BEIJING, Shanghai to build an international financial center

--Fei, secretary general of the Shanghai Mergers and Acquisitions Club, recently clarified that Shanghai "is at a critical time in coping with the international financial crisis and is fully aware of the importance of speeding up the construction of Shanghai's International Financial Center and International Shipping Center". Some questioned whether Shanghai, Hong Kong and Beijing would "go to war" in the position of a competitive international financial centre.　　In this regard, the Shanghai Mergers and Acquisitions Club Secretary-General Fei that a country has only one financial center of the view is arbitrary, Shanghai in the development of international financial Center on the road, the first to seek complementary advantages with Beijing, Hong Kong, three linkage to build China's international financial Center, is the "Lucky country." 　　Interviewer: What do you think of Shanghai's relationship with Beijing and Hong Kong on the road of building an international centre? Fee: Shanghai cannot replace Hong Kong, nor will it replace Beijing's position as a financial centre. Based on the viewpoints of financial geography, regional economic theory or financial time zone, it is believed that a country and a time zone can only have one national and international financial Center.　　I think this conclusion is somewhat arbitrary. According to the needs of economic development and the advantages of each city, there will be a number of different levels of financial centers in a country.　　China's financial market system and economic structure determine the coexistence pattern of many financial centers or financial centers and multiple financial cities. Globally, there are a number of financial centres that include the international Financial Center rating system, and one country may have multiple.　　For example, the United States has New York and Chicago. In the era of economic globalization and network, the elements of the agglomeration of financial centers have changed. A number of standardized transactions and products can be traded globally, and industrial subcontracting can be carried out on a global scale. Only some of the asset management business and the bulk investment, mergers and other alternative transactions, the organization has a higher reliance on aggregation.　　Therefore, in the current environment to speed up the construction of international financial Center, based on the development of the global financial center and the world financial market reflection of the perspective, combined with China's current situation, the overall thinking.　　Reporter: What do you think of Shanghai in the development of the International Financial Center on the road, where the need for Beijing and Hong Kong to form a "joint effort"? Fee: The foundation of Shanghai's financial market, the internationalization of Hong Kong, the inherent financial advantages of Beijing, the combination of China is fortunate, the overall welfare of the whole country is reduced.　　From the perspective of the development of each city, Beijing and Shanghai, no matter from the angle of enhancing the overall competitiveness of China's financial sector, or from the perspective of financial consumers, the fisherman is not one of them. For example, Hong Kong's ranking has always been in the top five rankings according to the rankings of several international financial centres, but the size of Hong Kong's financial markets is far from that of other international financial centres, such as the limited number of foreign companies listed in Hong Kong. This shows that even if the indicators reach the leading level of the international financial centre, is not equal to the city that can provide great support for economic development at present, China is facing huge foreign investment demand, there is a huge global funding gap, Hong Kong and Shanghai should be formed by the formation of a unified market to assume this responsibility, Hong Kong and Shanghai areIt is too short to be heavy.　　From Beijing's point of view, as long as China's financial system structure does not change greatly, Beijing will continue to advance on the basis of today. From Shanghai's point of view, Shanghai's current legal environment, financial market functions and financial basic ability, for some time, can not meet the "introduction, go out" and management of large foreign exchange reserves and other global needs. Shanghai's construction of International financial Center is the need of national financial strategic development, therefore, it is necessary to break the present situation of market segmentation and promote Shanghai's financial market with Hong Kong and Beijing in a higher level, through both administrative and market means, and to form a complete city of international financial center.　　To build China's international financial center? Fee: Segmentation of the market is lack of competitiveness, and lead to mismatch of resources, excessive concentration of the market will form a monopoly, not conducive to optimizing the allocation of resources, nor conducive to the formation of competitiveness. In recent years, the global exchange market has undergone many mergers and acquisitions in order to break the market segmentation, improve market efficiency and reduce transaction costs.　　For example, the NYSE acquired the European Stock Exchange, the Intercontinental Exchange and the New York Mercantile Exchange, and the European stock market was merged with three exchanges in Paris, Amsterdam and Brussels. The construction of China's international financial centre should accelerate the pace of integration and, through a market-based approach, promote the merger of the SSE and the stock exchange of Hong Kong as soon as possible, merging the SSE with the Hong Kong Gem, and merging the derivatives and futures functions of the HKEx with the Shanghai Futures Exchange and other futures exchanges across the country　　Promote the integration and alliance of monetary Markets in Shanghai and Beijing, and promote the merger of the Shanghai United Property Exchange with the Beijing Equity exchange and other national exchanges. Through these mergers, the state reserves are used in both Hong Kong and Shanghai markets.　　The premise here is that the capital markets of Hong Kong and Shanghai Taste the currency markets, especially the Hong Kong market, to take the initiative to play their own advantage and attract other countries ' enterprises to issue shares and issue bonds in Hong Kong.　　Reporter: In fact, in a certain sense, in addition to Shanghai, Beijing and Hong Kong, many other cities, such as Tianjin, Shenzhen is also seeking the development of financial industry, according to your point of view, Shenzhen, Tianjin, Chongqing and other cities are financial centers? Fee: China's real economic development relies mainly on bank loans, including some commercial banks, are in accordance with administrative divisions to build a branch of the system, in this system, Beijing has become a large, most of the credit funds management and decision-making center, the provincial capitals naturally become the branches in the administrative divisions within the decision-making and dispatching funds of the central city. The capital city is also the most advantageous resource gathering place, the fund gathers and the decision-making, the management center. Some regional cities, because of the rapid development of the real industry, also absorbed a lot of funds and resources.　　In my opinion, these cities, whether they are called financial centres or financial cities, objectively provide the trading service function for the transfer of funds from the supplier to the demand person. Beijing and Shanghai form a complementary international financial centre market, with other cities and regional financial centresThe gradient relationship is formed in the level and scale, which constitute the unified financial market reporter of China: What problems do you think the cities should pay attention to when they promote the construction of international financial Center or regional financial center? Fee: At present, many cities are promoting the construction of financial center, the present situation of China's economic structure determines the objective existence of this kind of demand, however, the financial center of each city should locate in scale, level and function, can't Shing, through the measures such as tax and subsidy, compete for financial institution and talented person to settle, construct a construction,　　In order to develop local finance to build "fortifications", these simple "Sarch" development idea and model of the manufacturing industry, introducing the financial field, by sacrificing the future contention for resources, neglected the essential characteristics of the operation of the financial industry light assets. I personally believe that in the development of local or regional financial centres, it is not easy to use the results of the international Financial Center as a guide to evaluation indicators. The result of this approach will inevitably lead to pulling, deviating from the financial nature of the possible. We should develop the real industry, adjust the economic structure and, according to the expectation of financial demand, development the appropriate financial city. To create the demand for financial services, through the development of the real economy to generate financial demand, improve the financial sector development of the necessary basic conditions and environment.　　The fundamental of the development of finance lies in the demand of the real economy for finance, whether the real economy can form the competitive power, depending on the financial ability to meet all kinds of development needs. Shanghai in the construction of an international financial center on the road, the focus can not only be placed to meet the indicators, to promote institutional innovation and provide more demand for financial institutions, to take the initiative to provide financial support for the country's industrial transformation.