Crossing the bottleneck of institutional innovation and looking forward to Shanghai's new road

Zhang Yuqui Although the goal of positioning Shanghai as an international financial centre alongside New York and London appears to be a bit cordial and distant at the moment, with the introduction of the opinion of the State Council on the construction of "two centers" in Shanghai and the gradual implementation of the relevant measures in Shanghai, Shanghai can be said to have ushered in the acceleration of international financial center construction and economic structure of the strategic upgrading of the "golden Decade." If Shanghai can fully grasp this rare period of strategic opportunity to eliminate the bottleneck of the construction of the financial center, Shanghai will not only lay the core position in the national economic map in the next ten years, but also be very likely to make a strategic breakthrough in the process of the International Financial Center construction,　　And then become China's participation in the global value chain of the high-end division of the "seeded". It is only to be seen that, although Shanghai has been working hard to build an international financial centre for more than more than 10 years, the basic framework has also surfaced, in the global financial coordinate system also has a certain advantage, but in the coming period, New York, London and other leading financial cities to Shanghai's Lock-in (lock) and squeeze, Singapore, Competition and challenges for Dubai and Mumbai's equivalent cities may be intensifying. Moreover, Tokyo, another heavyweight financial centre in Asia, will probably not calmly accept that whereas Shanghai has the financial clout to challenge it.　　Therefore, whether Shanghai can fulfill the strategic target of the country as scheduled, depends on the policy support of the central government and the division of labor between the brothers and the provinces, the more crucial factor is whether Shanghai can get out an effective way to solve the bottleneck of financial development in the process of financial development and system innovation. On the operational level, although Shanghai has put forward specific tasks and measures on how to speed up the construction of Shanghai International Financial Center in the implementation rules of the International financial Center, no matter it is the system construction of the financial center development condition, or the financial innovation related to the competitiveness of the financial center, and even the relevant supporting system environment construction, can not be separated from the solution of a problem, that is, the disconnect between financial decision and financial market. But China's current financial division of labor pattern is: the main domestic banking and insurance company headquarters in almost all of Beijing, Shanghai mainly Bear capital market financing function. And in the foreseeable future, Beijing has no market-making decisions about the financial division of labor in Shanghai without a decision.　　If Hong Kong's competitive factors are taken into account, Shanghai will also face the impact of Hong Kong and the possible economic integration of the SWC. On the other hand, Shanghai needs a lot of "missed lessons" in the development of financial market factors, institutional environment and talent strategy. Financial markets are the core of an international financial centre, and a world-class financial centre must have a highly developed and liquid financial market. Shanghai is not only difficult to contend with in New York and London, it is also a big gap from Singapore and Hong Kong. and the construction of financial center needs to have the perfect financial ecological environment is also Shanghai's "soft rib." What Shanghai needs is not only the efficient and orderly financial service consciousness of the administrative department, but also the need for all the participants in the market to develop financial productionIndustry's high sense of identity, strong financial wealth and the absence of risk prevention awareness. In particular, Shanghai lacks strategic financial talent capable of leading international financial centres. As an international financial center construction experience, financial talents as the main body of the construction of International Financial center, its stock level and development status determines the international financial center's comprehensive competitiveness and sustainable development level. So both New York and London have gathered and assembled the world's top international financial talents. Although Shanghai has brought together a large number of domestic financial elites, in recent years has also accelerated the construction of financial talent Highland. But compared with international financial centres such as New York and London, there are several levels of financial talent in Shanghai. The shortage of strategic financial talents in Shanghai highlights the urgency of nurturing and introducing financial professionals and high-end investors. If Shanghai fails to train and create a large number of capital operators and world-class bankers who can challenge the international financial forces, the competition between the international financial centres is increasingly focused on the strategic talent struggle, and Shanghai is not only difficult to break the Wall Street and the City of London on the world financial discourse right manipulation,　　And there is the risk of marginalization in the competition for global financial centres. Based on the above analysis, in the next 10-20 years, China in the process of steadily promoting the internationalization of the renminbi, it is imperative to find a solution to Shanghai's financial decision-making and financial market disconnection of a constructive solution. In due course, the conditions should be actively created to make Shanghai the headquarters of the major financial institutions in the country. and docking New York, London and other international financial centers, the integration of financial market to taste services trade, investment and research and development resources, the construction of a highly networked financial, legal, accounting, lawyers, advertising, marketing service system, to cultivate as an international financial center needs the information services and high-end management capabilities. We will actively innovate the working mechanism of financial talents, perfect the policy measures conducive to the agglomeration of financial talents, and create a system environment conducive to the high-end financial professionals to work in Shanghai, in order to nurture and introduce a large number of high-end financial talents with international vision, global capital Operation awareness and proficiency in managing global financial management tools.　　If so, the future of Shanghai International Financial Centre will be available. (The author is deputy director of Oriental Management Center of Shanghai Foreign Studies University, Ph. D.)