Shanghai zeros in on London

SHANGHAI: China's financial hub will overtake London as the world's second-largest financial center after New York in 10 years, according to a recent survey conducted by law firm Eversheds.

The survey, which interviewed 600 senior business decision-makers in the cities of London, Mumbai, New York, Shanghai and the United Arab Emirates, revealed that London was facing a challenge from Shanghai in terms of its financial role on the global stage, based on a surge in confidence among corporate bosses in the Chinese city.

Most respondents said New York would continue to hold the top position as the most important global economic center.