Shanghai is China’s top financial centre. In March 2009, the government set a goal to establish the city as an global financial centre by 2020. Photo: Xinhua
Shanghai is China’s top financial centre. In March 2009, the government set a goal to establish the city as an global financial centre by 2020. Photo: Xinhua

Shanghai has a long way to go before it can claim to be a global financial centre, says European business group

  • Only removal of capital controls and renminbi convertibility can help Shanghai claim title of international financial centre, says Thilo L. Zimmermann of European Union Chamber of Commerce in China

Shanghai is China’s top financial centre. In March 2009, the government set a goal to establish the city as an global financial centre by 2020. Photo: Xinhua
Shanghai is China’s top financial centre. In March 2009, the government set a goal to establish the city as an global financial centre by 2020. Photo: Xinhua
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