Shenzhen rose two places, from 11th to ninth place, in the 36th edition of the Global Financial Centers Index (GFCI 36), which is jointly released twice per year by the London-based think tank Z/Yen Group and the Shenzhen-based China Development Institute.
The top 10 global financial centers, in descending order, are New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Frankfurt.
The GFCI evaluates and ranks the competitiveness of 121 of the world's major financial centers based on an online questionnaire and over 100 indices from organizations like the World Bank, the Organization for Economic Co-operation and Development, and the Economist Intelligence Unit. Individual areas of competitiveness include business environment, human capital, infrastructure, financial sector development, and global reputation.
Shenzhen stands out as one of the four Chinese cities with an improved rank in the index. Notably, Hong Kong, Shanghai, and Shenzhen are among the top 15 globally in several categories.
Also assessing financial technology development across 116 financial centers, the report revealed that Shenzhen has advanced from fourth to third place globally, following New York and London. The rankings of Hong Kong and Guangzhou also rose.
Shenzhen's financial success is propelled by robust market mechanisms, according to Peng Xiaozhao, a researcher from the China Development Institute. Peng said local institutions like Ping An and China Merchants Bank, along with venture capital firms, contribute significantly to Shenzhen's financial landscape.
With over 500 listed companies, including Tencent, BYD, ZTE, Mindray, and SF Express, Shenzhen excels in listing quality enterprises on stock markets. In the realm of financial technology, leading firms like WeBank and Ping An OneConnect drive the city's financial innovation, Peng said.