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Chinese cities place higher in Global Financial Centers Index as competitiveness improves 2022-09-26
Chinese Cities Place Higher in Global Financial Centers Index as Competitiveness Improves
Twelve cities on the Chinese mainland have ranked among the top 119 financial centers in the world, and the placing of a number of second-tier cities, which are behind the country's four big first-tier cities including Beijing and Shanghai, advanced significantly, according to a recent survey.
Nanjing in eastern Suzhou province jumped 24 places to rank 83rd, Tianjin near Beijing soared 18 places to 87th, Dalian in northeastern Liaoning province climbed 14 places to 80th and Hangzhou in southeastern Zhejiang province advanced eight places to 85th, according to the 32nd Global Financial Centers Index, compiled by London-based thinktank Z/Yen Group and the China Development Institute in Shenzhen.
Overall ratings improved this year from the last report released in March, gaining by an average of 4.83 percent, as market confidence bounces back as the Covid-19 pandemic wanes, and are now back on par with the 27th index ratings released in March 2020, the report said, which has been released biannually since 2007.
The index shows that the downward trend in ratings since the start of the Covid-19 pandemic has now been reversed, Yu Lingqu, executive director of the Finance and Modern Industry Department of CDI, said at a press conference. And China's financial centers have all risen up the ranks, with some even reaching record highs, reflecting their growing competitiveness.
New York was head of the pack, followed by London, Singapore, Hong Kong, San Francisco, Shanghai, Los Angeles, Beijing, Shenzhen and Paris. All top 10 cities scored better than in the last review.
China's financial centers need to further improve their business environment to attract more skilled talent and increase external cooperation to absorb international advanced resources and enhance their competitiveness, Yu said.
The Global Financial Centers Index evaluates the world's major financial centers based on their business environment, human capital, infrastructure, financial industry development and reputation.
Source: Yicai
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