Capital Market And The Construction Of International Financial Center In China

International financial centre has become more and more prominent in today's world economic development, being the highest level of the global economy system. The development level of banking and insurance was once an important measure of international financial centre. However, with the rising proportion of direct financing, capital market's position in the financial system has greatly enhanced; capital market has been inextricably linked with the construction of international financial center. Therefore, the construction of capital market gradually becomes an important aspect of the construction of international financial centre, which is also a key index whether a city can stand out as an international financial centre.In the geographical territory of the capital market in China, Shanghai, Beijing and Shenzhen are undoubtedly the most competitive cities, whose multiple aspects representing the highest levels of China's financial centre. By comparing the development level of capital market of the three cities, we can clearly define Shanghai's advantages, disadvantages and future direction as an international financial center.Starting with the relationship between capital market and international financial centre, the paper analyzed competitiveness of Shanghai, Beijing and Shenzhen on construction of financial center in depth. This article was divided into nine chapters: the introduction part mainly explained the research background, research content, technological route and some innovational contribution of this paper; the second chapter reviewed researches on international financial center; the third chapter analyzed the relationship between capital market and the construction of international financial centre, came up with regional concept and spatial embeddedness; the fourth chapter specifically described analysis index of regional capital market, including the design and comprising of the index, and its evaluation criteria; the fifth chapter summarized the leading situation of Shanghai, Beijing and Shenzhen in China's financial center construction; chapter six and seven analyzed primary market index and secondary market index of the three cities'capital market; the eighth chapter comprehensively evaluated the development level of these capital market, suggesting each had its own advantages; the ninth chapter summarized the paper, and made some recommendations on construction of international financial center for Shanghai from the aspect of capital market.On the basis of comparative analysis on capital market in Shanghai, Beijing and Shenzhen, this article formed the following conclusions through the establishment of comprehensive evaluation index system of regional capital market:1) Shanghai and Beijing had the same composite score, both ahead of Shenzhen, which suggested the two cities had relatively more developed capital market.2) Shanghai and Beijing had their own benefits on both primary and secondary markets, respectively.3) From the different properties of strength and potential indicators, Shanghai scored the lowest marks in the strength index, which indicated the weakness of Shanghai's financial intermediaries in overall size and level; at the same time, Shanghai scored the highest marks in the potential index, which indicated the great developing potential of capital market in Shanghai. In the future, Shanghai need to strengthen the underwriting capacity of local brokerages, using the opening of International Board in Shanghai Stock Exchange as an opportunity, and achieve the sound developing mode in which the development of an international financial centre was driven by capital market.