SHANGHAI ranked No. 6 in the 22th Global Financial Centres Index, up from 13th last time, and a report ranked the the city's insurance industry as No. 1 in the world for the first time.

The 22th Global Financial Centres Index report, newly released by Z/Yen Group, a British commercial think-tank and the China Development Institute, revealed that Shanghai ranked in the top 10 global financial centers for the first time.

“Generally speaking, Shanghai has made great efforts in building a global financial center, especially with huge improvements in the financial infrastructure construction and regulatory environments,” said Mark Yeandle, lead writer of the GFCI report and vice president of Z/Yen.