Geopolitical fluctuations and global economic uncertainty have led to continuous changes in the competitive landscape of financial centers. A highly influential recent global financial center ranking shows that three Chinese cities have entered the top ten global financial centers, among which Hong Kong has once again surpassed Singapore to rank third globally, and Shenzhen has returned to the top ten.
This "36th Global Financial Centers Index Report (GFCI 36)" was jointly released by the British think tank Z/Yen Group and the China (Shenzhen) Comprehensive Development Research Institute. It evaluates and ranks the world's major financial centers from aspects such as business environment, human capital, infrastructure, financial industry development level, and reputation.
This GFCI includes 121 financial centers on the list, with the top ten global financial centers ranked as follows: New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Frankfurt.
GFCI 36 Global Top Ten Financial Centers
A detailed report obtained by First Financial journalists shows that the overall average score of global financial centers has slightly decreased by 0.42% after two consecutive increases in the previous issues. Except for Latin America and the Caribbean, the average scores of financial centers in other regions have all declined. In terms of ranking, 46 financial centers have risen, 17 have remained unchanged, and 58 have declined. The report points out that geopolitical conflicts remain the most worrying risk for financial professionals.
Advertisement
In terms of top-tier financial centers, New York and London continue to occupy the top two positions. After four consecutive issues of ranking behind Singapore, Hong Kong has surpassed Singapore to rank third globally in this issue, with the score gap with Singapore widening to 2 points, and only 1 point behind the second-ranked London. At the same time, American financial centers have once again shown their competitive advantage, with Chicago and Los Angeles rising by 3 and 1 places, respectively. Shenzhen's ranking has risen by 2 places, once again entering the top ten global financial centers.
Regionally, the overall performance of Asia-Pacific financial centers is not good, with the regional overall score decreasing by 0.56% compared to the previous issue. Among the top 15 financial center cities in the region, only Hong Kong and Singapore have seen an increase in scores, with 9 financial center cities experiencing a decline in ranking, and some financial center positions have been replaced by North American financial centers.
The overall score of the North American region has decreased by 0.38% compared to the previous issue, but among the 14 financial centers in the region, only 2 cities have seen a decline in ranking, with most cities maintaining or rising in ranking. In addition to New York and San Francisco, the financial center positions of Washington, San Diego, Boston, and Toronto have been further consolidated.
The Western European region has seen the largest overall score decline, with a drop of more than 1%. The ranking divergence of financial centers in this region is prominent. Among the top 15 financial centers, apart from London's ranking remaining unchanged, there are 6 cities with rising rankings and 8 cities with declining rankings.The report indicates that the overall ranking of China's financial centers has declined, with leading financial centers facing competitive challenges. From this edition's index, only two cities among the Hong Kong region and 12 mainland financial centers have seen an increase in their scores, while the scores of other financial centers have all decreased. In terms of ranking, Hong Kong, Shenzhen, Chengdu, and Wuhan have each moved up by 1, 2, 4, and 9 positions respectively, Qingdao has remained unchanged, and the rankings of other cities have all declined.
GFCI 36 Ranking of Mainland China's Financial Centers
Despite the overall decline in the ranking of China's financial centers, in terms of sub-rankings, Hong Kong, Shanghai, and Shenzhen still rank within the global top 15 in five aspects: business environment, human capital, infrastructure, financial industry development level, and reputation.
The GFCI also assessed the financial technology development level of 116 financial centers based on their performance in the fintech sector. The results show that among the top twenty financial centers, China and the United States each occupy six seats. Among them, New York and San Francisco rank first and fourth globally, while Washington, Los Angeles, and Chicago have entered the top ten in global financial technology rankings. Shenzhen's ranking has risen by 1 position compared to the previous period, placing it third globally, just behind New York and London. Hong Kong's ranking has improved by 5 positions compared to the previous period, placing it ninth globally.
