(ECNS) - World famous investor Jim Rogers has said he believes that Shanghai will overtake London to become the world's financial center aimd the rapid development of Internet finance.
China's financial industry is developing rapidly and facing an enormous opportunity from Internet finance, he said on Tuesday at the "Jim Rogers: 2015 China Wealth Forum."
Before World War II, Shanghai was the most important financial center between New York and London, said Rogers, who has maintained confidence in the Chinese market since the 1980s. Rogers said that history could repeat as Shanghai might overtake London and Europe in this century.
A whole new world has been created by Internet finance, and China could move ahead, he added.
Internet finance could have "big effects" despite its "small quantity, according to Luo Yuding, executive dean of the College of Business at the Shanghai University of Finance and Economics. Internet finance will benefit both consumers and investors as it reduces financing costs, he said.
Finance expert Liu Shengjun has said that Internet finance will allow more market influence on interest rates. "Big companies can get funds from banks at a low rate, while many small businesses fail to secure loans from banks. Internet finance is eradicating the dual tracks of interest rates."
