The Washington Post looks at Shanghai and other world financial centers that are hoping to replace Wall Street:
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.”
