, but only a legal registration place for financial transactions in other regions, it is called a bookkeeping country International financial center.
(2) According to the different geographical space, the international financial center can be divided into two types: Global type and regional type. The former includes New York, London and Hong Kong; the latter includes Tokyo, Frankfurt and Paris.
(1) As the hub of international financial market, international financial center has made great contribution to the development of world economy.
(2) The development of the international financial center has also brought significant benefits to the local economy.
International financial centers show a relationship of competition and cooperation.
Because the international financial center can bring great benefits to the economic development of the countries and regions where it is located, there has always been competition among the international financial centers. In history, London and New York had a "Keynesian plan" and "white plan" battle for the leading position of the global financial center. At last, the United States won the "white plan" by virtue of its strong economic strength. The dollar became the leading currency of the post-war global financial system. New York also replaced London as the leader of the international financial center.
Of course, the international financial centers are not completely competitive, and the common interest orientation will also induce the need for mutual cooperation. Due to the limited endowment capacity of each financial center, there may be different emphasis on business content and different radiation regions. The complementary advantages based on business division and regional division can produce external economy and improve their competitiveness in the process of cooperation. For example, in Europe, despite the increasingly fierce competition among the financial centers within the EU, countries have not ignored the importance of cooperation. Instead, they have strengthened close cooperation at multiple levels through coordinating financial and tax systems, establishing Pan European financial markets, and conducting financial business exchanges. Based on their own development, they have formed a division of labor, cooperation and cooperation The basic pattern of order competition.
The status of the international financial center is based on the comprehensive advantages of various resources, and is formed and consolidated under the promotion of a series of supply and demand factors.
According to historical experience and relevant research results, these conditions can be summarized as follows:
(1) A strong and prosperous economic foundation.
(2) A stable and peaceful political environment.
(3) Efficient and sound financial system.
(4) Centralized financial institutions.
(5) Policy orientation of encouraging support.
(6) Low and reasonable tax cost.
(7) Complete infrastructure.
1. The development path of natural evolution: Economic and Trade Development - demand for financial services - spontaneous formation of domestic financial centers - natural evolution into international financial centers, typically represented by New York and London.
2. The development path promoted by the government: the government promotes the construction of Financial Center - the guidance of policies and measures - the aggregation of financial institutions - to grow rapidly into an international financial center, typically represented by Tokyo and Singapore.

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