Financial markets and institutions. A comparison of China and international financial centers

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The essay examines the crucial role of International Finance Centers (IFCs) in the global financial economy, emphasizing the importance of developed national financial markets and their interconnectivity. It highlights the leadership of the United States over the UK and Japan in economic development and positions major cities like New York, London, and Tokyo as vital gateways to the global economy. These cities serve as hubs for significant financial, informational, and intellectual resources, housing key industrial, commercial, and financial institutions essential for both national and global economic functioning.