November 16, 2009. CEIBS Shanghai campus -- Shanghai’s ongoing transformation into a financial hub is not being viewed as a threat, but an opportunity, by Frankfurt, Continental Europe’s largest financial centre. Speaking at the China Europe International Business School’s (CEIBS) Shanghai campus today, Lord Mayor of Frankfurt am Main Dr. h.c. Petra Roth stressed the importance of collaboration, instead of competition, between the two cities.
Prof. Rolf D. Cremer, CEIBS Dean and Vice President
"To work together is always better than fighting, because we are living in a globalised world," said Lord Mayor Roth. She was responding to questions from the audience during the official inauguration of the German Centre of Banking and Finance at CEIBS .
The Chinese government is pushing to transform Shanghai into an international financial hub by 2020. On March 25 of this year, the State Council officially announced its plan to make Shanghai a major international financial center and shipping hub in just over a decade. The announcement triggered speculation about the impact this would have on already established financial hubs such as London, Frankfurt and Hong Kong. Lord Mayor Roth believes Shanghai’s emergence would likely provide competition for Hong Kong, but not for Frankfurt which is home to more than 300 banks, two thirds of which are foreign. Among those are some of China’s major players: Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications.
Dr. h.c. Petra Roth, Lord Mayor of Frankfurt
In a speech entitled “Frankfurt as a Finance Centre,” Lord Mayor Roth drew on the German city’s success and shared with Shanghai valuable advice as the Chinese city looks ahead to 2020. “I am certain that examining some of our experiences can prove to be valuable information for Shanghai, and perhaps even serve as a model for its further growth,” she said. Among the factors that helped propel Frankfurt into Germany’s financial centre, the Lord Mayor said, were: the high priority that both the municipal and central government placed on the international marketing of the city as a financial centre; the success of the Frankfurt Stock Exchange, which is the second largest in Europe, with a presence in 10 countries outside of Germany; plus internationally renowned educational and research institutions which provide the city's financial sector with a highly qualified talent pool and quality research.
Prof. Horst Loechel, Director of the German Centre of Banking and Finance at CEIBS
"Given the dynamically changing business environment of modern times, a constant supply of competent experts and ground-breaking research is crucial for staying competitive and being prepared for what the future may bring," she explained.
Lord Mayor Roth added that the opening of the German Centre of Finance and Banking at CEIBS -- a collaboration with Frankfurt School of Finance and Management -- is a “significant step on Shanghai’s path to its vision of becoming an international financial centre, with the support of Frankfurt.” The Centre, said Lord Mayor Roth, is among the “educational establishments that are helping to promote the much-needed spirit of international understanding and cooperation -- the tools for success in today’s global economy.” She added: “I sincerely hope that the Centre may become a vital channel of a long lasting cooperation between the cities of Frankfurt and Shanghai as part of the general well developed teamwork between Germany and China. I wish the Centre great success and I am sure that the institution will play an important role in helping Shanghai achieve its strategic vision.”
The inauguration of the German Centre of Banking and Finance at CEIBS
The role of the German Centre of Banking and Finance in Shanghai is to establish a permanent, finance-oriented research and teaching capacity in China. Joint projects between the Frankfurt School and CEIBS will also be integrated. Established on September 1, the Centre is located at the CEIBS campus in Pudong. It will receive financial backing from the Centre for International Migration and Development.
CEIBS Dean Prof. Rolf D. Cremer described the Centre as “another step forward” in further developing the relationship between CEIBS; management education and research in China, in Germany, and across Europe.
"We hope that the Centre will deepen the relationship between the business schools, the two cities, and especially between China and Germany," said Adjunct Professor of Economics at CEIBS and Prof. of Economics at Frankfurt School Dr. Horst Löchel, who is the Director for the Centre.
The German Centre of Banking and Finance is the latest collaboration between CEIBS and the Frankfurt School, which have been cooperating on teaching and research since 2008, jointly running a certificate programme for Chinese managers and conducting research related to the development and future of the Chinese banking sector.
For more information please contact Charmaine N. Clarke at ccharmaine@ceibs.edu or (86- 21) 2890-5509
