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Markets

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Trends/Policies

Making Shanghai a global financial centre

By Sun Lijian (China Daily)
Updated: 2006-09-21 14:26

A well-designed legal system and reliable supervision mechanism could prevent the market players from destroying the steady development of the financial centre.

One of the fundamental reasons drawing investors to a global financial centre is that they expect a chance to boost their fortune, directly or indirectly, from the market. So the centre's prosperity would be a strong factor in its appeal.

To sum up, the primary target in establishing a global financial centre should be to facilitate the efficient reallocation of global financial resources through the six basic functions of the financial market.

The six basic functions are discovering prices, diversifying risks, ensuring circulation, releasing information, helping company governance and creating value.

Only when all six of these functions are developed in a balanced way can a global financial centre come into being.

The author is a professor of finance and vice-dean in the School of Economics at Fudan University

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