Geopolitical fluctuations and global economic uncertainty have brought about sustained changes in the competitive landscape of financial centers.
A highly influential latest global financial center ranking shows that three cities in China have entered the top ten global financial centers, with Hong Kong surpassing Singapore to once again rank third in the world, and Shenzhen returning to the top ten.
This "36th Global Financial Center Index Report (GFCI 36)" jointly released by the British think tank Z/Yen Group and the China (Shenzhen) Institute of Comprehensive Development evaluates and ranks major global financial centers in terms of business environment, human capital, infrastructure, financial industry development level, reputation, and other aspects.
In this issue of GFCI, a total of 121 financial centers have entered the list. The top ten global financial centers are ranked as follows: New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Frankfurt.
GFCI 36 Top 10 Global Financial Centers
The detailed report obtained by the First Financial Journalist shows that the overall average score of global financial centers has slightly decreased by 0.42% in this period after two consecutive increases in the first two periods. Except for Latin America and the Caribbean, the average score of financial centers in other regions has decreased. In terms of ranking, 46 financial centers have seen an increase, 17 remain unchanged, and 58 have experienced a decline. The report points out that geopolitical conflicts remain the most concerning risk for financial professionals.
In terms of top financial centers, New York and London continue to occupy the top two positions, while Hong Kong has surpassed Singapore to rank third in the world after falling behind Singapore for four consecutive periods, widening the score gap with Singapore to 2 points and only 1 point behind second ranked London. At the same time, financial centers in the United States have once again demonstrated a catch-up advantage, with Chicago and Los Angeles rising three and one places respectively in their rankings. Shenzhen's ranking has risen by 2 places, once again entering the top ten global financial centers.
From a regional perspective, the overall performance of Asia Pacific financial centers has been poor, with a 0.56% decrease in overall regional ratings compared to the previous period. Among the top 15 financial center cities in the region, only Hong Kong and Singapore have seen an increase in ratings, while 9 financial center cities have experienced a decline in rankings, with some financial center positions being replaced by North American financial centers.
The overall rating of North America has decreased by 0.38% compared to the previous period, but only 2 out of 14 financial centers in the region have experienced a decline in ranking, while most cities have remained unchanged or risen in ranking. Except for New York and San Francisco, the financial center positions of Washington, San Diego, Boston, and Toronto have been further consolidated.
The overall rating in Western Europe has dropped the most, with a decrease of over 1%. The ranking differentiation of financial centers in the region is prominent. Among the top 15 financial centers, except for London, which remains unchanged in ranking, there are 6 cities that have risen and 8 cities that have fallen in ranking.
The report points out that the overall ranking of China's financial centers has declined, and top financial centers are facing competitive challenges. From this index, only 2 out of 12 financial centers in Hong Kong and mainland China have seen an increase in ratings, while the ratings of other financial centers have all declined. In terms of rankings, Hong Kong, Shenzhen, Chengdu, and Wuhan have risen by 1, 2, 4, and 9 places respectively, while Qingdao remains unchanged, and the rankings of other cities have all declined.
GFCI 36 Ranking of Financial Centers in Mainland China
The reporter noticed that although the overall ranking of China's financial centers has declined, in terms of sub rankings, Hong Kong, Shanghai, and Shenzhen still rank among the top 15 in the world in terms of business environment, human capital, infrastructure, financial industry development level, and reputation.
GFCI also evaluated the level of fintech development in 116 financial centers based on their performance in the fintech field. The results show that among the top 20 financial center cities, China and the United States each hold 6 seats. Among them, New York and San Francisco rank first and fourth in the world, while Washington, Los Angeles, and Chicago enter the top ten in global fintech rankings. Shenzhen's ranking has risen one place from the previous period, ranking third in the world, only behind New York and London. Hong Kong's ranking has increased by 5 places compared to the previous period, ranking ninth in the world.
GFCI 36 Financial Centers in the Top Ten Fintech Rankings
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