Study Of The Theory And Practice Of The Emerging International Financial Center

After 1970s, with the disruption of Bretton Woods system, the fixed exchange rate changed into floating exchange rate under the establishment "double hook" mechanism, that is to say, the U.S. dollar was pegged to gold, other currencies are pegged to the dollar, the various countries took deregulation measures and gradually opened the capital account and continued to strengthen financial innovation, which have accelerated a large number of international cross-border capital flows and financing activities, it not only promoted the rapid development of the traditional and spontaneous international financial center, but also spawned a number of emerging financial center by government promotion, a large number of the rapid rise of emerging international financial markets, global financial center, regional financial center and a large number of offshore financial markets constitute a cover of the global financial network Now finance is more important in the world economy, become the highest levels of national economic system and become the pillar of national economy. In the development and evolution process of financial system, objective requirements and contribute to the formation of financial center. In the 19th century, for international trade and investment development in Europe and North America, financial services cross-border demand began greatly to increase, international financing, insurance; foreign exchange trading activities become agglomeration in Europe. From the 20th century, with the deepening international division and the formation of the world's largest market, international trade and investment become developed in the world, international financial activities are also relatively concentrated in some major parts, which leads to the emergence of regional and global an international financial center. To a large extent, the country truly rise was determined by the efficiency of its financial systems and capital market development level, their sustainable development will promote the formation of an international financial center. The formation and consolidation of international financial center is an important symbol of the rise of world powers. Therefore, Chinese economy sustain development and continued to play an important influence in the world economy, which needs an international financial center with the international competitiveness level, used to carry large economic entities, command economic security and efficient operation.With the accelerating speed and scale of international capital flows, capital flows gradually had more important influence on the economy or relevant fields, international financial centers, as an improtant gathering and allocation of capital flows, gradually had more important role in the world economy, even lead and influence the economic development and adjustment. The rise of international financial centers could promote local economic development level, and reflect a country's position on the world stage and overall economic strength. Therefore, China only deep the financial system construction and learn from international financial center experience and regulatory philosophy, correctly balance the relationship of the market and government, innovation and regulation, played the positive role of the government in the financial center, build a comprehensive prevention financial risks and crisis control mechanism, improved financial services, strengthen the radiation effects of financial center city, so we can improve competitiveness level and continuously improve our position in international competition.This paper innnovation is that it carried on the analysis of the formation mechanism, economic effects, construction practices from the angle of international monetary system development and financial market innovation. Based on the theory and practice, it carried on empirical relationship of financial environment and financial centre development level, which shows the economic base, outward economic, political environmental factors can positively promote financial center development level. This structure includes the following aspects: Firstly, it reviewed and summarized the domestic and international research, secondly it used economies of scale, location theory, financial gradient transfer theory, the financial ecology, finance agglomeration theory to illustrate the intrinsic motivation, the formation mechanism, economic effects of an international financial center, then it illustrated the formation and development of traditional and emerging international financial center respectively from international financial and monetary system angle, and summed up the character for the two different types, which is help to provide experience for our financial center construction, and finally it takes Shanghai as an example to illustrate the financial center construction, and uses the empirical analysis of the relationship of financial ecology environment and the development level of financial center, and proposes countermeasures and suggestions in view of the constraints factor.