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International Cases of Financial Innovation Cooperation in City Clusters and the Perspective of the Bay Area

In: Financial Innovation and Paths of Cooperation of City Clusters

Author

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  • Shusong Ba

    (China Banking Association)

  • Zhifeng Wang

    (ESG and Sustainable Finance Committee of China Economic System Reform Research Association)

Abstract

Throughout the process of economic transformation and upgrading in major regions around the world, diversified financial sectors have played a key role. Financial cooperation within city clusters is the “highlight” in the process of achieving regional financial synergy and forming a diversified financial industry. Take the financial development of the New York Bay Area. The “satellite cities” around New York practise the neo-liberal urban governance, deepen financial cooperation with New York City, attract the transfer of New York’s financial industry, and strengthen its financial radiation effect. The distribution of the financial industry has shifted from a single core in New York to multiple cores such as New York-Newark-Jersey City-Stamford-Newark. The representative cases include Jersey City, which is just across the river from Manhattan, and Greenwich Township, which is the “global capital of hedge funds”. Summarizing the development experience of global city clusters can help face the challenge industrial upgrading from a financial perspective.

Suggested Citation

  • Shusong Ba & Zhifeng Wang, 2025. "International Cases of Financial Innovation Cooperation in City Clusters and the Perspective of the Bay Area," Springer Books, in: Financial Innovation and Paths of Cooperation of City Clusters, chapter 0, pages 17-33, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-7198-4_2
    DOI: 10.1007/978-981-96-7198-4_2
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