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By Chen Weihua (China Daily)
Updated: 2007-07-18 15:55

"No one has so far recognized Shanghai as an international financial center, not even ourselves," Pan Zhengyan, deputy director of the Shanghai Finance Research Center, was quoted as saying in a recent edition of International Finance.

In fact, the market share of Shanghai's banking industry in the country is only about 6-7 percent. The share is actually shrinking rather than growing, according to Pan.

While Shanghai has become home to more national financial markets and more foreign banks, the country's four largest banks and the largest insurer are still headquartered in Beijing, making Shanghai only a secondary center.

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