Capital account convertibility and the construction of Shanghai International Financial Center-------from the perspective of empirical Test of QFII

12th "five-year plan" has set "construction of Shanghai International Financial Center" as a Strategic Target.However, compared with traditional international financial centers, Shanghai still.One factor which restrains the development of Shanghai would as partial of capital account as it openness the hindersTal Flow and hampers the financial institutions to promote their competitive advantages through agglomeration.This article studies the relationship between openness accounts of capital agglomeration and the effect by empiricalSIS based on QFII data, the results indicating that it improves agglomeration effect of financial institutions The limited openness of capital accounts and help to form the Shanghai International Financial Center.