The once and future financial center? (Shanghai as the financial center of China)

THE ONCE AND FUTURE FINANCIAL CENTRE?

Within the Chinese banking world, the keenest rivalry is about which cities should be authorized to act as autonomous financial centres. China is unique in having no natural centre for its financial system. Beijing is the political and administrative capital, where the People’s Bank (the central bank) and the other national banking organizations have their headquarters. But Beijing cannot match in commercial and industrial importance conurbations like Shanghai and Guangzhou on the coast or Wuhan and Chongqing in the Chinese heartland.