A Study On The Comparision Between Hong Kong And Singarpore As International Financial Centers

From the perspective of the development of the world economy, the establishment of IFCs (International financial centers) is of great importance to a nation's long-term development, international competition and financial security. With the sustained and rapid development of the Chinese economy, China's standing in the world economy has risen greatly, so with this background, the call for establishing an IFC in the mainland of China is on the rise. Shanghai was a famous international financial center in the Far East and the Asia Pacific region in the 1930s, and since 1990s it has enjoyed rapid advancement in economy and finance, thus, in the discussion of establishing IFCs, Shanghai becomes the focus. As innovation, the method of demonstration analysis is used in this paper, taking Hong Kong and Singapore as the study objects, making comparative study of the two IFCs, and summarizing their experience of development, and then, combining with the reality of Shanghai and China, suggestions to establish Shanghai IFC are put forward.Firstly, this paper reviews the related theory of IFCs and summarizes the two forming factors of IFCs: overall environmental factor and financial factor. Secondly, it takes a retrospect of the shaping process and the development of the Hong Kong and Singapore IFCs, comparing and analyzing their differences to summarize their experience, so as to provide references to the establishment of an international financial center for Shanghai. Last, basing on the analysis of the status and potential of Shanghai to be an IFC, and with the criteria of the two forming factors of IFCs, the paper compares and analyzes Hong Kong, Singapore and Shanghai, and then discovers the restrictions of shaping Shanghai as an international financial center.Finally, as an in-depth study, this paper further summarizes the inspirations for Shanghai to establish an IFC, which we draw from Hong Kong and Singapore. And then, combining with the reality of Shanghai and China, it suggests the blue print and plan to establish Shanghai as an IFC, and some specific suggestions are put forward in details to deal with the restrictions of the establishment of Shanghai IFC.