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[quote=GUEST18186,328396]Financial Hubs See an Opening Up at the Top
Wall Street's Long, Dominant Run Is Fading, Global Financiers Say

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DUBAI: A sea port of the United Arab Emirates, Dubai is the scene of a $60 billion building frenzy. Here, a Pakistani worker passes in front of the Burj Dubai tower, the world's tallest free-standing structure. (By Kamran Jebreili -- Associated Press) 
 
SHANGHAI: At 101 stories, the World Financial Center is China's tallest building and a symbol of the country's go-go economy. (By Eugene Hoshiko -- Associated Press)

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By Ariana Eunjung Cha
Washington Post Foreign Service 
Wednesday, October 1, 2008; Page D01

SHANGHAI -- Looking down from his building's 87th floor at the glittering signs of multinational banks along the river here, Fan Dizhao declared confidently that Wall Street's reign as the world's No. 1 financial hub is coming to an end.

The United States may be grappling with its worst economic crisis since the Great Depression, but these are go-go days in China.

Venture capital, private equity and foreign direct investment are at all-time highs. Although Shanghai's stock exchange has lost close to two-thirds of its value this year, China's big banks have escaped the credit catastrophe largely unscathed, and the economy continues to expand briskly.

Fan, an investment manager at Guotai Asset Management, which oversees funds valued at about $5.1 billion, said that despite the country's inexperience in the financial sector, China has a rare trump card: mountains of cash.

"It is inevitable," he said, "that we will take the U.S.'s place as the world leader."

But Shanghai is just one of several cities harboring ambitious -- and to some analysts, fanciful -- aspirations while the global finance industry is reshuffled.

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