Shenzhen rises to eighth in global financial center ranking

The cover of the Global Financial Centers Index 40, released yesterday. Shenzhen ranks eighth among 117 financial centers assessed worldwide. Courtesy of Z/Yen Group

Shenzhen rose one place to rank eighth among the world’s financial centers, according to the latest Global Financial Centers Index (GFCI) released Wednesday.

The 40th edition of the index, known as GFCI 40, ranked 117 financial centers worldwide. New York retained the top spot, followed by London, Hong Kong and Singapore. Shanghai moved up one place to fifth, while Tokyo climbed four places to sixth.

Seoul ranked seventh, followed by Shenzhen, Dubai and Zurich, rounding out the global top 10.

Shenzhen ranks eighth in the Global Financial Centers Index 40 with a rating of 751, up one place and 11 points from the previous edition. 

The index was released simultaneously in Busan, South Korea, and Shenzhen by British think tank Z/Yen Group and the Shenzhen-based China Development Institute.

The GFCI assesses financial centers across areas including business environment, human capital, infrastructure, financial-sector development and reputation.

Competition remained particularly close among the four highest-ranked centers. New York led London by four points, while Hong Kong and Singapore trailed London by one and two points, respectively.

Tokyo recorded the biggest rise among the top-ranked centers, jumping four places to sixth.

Shenzhen ranks third globally for its FinTech offering in the Global Financial Centers Index 40, behind Hong Kong and New York.

Major Chinese mainland financial centers also moved higher in the latest rankings. Shanghai returned to the global top five, while Beijing climbed six places to 16th and Guangzhou rose two places to 28th.

Shenzhen remained among the leading centers for financial technology, although it slipped to third in the fintech rankings. Hong Kong retained first place, while New York overtook Shenzhen to take second. Singapore, Shanghai and London ranked fourth through sixth, respectively.

The report also showed a broader presence of Chinese mainland cities in fintech, with six now among the global top 20 after Qingdao moved higher in the rankings.