Shanghai rises to 4th place among world's financial centers
File photo/Zhang Xiaoqing (NBD)
Shanghai moved up one place to fourth for the first time in the 27th edition of Global Financial Centers Index (GFCI 27) published by the British think tank Z/Yen Group and China Development Institute in Shenzhen on Thursday.
This is the fourth consecutive time that Shanghai has ranked among the top five international financial centers in GFCI since September 2018.
The top 10 financial centers in the world are New York, London, Tokyo, Shanghai, Singapore, Hong Kong, Beijing, San Francisco, Geneva and Los Angeles, according to the index.
New York's lead over London further expanded, while Tokyo ranked third in the index for the first time.
A total of eight cities in the Chinese mainland were on the top 100 list, including Shanghai, Beijing, Shenzhen, Guangzhou, Chengdu, Hangzhou, Qingdao and Tianjin.
Shanghai ranked among the top five in fields of banking, investment management, insurance, and professional services in all of the last four index reports. It leaped to second place in investment management in GFCI 27.
The GFCI is updated and published every half year and receives considerable attention from the global financial community. GFCI 27 researched 120 financial centers using 138 instrumental factors, with quantitative data provided by third parties, including the World Bank and the OECD.