6. A Comparative Institutional Analysis of the Rise of Financial Industries in the Shanghai Pudong New Area, Singapore and Hong Kong

As the first state-level economic development zone, the Shanghai Pudong New Area has developed rapidly since its establishment 30 years ago. The financial service industry has also rapidly emerged and become its pillar industry, helping Shanghai to become one of the world’s top five financial centers. This article makes a comparative analysis of the development histories of the rise of financial industries in Shanghai Pudong, Singapore and Hong Kong, it summarizes their developmental experience and provides reference for Shanghai Pudong to build itself into an international financial center. The research shows that, compared with the financial industries of Singapore and Hong Kong, there is a lot of room for improvement in both the depth and breadth of the financial industry of Shanghai Pudong, although Shanghai Pudong has certain advantages in terms of size. In particular, as Pudong’s financial industry started relatively late, and at the same time it shouldered the mission of leading Shanghai’s economic transformation, its process of marketization was relatively slow. In addition, the defects in the cultivation and introduction of financial talents have also restricted the development of Shanghai Pudong’s financial industry to a certain extent. Finally, the article suggests that Shanghai Pudong should continue to enlarge the agglomeration effect of its financial industry, strongly support the development of its insurance industry; strengthen the cultivation and introduction of financial talents; earnestly develop a market-oriented financial industry and improve the construction of financial regulatory systems and mechanisms, so as to build an international financial center with global influence and radiation power.