Shanghai finance sector 'in shape'

Active, growing financial markets and innovations in the sector are making Shanghai more prosperous as a financial hub for the world's second-largest economy, a report released on Monday suggests.

The 2013 H1 Shanghai Financial Prosperity Index, released by Roland Berger Strategy Consultants and the Shanghai Financial Association, shows that the city's financial industry is in good shape to grow.

The analysis covers six dimensions of the industry: markets, institutions, internationalization, innovation, talent and environment.

"Financial markets in Shanghai maintained relatively fast development in the first half of 2013 with a booming fund market, gold market and insurance market.

"The financial innovation index also surged, with more financial products designed and the Free Trade Zone approved by the State Council," said Lian Ping, an executive member of the Experts Committee of the Shanghai Financial Association and chief economist of the Bank of Communications Ltd.

Shanghai's financial industry "has become more stable since 2010, and the growth rate of this sector slightly improved in the first half of 2013", the report said.

The report said that Shanghai achieved more progress than other financial centers, including Hong Kong, Singapore, Mumbai, New York, London and Seoul, in the past six years in terms of the "development index".

The index incorporates indicators of financial markets and the development of the financial environment.