Research On The Shanghai Financial Industry Cluster

With the rapid development of global financial industry and the emerging markets countries, many regional financial centers have been growing up. In this context, the spatial agglomeration of financial industry has been a hot field of many subjects: economics, sociology, geography and so on. Most of scholars agree the statement that the main power of spatial agglomeration of financial industry comes from asymmetric information, information flow, economies of scale, innovation and money network. Although Most of studies in the spatial agglomeration of financial industry concentrate on inside factors (economies of agglomeration, information centralization), outside factors (economy development, center city, technology progress) and dynamics of development wheel model, path dependence), many studies focus on the description of the financial industry cluster and there are short of analysis of interaction dynamics inside. Also, the study on application of industry cluster theory to financial industry is poor in China. Actually, the study on industry cluster theory can support the construction of global financial center.It has been more than ten years since Shanghai set the aim of global financial center, and among these years, Shanghai has been the domestic financial center. With China's accession to WTO, further opening up and increasingly remarkable process of economic globalization, Shanghai is facing the whole new proposition on the construction of global financial center: how to integrate with the global finance system? How to apply the industry cluster theory to the construction of Shanghai global finance center? Based on studies, the writer realizes that financial market and financial industry network play key roles in the development of financial industry cluster: financial market provides the basis of the spatial agglomeration of financial resources; financial industry network strengthen the agglomeration. Moreover, the writer describes the behaviors and connections among different financial enterprises in the financial industry cluster by the way of analyzing the horizontal and longitudinal structures of the financial industry cluster; and the writer describes the development dynamics of financial industry cluster by the way of financial market and the impacts of external factors. Based on the studies mentioned above, the writer summarizes the problems about the Shanghai financial industry cluster and brings forward the solutions to these problems.