In Shanghai, the upcoming Expo is seen as a golden opportunity to start recruiting bankers and barristers to settle down in Shanghai.
20 years ago Shanghai had no stock exchange. Now, measured by market capitalization, its stock exchange is already bigger than that of Hong Kong, and Shanghai and Wall Street are increasingly vying to grab share listings of Chinese companies.
Shanghai still needs to attract an army of money managers, lawyers, accountants, actuaries, brokers and other professionals, Chinese and foreign, if it wants to rival New York and London.
Professor Buck K.W. Pei, associate dean of Asia programs at Arizona State University’s W.P. Carey School of Business said, “Shanghai is benchmarking itself aggressively toward New York in terms of being a financial capital…
“One of the things Beijing has in mind is to let Shanghai have special privileges in terms of offering new financial services products and regulations and eliminating red tape."
Perhaps the biggest question, many in business say, is whether China will allow the renminbi to become a convertible international currency. There is a pilot program allowing companies in Shanghai to use renminbi as a trade settlement currency rather than dollars or euros.
New York Times
reported that in a 2009 survey of expatriate relocation trends by Brookfield Global Relocation Services, China was named the top destination for the first time since the survey began in 1995.