The Global Financial Centres Index

The Global Financial Centres Index 21 (GFCI 21)

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London, New York, Singapore, Hong Kong and Tokyo remain the five leading global financial centres. However, Brexit and the US election have had a significant impact. London and New York fell 13 and 14 points respectively. These are the largest declines (except for Calgary) in the top 50 financial centres. Singapore rose by eight points and is now only 20 points behind New York.

There are six cities of mainland China rated in the GFCI 21, including Shanghai, Beijing, Shenzhen, Guangzhou, Qingdao and Dalian. Shanghai got 715 points, ranks 13rd, rising 3 places in the rankings. Beijing rose significantly, rising ten places. Both Shanghai and Beijing are in the top 20 financial centres. Shenzhen got 701 points, ranks 22nd. Guangzhou has been enlisted in GFCI Index for the first time and did well with 650 points, ranks 37th. Qingdao won 640 points and ranks 8th just behind Guangzhou. Dalian fell to 75th in the rankings. Apart from that, Chengdu and Hangzhou are regarded as associate financial centres.

GFCI 21 was launched simultaneously in Milan and Shenzhen by the Z/Yen Group and CDI which marked the second collaboration between CDI and the Z/Yen on the compiling of GFCI.

Main Findings of the China Financial Centers Index (CFCI 8)

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.

The Global Financial Centres Index 20 (GFCI 20)

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London, New York, Singapore and Hong Kong remain the four leading global financial centres. On a scale of 1,000 points, a lead of fewer than 20 points indicates relative parity. London remains just ahead of New York, leading New York by 1 point. New York (2nd) is now 42 points ahead of Singapore (3rd). Singapore is four points ahead of Hong Kong (4th).

Shanghai, Shenzhen and Beijing rank as the top three financial centres on the Chinese mainland. Shanghai (16th) is 9 points ahead of Shenzhen (22nd). Shenzhen now leads Beijing (26th) by 8 points.

The GFCI provides profiles, rating and rankings for 87 financial centres, drawing on two separate sources of data - instrumental factors (five broad ‘areas’ of competitiveness, namely business environment, financial sector development, infrastructure, human capital and reputational factors) measured externally and financial centre assessments by international financial services professionals in an ongoing online questionnaire. It was first published in 2007 and then updated and republished each September and March.