World Financial Center Research Articles

Modal analysis of Shanghai world financial center based on using ANSYS

This study delves into the resonance phenomena within the complex structure of the Shanghai Global Financial Center. By utilizing ANSYS simulations, we can accurately predict the vibration patterns and magnitudes exhibited by the building under various conditions. These resonance phenomena have the potential to significantly impact the buildings stability, occupant comfort, and overall structural integrity. This research conducts a thorough analysis of the self-resonance conditions of the Shanghai Global Financial Center through the application of ANSYS software. The study successfully identifies resonance frequencies and provides a deeper understanding of resonance mechanisms. These findings offer valuable insights for comprehending and mitigating resonance-related issues. Moreover, they hold great significance for the design and engineering of super-tall skyscrapers, offering essential guidance to ensure their safety and performance. AMSS_0403rchitects and engineers can use this knowledge to optimize the design and construction of such impressive structures, ultimately contributing to the advancement of tall building technology. Enze Li and Zhe Yu are dedicated to data collection, Bowen You and Yizhao Wang specialize in modeling and data recording and analysis, while Zhijie Shen and Enze Li are responsible for carefully crafting and refining the paper.

A Comparative Study of Hong Kong and Regional Cities

From a desolate island to a window bridge between China and the world, Hong Kong has surpassed Singapore and South Korea step by step to become the third world financial center after New York and London. The article analyzes the economic development history of Hong Kong and compares it with Shenzhen, Singapore and Tokyo, analyzes it from the perspectives of historical geographic factors, GDP, national policies and changes in industrial structure, and draws out the differences between Hong Kong and the other three cities in terms of economic development, and analyzes the impacts that these differences bring to Hong Kong's economy, and predicts Hong Kong's development prospects.

World financial centers: features of functioning

The article is devoted to the study of the essence, types, and stages of development of world financial centers. The work states that the globalization of the financial sphere, which is expressed in the growth of the transfer of assets, internationalization of systems, liberalization and convergence of markets, leads to the formation of a single world financial market, where international financial centers play a key role. Since the end of the 20th century, world financial centers have become an integral part of the global financial market, where surplus capital from countries where its over-accumulation led to a decrease in profits was exported. World financial centers are not just a cluster of financial institutions, but also a dynamic system where all participants constantly and actively interact with each other. The work analyzed the approaches of scientists to the definition of the concept of «world financial center» and summarized these approaches into one definition. The world financial center is where financial institutions are concentrated, contributing to the attraction and redistribution of financial resources. It was revealed that in order to form a world banking center, a country must have a stable currency and economic situation, a developed credit system, well-organized stock exchange activity, moderate taxation, a convenient geographical location, relative stability of the political regime, the presence of standardization and a high degree of information technology without paper transactions. Three key areas that determine the success of global financial centers in competition are singled out: image and communication capabilities, a wide range of financial services and professionalism. Three stages of the development of global financial centers are distinguished – the development of the local market, the transformation of the local market into a regional financial center and the formation of an international financial center. The five largest world financial centers are characterized and their features are highlighted. The methodological basis of the research is general scientific methods of scientific knowledge: analysis and synthesis, generalization, and comparison. The informational basis of the article is the publications of domestic and foreign economists.

The impact of small business on sustainable development in the Vuca- and Bani-worlds

The article is devoted to the presentation of scientific results of the author’s research and development of scenarios for the development of small business in Russia under the conditions of VUCA and BANI worlds. The authors analyze the impact of small business on the process of sustainable development. According to the results of the scientific publication it was argued that the life cycle of small business in Russia is in complex turbulent conditions resulting from the manifestation of VUCA-and BANI-factors and their multiplication as a result of overlapping each other: challenges and threats to sustainable economic development of the Russian Federation in conditions of global military and political turbulence and market fluctuations; the state policy of building a digital economy and scaling the activities of marketplaces; Chinese “soft” and “hard” power. The prospects of the scientific research are the analysis of possible effects of the established “black swans”: the collapse of the Eurozone due to the sharp increase in sovereign debts of the countries and deterioration of the financial state; the launch of the center of Islamic finance in Istanbul as a counterweight to the established world financial centers; the forcing by Russia and its allies (primarily China and India) of the processes of launching digital currencies and (or) the approval of a new single currency in contrast to the dollar and the euro.

Review of Official Papers on the Creation of a World Financial Centre in Russia (2008-2024)

Review of Official Papers on the Creation of a World Financial Centre in Russia (2008-2024)

Field Measurements of Wind-Induced Responses of the Shanghai World Financial Center during Super Typhoon Lekima.

In this paper, the wind-induced responses of the Shanghai World Financial Center (SWFC) under Super Typhoon Lekima are measured using the health monitoring system. Based on the measurements, the characteristics of vibration, including probability density distribution of accelerations, power spectra, and mode shapes are studied. The curve method and the standard deviation method are used to analyze the relationship of the first- and second-order natural frequencies and damping ratios with amplitudes and the mean wind speed. The results show the following: (1) The structural wind-induced responses in the X and Y directions have high consistencies, and the vibration signals exhibit a peak state; moreover, response amplitudes and acceleration signals disperse when the floor height increases. (2) The first- and second-order natural frequencies in the X and Y directions decrease with the increasing amplitudes and are negatively correlated with mean wind speed; the maximum decrease in natural frequency is 5.794%. The first- and second-order damping ratios in the X and Y directions increase with the increasing amplitudes and are positively correlated with the mean wind speed; the maximum increase in damping ratio is 95.7%. (3) The curve method and the standard deviation method are similar in identifying dynamic characteristic parameters, but the discreteness of the natural frequencies obtained by the curve method is lesser. (4) Under excitations of various typhoons, the mode shapes of SWFC are basically the same, and the mode shapes in the X and Y directions increase with the height and have nonlinearity.

Field Measurement Study on Dynamic Characteristics of the Shanghai World Financial Center

It is of great practical importance to study the vibration response characteristics of super high-rise buildings under an earthquake action to provide a basis for seismic design and later maintenance of structures in coastal areas. During this study, the Shanghai World Financial Center (SWFC)’s health monitoring system was utilized to monitor earthquakes of magnitude 6.4 in Taiwan, 6.0 in Japan, 7.2 in the East China Sea, and 4.4 in Jiangsu, in real-time. Through the improved Envelope Random Decrement Technique (E-RDT), the dynamic properties of super high-rise buildings were examined under different earthquake effects in terms of the acceleration power spectrum, natural frequency, damping ratio, and mode shape. The results demonstrated that (1) the vibration responses of the structure in X (East–West) and Y (North–South) directions under four earthquakes were consistent, and with increasing floor height, the discreteness of the amplitude and acceleration signals of vibration responses increased. (2) The first two natural frequencies of the structure in X and Y directions decreased with the increase in amplitude, but the damping ratio increased with the increase in amplitude. The minimum values of the first two natural frequencies are 0.1498 Hz and 0.4312 Hz, respectively, and the maximum values of the first two damping ratios are 0.0086 and 0.0068, respectively. (3) Under different earthquake excitations, the SWFC’s mode shape’s estimates were similar, and their change trends in the X and Y directions were nonlinear as the number of floors increased. The structure was not seriously damaged by the four earthquakes. This study can provide helpful information for the seismic design of super high-rise buildings based on its findings.

SWOT Analysis of Istanbul Finance Center and Comparison with World Finance Centers

Istanbul Financial Center (IFC)’s banks stage was opened in 2023. The purpose of IFC is to increase financial competitiveness internationally, to contribute to the development and deepening of financial markets and products and services, to strengthen integration into international financial and capital markets, thereby making IFC one of the leading global financial centers.
 London, New York, Singapore and Hong Kong, which rank first in the world financial centers ranking, make the best use of all financial instruments. This contributes significantly to the city and country economies in which they are located. IFC with these world financial centers; the global economic city index, the global financial center index and the global power differ in some respects while similarizing in some ways according to the city index. 
 In this study, the comparison of IFC with SWOT Analysis and World Financial Centers has been examined within the framework of current literature review and statistical data. Some of the main findings obtained are the strength of IFC is its strategic location, qualified labor is weaknesses, tax benefit opportunity and country risk are the threat.

Optimization Analysis of Key Technologies of Super High-Rise Buildings with Soft Soil Foundation

The frequency of super high-rise buildings has gradually increased in larger cities. Compared with ordinary buildings, super high-rise buildings involve more difficult technologies of construction. Soft soil foundation is one of the unfavorable foundation types for engineering construction because of its high sensitivity and low bearing capacity. Therefore, the combination of super high-rise buildings and soft soil foundations will greatly increase the insecurity of the project. Although related methods of soft soil treatments have been proposed and optimized in recent years, there is still a lack of targeted construction methods combing for super high-rise buildings, which is of vital significance to improve the safety and efficiency of future construction projects. Based on the case analysis of Jinmao Tower, Shanghai World Financial Center and Shanghai Tower in the Lujiazui zone, this paper summarizes the optimization of key technologies of super high-rise buildings under the background of soft soil foundation. The author hopes to provide a clear reference for future projects by systematically sorting out the construction projects in this typical area.

IDENTIFICATION OF KEY DETERMINANTS OF SUCCESS FOR INTERNATIONAL FINANCIAL SERVICES CENTRES (IFSCS) WITH SPECIAL REFERENCE TO INDIA THROUGH GLOBAL FINANCIAL CENTRE INDEX (GFCIS) ANALYSIS AND FACTOR ANALYSIS

The History of International Financial Services Centers (IFSCs) is very long, dating back more than 150 years. Many countries established International Financial Centres (IFCs) to offer International Financial Services (IFS) at various stages of their economic growth. Over time, some of the important hubs for international financial services included London, Tokyo, New York, Hong Kong, Frankfurt and Singapore. These Centers created a large number of jobs and helped the economies of the countries in which they operate to grow. Around 119 centres have been established worldwide to meet the need for international financial services in over 196 countries (GFCI, 2015-2022). India's economy was opened in 1991, but capital account convertibility hasn't been achieved, therefore its influence on the world financial market is viewed as minimal. One of the world's largest economies and a significant consumer of IFS, India very recently announced the creation of IFSC in April 2015. Given how closely the global market is connected via technology, it is essential for India to set up IFSC and appear on the map of the world's financial centre. It is predicted that India is losing US $50 billion year (2015) without an IFSC, and that loss will increase to US $ 120 billion by 2025.
 This paper identifies key determinants of success for IFSC in India by using the two analytical tools namely Global Financial Centre Index (GFCI) analysis in global context and the Factor Analysis in Indian context and finds that IFSC in India, though being a new financial service centre, can certainly increase its competitiveness and become a sustainable successful financial centre more quickly by focusing on the factors identified in this study and the economic impact of IFSC growth in India would be profound.

To the question of national, economic and financial security of Russia

The article reveals the theoretical aspects of the national, economic and financial security of Russia before the Great October Socialist Revolution, in the period from the formation of the Union of Soviet Socialist Republics (USSR) to its collapse and in the period of the modern history of the Russian Federation. the author's position of the activation of the global geopolitical crisis and geo-economic crisis (caused by the creation of new geo-economic centers for the development of the world economy) is given, which is an objective reason for the redistribution of the world caused by the next phase of the reproductive crisis and the global financial crisis in the world economy. the role of finance in economic development and ensuring economic and financial security at different historical stages of Russia, the USSR and the Russian Federation is shown. It is concluded that in the conditions of the global monocentric model of the functioning of financial capital, led by the United States, the countries of the economic "periphery" are forced to bear losses due to the monopoly dictate of the world financial centers of emission (primarily the dollar and the euro). the reasons for the destruction of the USSR are formulated, the main of which is: the destruction of the country's national security system by the top leaders of the USSR, the Russian Soviet Federative Socialist Republic (RSFSR) and other union republics of the Soviet Union. the principled character of the Soviet leadership in conducting a sovereign, national monetary policy is shown. the creation by the global financial system of conditions for overproduction of two world fully unsecured currencies (the dollar and the euro) and the formation of the potential of the global financial crisis are argued.

Influence Model Design of National Culture in Shaping the Organisational Management Cultures: The Case between China and the USA

This research topic investigates the inquiry on how national cultures shape the organisational management cultures. Similarities and differences between the national cultures of China and the USA are being scrutinised for the purpose to examine the impacts of such features on the management cultures and strategies of organizations located in these two main world financial centres so as to achieve a majority of data to confirm how national culture relates and assists to shape the organisational management. This research uses the data collection methods of non-governmental organizations, including the invitation of participants or volunteers via social media, working emails, and invitation letters, involving the issues such as designing human rights and privacy. The result has established that high mobilization of culture differences in the USA had a notable positive consequence on companies’ organisational management culture. Alternatively, the Chinese cultures may bring some positive effect to the companies’ culture, but it was only significant to shape management culture influence in their domestic companies, excluding most of the multinational companies. Moreover, the differences in national cultural characteristics will greatly affect each organisation to choose their own management strategies. Raising up for cross-cultural and transnational management will be a huge challenge for organizations to take, especially if countries wish to establish bilateral or trilateral business relations and partnerships.

Dynamic performance evaluation of a 492 m super high-rise building with active tuned mass dampers during four consecutive landfall typhoons within a month

Field measurement is the most reliable and intuitive method to assess the wind effects of super high-rise buildings. However, due to the different inherent characteristics of each typhoon, the observations may be different or even contradictory. Therefore, there is a need to conduct further analysis on the wind effects during typhoons to reveal more general results. In this study, wind-induced acceleration responses collected by the structural health monitoring system installed atop the Shanghai World Financial Center (SWFC) during the landfall of four consecutive typhoons (Ampil, Jongdari, Yagi and Rumbia) within a month are systematically investigated. The first five-order modal directions are determined based on the spectral method. The envelope random decrement technique is adopted to identify the natural frequencies and damping ratios, and the amplitude dependencies and time-varying characteristics of the structural dynamic properties are also analyzed. Furthermore, the control performance of active tuned mass damper (ATMD) system during typhoons is discussed. Finally, the serviceability of the skyscraper during typhoons is assessed, and the global damage evaluation is performed. The results show that the natural frequencies decrease with increasing amplitude and present V-shaped variation trends with time. The damping ratios almost increase with increasing amplitudes but do not show any noticeable variation trend with time. The time-varying environmental conditions may have considerable effects on the modal parameters, and those effects may be superimposed in a short time. The ATMD system can effectively mitigate wind-induced vibrations. The occupant comfort is satisfactory, and no evident structural damage is detected during typhoons.

Research of problems of development of world financial centers

Research of problems of development of world financial centers

HONG KONG, SINGAPORE, UKRAINE – THE GENESIS OF INTERNATIONAL FINANCIAL CENTERS, THE DEVELOPMENT PROSPECT OF UKRAINE

The analysis of the features of the formation of the world financial centers of the Asia-Pacific region has been carried out. The study showed that the experience of Singapore and Hong Kong shows that attracting the best specialists can turn into a prosperous country, an international financial center. Ukraine has great opportunities and resources for development, it has the potential to become one of the leading financial centers, but for this it is necessary to adopt the experience of establishing existing international financial centers, take into account strengths and weaknesses, develop its own unique development concept, train qualified specialists, provide support all spheres of the country's activities for their development. The features of the formation of the world financial centers of the Asia-Pacific region are highlighted: an advantageous geographical position on the routes of regional and world trade, close communication ties with London and the presence of a preferential tax regime; Singapore is the financial center of the countries of Southeast Asia with a developed set of all components, namely: a developed gold market, a developed foreign exchange market; a developed bank lending market and a developed stock market; Hong Kong is the second international financial center in terms of IPO and the second stock market in Asia, has representative offices of 70 largest banks in the world; close partnership (cooperation) of the financial centers of Hong Kong and Shanghai and the support of investors and the market as a whole; the growth of the role of the world economy in the world and the development of the specialization
 of international financial centers. Proposals for the gradual transformation of Ukraine into a global financial center have been developed: programs for state regulation and support of the education system to gradually improve the efficiency of the level of education: significant retraining of specialists, free state training programs, increased funding for the education sector; reform of the medical system is a factor contributing to attracting foreign investment, both in the medical and industrial sectors, solving the problem of labor migration of medical workers due to their low wages; development and implementation of anti-corruption measures; development of the financial sector of Ukraine (banking, stock, insurance market, etc.) in order to achieve the status of "International Financial Center"; creating conditions for attracting public and private investments in the financial sector, improving the legislative and tax policy of the financial sector.

Глобальні фінансові цикли і проблема регулювання міжнародних потоків капіталу: роль банків і макропруденційної політики у протидії кризам

The aggravation of crisis processes in the global financial system produces a request to find tools to eliminate the systemic risk of global instability, which arises primarily through the interaction between the global financial cycle, key global factors (global risk and monetary policy in major economies) and cross-border banking activities. The situation in the monetary and financial spheres of countries with large open economies has a powerful impact on the economic situation, exacerbating the asymmetries of interaction on a global scale, which actualizes the need for macroprudential authorities in countries with small open economies to take preventive measures to maintain internal balance from destructive crisis processes in key economies of the world. The article provides a comprehensive analysis of approaches to substantiating the channels of mutual influence of the internal financial cycle, the global financial cycle and macroprudential policy, and also assesses the potential of macroprudential policy in smoothing out procyclical processes in order to stimulate economic growth. The interdependence of global banks on the dynamics of the global financial cycle and vice versa is determined, because global banks determine the specifics of the manifestations of the latter, given the way they manage their liquidity on a global scale, thereby contributing to the international transmission of shocks. It is found that the existence of a domestic capital market for global banks exacerbates the international spread of domestic liquidity shocks due to the strategic complementarity effect arising from strategic interactions between banks, other financial institutions and agents, which can increase systemic vulnerabilities during booms and busts due to increased competition between banks. It was revealed that the impact of the global financial cycle on the internal financial environment of banks and financial institutions through the mechanisms of external obligations of national banks and the determination of the cost of financing affects the availability of loans for companies and households. This means that the economies of small open economies are more vulnerable to external shocks and are affected by financing conditions determined in the world's financial centers. Under these conditions, the dynamics of global liquidity limits the effectiveness of national monetary policy, and therefore the demand for effective international coordination of macroprudential policy becomes even more urgent. The need to revise monetary policy in order to increase its ability to mitigate the risks of financial instability depends on: (1) the effectiveness of macroprudential policy (for example, the ability to manage the financial cycle); (2) the contribution of monetary policy (including its traditional and non-traditional instruments) to the exacerbation of financial instability; (3) the degree of independence of monetary policy, especially during a crisis.

A Review of Key Technologies Development of Super High‐Rise Building Construction in China

Super high‐rise building is a typical architectural form of urban modernization, and it is also the trend of urban architectural development. This paper reviews the development history of super high‐rise buildings in China combined with the engineering practice of representative super high‐rise buildings since the 1980s, such as the Shanghai Center, Shanghai Oriental Pearl Tower, Jinmao Tower, Shanghai World Financial Center, Canton Tower, and Shanghai Tower. The development process of the key technologies of super high‐rise projects from the aspects of several technologies, such as soft soil pile foundation and foundation pit technology, concrete structure construction technology, integral formwork equipment technology, and steel structure comprehensive installation technology, is also elaborated. At the same time, the Shanghai Tower is selected as a typical case to share the innovative technology of China’s tallest building. Finally, prospects for development of super high‐rise construction technology are presented.

Cover Picture: Carbon‐Sulfur Bond Constructions: From Transition‐Metal Catalysis to Sustainable Catalysis (Chem. Rec. 12/21)

The Front Cover shows schematic representation and recent advancements of carbon-sulfur bond constructions from transition-metal catalysis to sustainable catalysis via cross-coupling reaction, C−H activation, oxidative thiolation, Photo-redox catalysis, and electrochemical methods. We are also delighted to represent the TAIPEI 101 skyscraper building in Taipei, formerly known as Taipei world financial center, and Sun-moon lake, which is located in Taichung city, with foothills of Taiwan's central mountain range with beautiful natural sceneries and lake views. See the Personal Account by C.-F. Lee and co-workers (DOI: 10.1002/tcr.202100133).

Research on Wind Load Calculation Based on Identical Guarantee Rate Method

Wind load on building surface is one of the main loads for structural design; scholars in this field have put forward some methods to calculate wind load, such as Simiu method and Kasperski method. Based on the basic theory of probability and the systematic analysis of the surrounding environment and turbulence, a random variable model for calculating wind load is established. According to the model, through the analysis of the relationship between guarantee rate and wind load, a numerical calculation method to calculate wind load is proposed based on extreme value analysis and polynomial fitting theory. To verify the performance of the algorithm, wind tunnel experiments were carried out to obtain a large number of first-hand measured data of high-rise building (Shanghai World Financial Center). Based on the measured data, the algorithm is simulated, and calculated results are analyzed, including wind pressure distribution on building and probability distribution of fluctuating wind pressure of some measuring points. The validity and accuracy of the proposed model and algorithm are verified by the comparative analysis and theoretical analysis of the calculation results.

DETERMINANTS OF SOCIO-ECONOMIC SPACE DEVELOPMENT OF UKRAINE: THE CONCEPT OF REGIONALIZATION IN FOCUS

Purpose - This article aims to present the results of a comprehensive analysis of the determinants of the socio-economic space of Ukraine in the context of applying to them the concept of regionalization. Design/methodology/approach - In the article, author use a set of scientific methods that ensured the conceptual integrity of the study, in particular: system -- to study the structural development of the economy of the regions of Ukraine; methods of dialectical reasoning, induction, deduction - to justify strategic priorities; comparative and statistical analysis - to study the peculiarities of the development of the economy of the regions of Ukraine. Findings - The following factors of influence on the structural asymmetries and disproportions of the socio-economic development of individual regions have been identified: different adaptability of regions to the urgent requirements of economic development and conditions of competition; implementation of a regional policy to support progressive activities; the need to adapt to negative external and internal shock fluctuations in a pandemic; redistribution of resources and capital in favor of more developed regions; lack of systemic structural reforms at the macroeconomic level. A high level of openness of the Ukrainian economy was recorded due to a significant excess of exports over imports. Therefore, attention is paid to the structuring of regions by the level of exports and capital investments. It is concluded that exports have a significant impact on the economic growth of regions, and its dynamics is dominantly determined not so much by the devaluation of the hryvnia, but caused by external demand. Originality/value – The paper tested and confirmed the hypothesis about the positive impact of the rate of structural transformations and the assessment of the impact of capital investments on the growth of the GRP of the regions of Ukraine is carried out. This made it possible to structure the regions in terms of the ratio of the indicator to its average Ukrainian value. The distribution of regions into groups with a high, medium and low level of economic development was made, and the nature of the asymmetry of the territorial structure of the Ukrainian economy was assessed: • the asymmetry of the regions of the first and second groups gravitates (due to concentration) towards the central and eastern regions of the country (excluding the Lviv region). These regions are noted for high rates of human and social capital development and innovative activity, have the best prospects for the development of the entrepreneurial environment, the formation of a network of enterprises that can be combined into clusters; the development of a networked economy based on local growth points; • in the context of the regions' involvement in the intensity of foreign economic exchanges, the growth potential was recorded by the city of Kiev and a group of export-oriented regions (Dnipropetrivsk, Donetsk, Zaporizhzhia, Lviv, Poltava regions). These regions should become an impetus for the development of other regions and intensify their activity through interregional cooperation to enter the global market; • development of export-oriented regions is possible either due to increased expansion to foreign markets and higher prices or fundamental modernization of industry with a low degree of technological processing of products, and resource management. Regions that have exhausted their industrial resources should direct their development towards neo-industrialization, rehabilitation or revitalization of territories; • сompliance with global urbanization trends allows to quickly restore indicators of regional economic development in the winter period (due to the influence of internal and external shocks due to strict quarantine measures). These trends are demonstrated by the capital and individual large cities that perform the functions of world financial, innovation, information and cultural centers, as well as have developed connections with the periphery. Other regions (Lviv and others) demonstrate attempts at joint development with adjсacent territories. It is noted that the strength of the connection with other regions is more pronounced in relation to the connection with the periphery. The spread of the agglomeration effect of large cities with a population of one million produces innovative, technological and other components of the development of the potential of adjacent territories, which are characterized by an increase in the indicators of the economic efficiency of industrial production. It is expected that interregional competition will develop for the right to manage resources and determine the direction of socio-economic development of territories, the formation of new centers of economic growth, which are based on flexible networks (for example, following the virtual principle of distribution of territories). Practical consequences - the results of the study can be used by government agencies and other researchers to regulate the formation and development of regional socio-economic systems.