The city of Shanghai has climbed up the Global Financial Center Index list, now ranked 6th in the 22nd edition of the list, reports the Shanghai Observer.
This is up from 13th place, putting Shanghai into the Top 10 for the first time on the list, which is jointly compiled by British think tank Z/Yen and Shenzhen-based China Development Institute.
The newest list suggests the improvement of both object indicators and subjective evaluations, plus the sub-par performance of traditional global financial centers, has allowed Shanghai to rise rapidly up the rankings.
The GFCI is considered one of the world’s most authoritative indexes for financial hub rankings. It lists the world’s top financial centers based on business environments, level of financial development, infrastructure, human capital and reputation.
Shanghai is in the top 10 in each of these five individual rankings, and is the top city in terms of infrastructure.
The list also indicates that although the gap has been slowly closing, Shanghai is still some distance away from the world’s leading financial centers such as Singapore, Tokyo and Hong Kong.
Other mainland cities recognized by the list include 20th placed Shenzhen and 32nd placed Guangzhou.
Hong Kong is the highest ranked Chinese city at 3rd place.
The 22nd GFCI list is topped by London, followed by New York.
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