The latest ranking of global financial centers: Shanghai ranks fourth and Shenzhen ranks top 10 again

2022-06-02 0 By

Shanghai has moved up two places to fourth place in the ranking of global financial centers, with its comprehensive competitiveness score rising by one point.On March 24, the 31st Global Financial Centers Index (GFCI 31) jointly compiled by the China (Shenzhen) Comprehensive Development Institute, a high-end Chinese think tank, and the Z/Yen Group, a British think tank, was released in Shenzhen, China, and London, the UK.The index evaluates and ranks the world’s major financial centers in terms of business environment, human capital, infrastructure, financial sector development level and reputation.The 31st edition of the GFCI has 119 financial centers on the list. The top 10 financial centers are New York, London, Hong Kong, Shanghai, Los Angeles, Singapore, San Francisco, Beijing, Tokyo and Shenzhen.The Global Financial Centers Index is updated annually in March and September and is closely watched by the global financial community.In March 2007, the LONDON-BASED Z/Yen Group released the first Global Financial Centers Index (GFCI 1).In July 2016, China (Shenzhen) Comprehensive Development Research Institute (CDI) established a strategic partnership with London Z/Yen Group to jointly conduct financial center research and continuously collaborate to compile the Global Financial Center Index.Shanghai, Beijing and Shenzhen are among the top 10 financial centers in the world. Seven financial center cities have improved their ranking, while three remain stable.Among mainland financial centres, Shanghai continued to lead the way, moving up another two places to become the world’s fourth largest financial centre after Hong Kong, and fintech ranked second globally.Beijing’s score dropped by one point, but it remained eighth in the global ranking, while fintech moved up two spots to replace London at third.Shenzhen saw the biggest rise in the ranking and score of the top 10 financial centers, only one point behind Tokyo, with improvements in business environment, human capital, infrastructure, financial industry development level, city reputation and five sub-categories.The ranking of Guangzhou financial center has risen by 8 places, and now ranks 24th in the world. Guangzhou is marching towards the top 20 financial centers in the world, and its position as an international financial center is further strengthened.The ranking of Chengdu and Qingdao in the GFCI remained unchanged, with Chengdu’s fintech ranking rising 16 places to rank 44th globally.Hangzhou, Dalian, Tianjin, Nanjing and other financial center cities that entered the GFCI late are gradually becoming familiar with global financial practitioners, and their scores have risen rapidly. Dalian’s score has increased 82 points, up 19 places in the ranking, and Nanjing’s score has increased 71 points, up 7 places in the ranking.Yu Lingqu, deputy director of the Institute of Finance and Modern Industry at the China (Shenzhen) Comprehensive Development Research Institute, said greater China’s financial centers have risen in the overall ranking, with Hong Kong, Shanghai, Beijing and Shenzhen all entering the top 10.Globally, it shows a pattern of “east rising and west falling”. Hong Kong, Shanghai, New York and London are getting closer and closer in strength, while Shenzhen and Guangzhou are rising rapidly.The global Financial Centres Index also shows that the overall decline in financial centres has slowed as the global recovery from the COVID-19 pandemic accelerates.New crown since a global outbreak, GFCI overall average score fell more than 3 consecutive period, which fell by more than 40 minutes, no more than 80 financial center score decreased, declines slowed, after this period the overall average score compared with the previous down only less than 1 minute, each rank financial center is relatively stable, the top 40 financial center,No other financial centre dropped more than 10 places.In this ranking, New York, London and Hong Kong once again ranked among the top three financial centers in the world, but the overall score decreased from the previous period, with London falling the most, with 14 points. Hong Kong and New York only dropped by 1 point and 3 points respectively, widening the gap between London and New York.Meanwhile, Shanghai and Los Angeles ranked fourth and fifth globally, replacing Singapore and San Francisco, respectively.After falling to 16th place in the previous ranking, Shenzhen’s score has increased by 8 points and its ranking has also risen by 6 places, making it one of the top 10 financial centers in the world again.Yu Lingqu said that globally, the pattern of top financial centers has been very fixed, and the rise and fall of the ranking is usually one or two places, but from this period, Shenzhen and Guangzhou rose six and eight places respectively, which is also very large from a global perspective.Although the pattern of the world’s top 10 financial centers has been basically stable, the difference between the scores of financial centers from Hong Kong in the third place to Shenzhen in the tenth place is between 1-2 points. Even a small change in the score can cause huge fluctuations in the ranking, and the competition among the top financial centers has become increasingly fierce.