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Steady growth for city's financial sector
Aggregated Source: Shanghai Daily: Business

SHANGHAI'S financial industry grew steadily last year amid a domestic slowdown and overseas turmoil and kept its top spot among emerging financial centers in Asia, according to a report published yesterday.

Published by the Shanghai Financial Association and Roland Berger Strategy Consultants, the Shanghai Financial Prosperity Index indicated the overall development of the local finance market jumped 12 percent from a year earlier to 2,838 points in 2012, slightly slower than 14 percent in 2011.

The index is a gauge that measures the development of the city's finance industry and its progress in becoming an international financial center.

Another sub index revealed that Shanghai's development in financial innovation rose 55 percent to 6,253 points, exceeding 50 percent for two straight years.

The money market, funds, futures and property rights markets all expanded above 20 percent last year, while the gold market suffered a negative growth for the first time in six years, the report said.

Mumbai ranked second after Shanghai in terms of financial development.

There were 22 locally incorporated foreign banks in Shanghai by the end of last year. Their combined assets took up 18 percent of the city's banking industry.

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Copyright Shanghai Daily: Business