Shanghai and Beijing have both fallen sharply in the latest ranking of the world’s most competitive financial centers. The dynamism of China’s financial sector has waned markedly in part due to the Chinese Communist Party (CCP)’s recent policies, and the trend is intensifying.
With the outbreak of the pandemic in early 2020, CCP authorities implemented an extreme “Zero-COVID” policy that seriously hurt the Chinese economy.
Meanwhile, the CCP’s ongoing heavy-handed “regulation” of the financial sector and pervasive corruption have damaged China’s financial environment.
As a reaction, Shanghai fell from fourth place in the world in March 2022 to seventh in the world Financial Center Competitiveness rankings released by the Global Financial Centers on March 23. Beijing fell to 13th place from eighth in the same period last year….