Chinese Cities Take Four Out of Top Ten Spots on Ranking of World’s International Finance Centres

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A new report sees Chinese cities further cementing their place amongst the world’s leading international centres for finance and fintech.

The latest Global Financial Centres Index (GFCI 29) released on 17 March 2021 puts four Chinese in the top ten list of the world’s leading financial hubs.

These cities include Shanghai, which came in third place after New York and London; Hong Kong, which was fourth; Beijing in sixth place and Shenzhen in eighth.

Top Ten Cities on GFCI 29 Index in 2021

  1. New York
  2. London
  3. Shanghai
  4. Hong Kong
  5. Singapore
  6. Beijing
  7. Tokyo
  8. Shenzhen
  9. Frankfurt
  10. Zurich

Shanghai remained in third place for the second consecutive year, while Hong Kong ascended one place to fourth in 2021, despite the widespread civil unrest in the city over the past several years. Beijing and Shenzhen also rose one place in 2021 compared to their positions the preceding year.

In terms of industry sector sub-indices, China took out three of the top five positions for banking, with Shanghai coming in second place after New York, Hong Kong in third place, and Beijing in fifth.

Top Five Cities on the GFCI 29 Banking Industry Sector Sub-index

  1. New York
  2. Shanghai
  3. Hong Kong
  4. London
  5. Beijing

Shanghai ranked second in the finance industry sector sub-index after New York, followed by Beijing in third place, while Shanghai also took third place in the fintech sub-index.

Top Five Cities on the GFCI 29 Finance Industry Sector Sub-index

  1. New York
  2. Shanghai
  3. Beijing
  4. London
  5. Luxembourg

Top Five Cities on the GFCI 29 Fintech Industry Sector Sub-index

  1. New York
  2. Singapore
  3. Shanghai
  4. Hong Kong
  5. London

Shanghai came first in the insurance sub-index, followed by Singapore, Beijing, New York and Hong Kong.

Top Five Cities on the GFCI 29 Insurance Industry Sector Sub-index

  1. Shanghai
  2. Singapore
  3. Beijing
  4. New York
  5. Hong Kong

The Global Financial Centre Index bills itself as the worlds “most authoritative comparison of the competitiveness of the world’s leading financial centres,” and is published by London-based commercial think tank Z/Yen Partners in collaboration with the China Development Institute in Shenzhen.

GFCI 29 authors Mike Wardle and Professor Michael Mainelli reviewed a total of 126 financial centres around the world, assessing them on the basis of 143 instrumental factors as well as a survey of 10,774 online respondents.

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