Shenzhen, China, aspires to be an international financial center; however, its financial sector occupies an anomalous position in China's networks. The sector is tightly integrated into mainland networks, and Shenzhen's local banks provide access to Hong Kong's networks. Nonetheless, the city's proximity to Hong Kong, the Asia-Pacific center of financial networks, confers few incremental benefits compared to those received by other mainland centers. The proposed Qianhai financial district, which is to be a laboratory for opening China's capital accounts, does not differentially boost Shenzhen because other financial centers will be allowed to experiment. A network theory of financial centers provides the explanatory framework for interpreting Shenzhen in China's financial center networks. Empirical analyses focus on Shenzhen's network ties with the Mainland and with Hong Kong. Shenzhen's future rests on the capacity of its financial firms to participate in the networks of South China, as well as to operate across the Mainland.
