Editor’s Note: CDI updated and published CFCI 8, which examines the latest development of financial hubs on the Chinese mainland. 

CFCI 8, which was released on November 4, 2016, indicates that China's financial centers have a series of new features as follows:

First, the development of financial centers has become a driving force for economic growth. Far higher than the year-on-year growth rate of GDP, the total added value of the financial industry in 31 Chinese financial centers registered an increase rate of 14.6%, accounting for 8.71% of the local GDP on average.

Second, financial innovations in free trade zones have begun to take effect in financial centers. With the further development of cross-border RMB loans, cross-border RMB settlement, two-way capital pool of the foreign currency, and centralized operation of the foreign exchange fund of multinational corporation headquarters, financial services of the financial centers have been significantly enhanced.

Third, the development of financial innovation for scientific and hi-tech industries is accelerating. For instance, scientific and technological innovation board has been started in Shanghai and financial online platforms have been built in Shenzhen to enable the smooth connection between scientific and hi-tech enterprises and credit funds.

Fourth, the innovation-driven development of the insurance industry has been promoted. The total asset of the insurance institutes in 31 financial center cities has increased from 788 million yuan to 926 million yuan, a growth rate of 18%.

The CFCI comprehensively evaluates 31 financial centers on the Chinese mainland, using 85 indicators in the four broad areas of financial industry performance, financial institutions’ competitiveness, financial market size and financial dynamics. Since it was first released in 2009, the CFCI has been updated annually.