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金融中心之间的国际竞争极为激烈,而全球金融危机将加速其格局的改变。美国和欧盟的金融市场仍旧提供着全球近四分之三的金融服务,但危机之后,它们在许多市场领域的活动都明显萎缩了。新兴金融市场,尤其是亚洲,在过去几年内迅速增长,并且开始加速它们对传统金融中心的追赶步伐。北京、首尔、深圳、上海和迪拜等新兴金融中心自2007年以来国际排名迅速提高,在竞争力水平方面,首尔上升了42%,北京27%,孟买22%,上海16%。关于金融中心的未来竞争态势,我们总结出了四个重要的影响因素:第一,由于既有的市场优势和良好的经济环境,伦敦、纽约、香港和新加坡等传统全球金融中心在危机后仍是全球金融的集聚地;第二,长期来看,新兴金融中心可能在建设市场环境的规模和广度方面取得成功,从而进入全球金融中心的第一集团,而此次危机可能加速这一趋势;第三,地区和区域性金融中心可能会寄希望于市场参与者与政策制定者重新将注意力放到国内市场,然而这种优势很可能不会持续太长时间;第四,良好的监管体系是金融中心的重要竞争优势,那些不遵循国际监管规则的金融中心将面临越来越大的国际政治压力和指责。
International competition between financial centers is extremely fierce, and the global financial crisis will accelerate the change of its pattern. The financial markets of the United States and the European Union still provide nearly three-quarters of the global financial services, but after the crisis, their activities in many market areas have obviously shrunk. Emerging financial markets, notably Asia, have grown rapidly in the past few years and are beginning to accelerate their pace of chasing traditional financial centers. Emerging financial centers in Beijing, Seoul, Shenzhen, Dubai and Dubai have risen rapidly in international rankings since 2007, up 42% in Seoul, 27% in Beijing, 22% in Mumbai and 16% in Shanghai at competitive levels. As for the financial center’s future competitive situation, we have summarized four important factors: First, given the existing market advantages and a good economic environment, traditional global financial centers such as London, New York, Hong Kong and Singapore are still in a state of crisis after the crisis Second, in the long run, emerging financial centers may succeed in building the scale and breadth of their market environment and thus enter the first group of global financial centers, and the crisis may accelerate this trend; Third, regional and regional financial centers may hope that market participants and policy makers will regain their focus on the domestic market, but this advantage is unlikely to last too long. Fourth, a sound regulatory system Is an important competitive advantage for financial centers. Financial centers that do not follow international regulatory rules will face increasing international political pressure and accusations.