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Is Shanghai the Next Wall Street?

Maybe not, but it'll give London and New York a run for their money say finance students at a top Chinese university

With the UK and US governments raising taxes on high earners and cracking down on City and Wall Street bonuses, will Shanghai become the world's leading financial center?

Students at the new Shanghai Advanced Institute of Finance (SAIF) think so, though it won't happen overnight.

Christina, Rocky and Joyce cite heavy government regulation, the lack of complex products like derivatives and options, China's fixed currency, and a shortage of talent as key challenges that must be overcome.

The trio are members of the first intake at prestigious Jiao Tong University's new finance institute. The Institute's aim is to "attract and develop top talents for the financial world and to generate cutting-edge knowledge in finance theory and applications."

A recent survey of executive confidence by law firm Eversheds suggested that Shanghai will overtake the UK as a global financial center by 2019. The survey covered business leaders in New York, London, Shanghai, Mumbai, the United Arab Emirates.

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