More Chinese cities enter the Global Financial Centers Index list
The British Z/Yen Group and China Development Institute released their 24th Global Financial Centers Index (GFCI) in Guangzhou on September 12.
According to the latest GFCI, New York tops the list, but only 2 points higher than London. Hong Kong scored 2 points higher this time, only 3 points behind London, but 14 points higher than Singapore, the No. 4 on the list.
As this year’s highlight, Shanghai’s score shot up by 24 points, replacing Tokyo to reach the fifth place in the list. Beijing, Zurich, and Frankfurt made it to the top 10, replacing Toronto, Boston and San Francisco. The change indicates that the old top financial centers’ map is shifting.
Since the introduction of the GFCI, the top five financial centers have always been in Western Europe and North America, with their overall scores higher than those of the Asia-Pacific region’s top financial centers.
However, with the booming of China’s financial centers and the Brexit and the US’s trade protectionism, the international financial professionals are now more in favor of Asia-Pacific region’s financial centers as they have been picking up their development speed.
The scores of financial centers in the Asia-Pacific region have been rising with Shanghai, Sydney, Beijing and Guangzhou achieving significant growths. In the North America region, Los Angeles and Washington edged up their scores, but the region’s other financial centers’ scores slightly declined. The scores of Western Europe’s financial centers were still unstable, though Zurich and Frankfurt’s scores rose significantly. But Dublin and Munich’s scores dropped.
Also, nine Chinese cities made into the list, including Shanghai, Beijing, Shenzhen, Guangzhou, Qingdao, Tianjin, Chengdu, Hangzhou and Dalian. Among them, Shanghai ranks No.5 in the list; Beijing’s score bumped up three places to reach No. 8; Shenzhen and Guangzhou’s ranking rose to No.6 and No. 9; Chengdu ranks No. 79, 3 places higher than the last GFCI, and Hangzhou gained yet even more global recognition and squeezed into the GFCI for the first time and now it ranks No. 89.
Overall, the financial centers on the Chinese mainland have become more globally recognized.