Shanghai's financial industry booms in 2019: report

Shanghai’s financial industry performed strongly in 2019, thanks to efforts building itself into an international financial center, a new report finds.

The Shanghai Financial Prosperity Index, co-compiled by the Shanghai Financial Association and CEIS under the Xinhua News Agency, grew by 490 points, or 9.5 percent over the previous year, to hit 5,653 points.

Based on a scientific and objective evaluation system, the index shows the development of Shanghai's financial industry, and offers a comprehensive benchmark to reflect the overall prosperity of the city’s financial industry.

The index system consists of six first-tier indices, 32 second-tier indices and 223 third-tier indices. Among them, the first-tier indicators comprehensively reflect the development of Shanghai's financial industry from six dimensions: its financial market, financial institutions, financial talent, financial internationalization, financial innovation and financial ecological environment.

In 2019, the financial market’s prosperity index recorded an increase of 21.3 percent year on year, followed by growth in financial innovation and financial institutions (9.5 percent and 9.3 percent, respectively).

Indices for financial talent, financial ecology and financial internationalization rose by 4 percent, 3 percent and 2 percent, respectively, according to the report.

Since its establishment in 2010, 14 editions of the report have been released, which has a wide influence in the industry and functions as a bellwether for the development of Shanghai's financial industry.