Interesting Washington Post article by Ariana Cha, on how Shanghai might eventually replace New York as a world financial center. The article is entitled, Financial Hubs See an Opening Up at the Top: Wall Street’s Long, Dominant Run Is Fading, Global Financiers Say and it talks about how Wall Street is falling and others are rising, and it devotes much of its ink to Shanghai.
I do not see Shanghai becoming a top tier financial center within the next ten years. In ten years, New York and London will still be the World financial centers and Singapore, Hong Kong and Tokyo will still be the big three in Asia. I could write a long post on why I think this is true, but it would be far easier for me to simply state that I see knocking New York and London off their thrones as the equivalent of knocking Mercedes and BMW off theirs — it is just too difficult.
Will Shanghai be a top one, two or three financial center within the next ten years? What do you think and why?