Launch Of Global Financial Centres Index 36
Information
Information
In March 2007, Z/Yen and the City Of London released the first edition of the Global Financial Centres Index(GFCI), which provides evaluations of competitiveness and rankings for the major financial centers around the world. In July 2016, China Development Institute (CDI) and Z/Yen established a strategic partnership for research into financial centres. We continue our collaboration in producing the GFCI.
The GFCI is updated every March and September and receives considerable attention from the global financial community. The index serves as a valuable reference for policy and investment decisions.
The 36th edition of the index will be formally launched at the GFCI 36 Launch Symposium to be held in Busan, South Korea. International speakers are convened to share insights on various topics such as the topics on digital technology, green development, maritime industry to promote the sustainable development and global cooperation of international financial centers.
Date: September 24, 2024
Host: China Development Institute, Z/Yen Group, Busan Finance Center
Venue: Nurimaru APEC House in Busan, South Korea
The Momentum for Economic Recovery Still Needs to be Strengthened, and Incentives for All Entities Need Improving
Date: August 20, 2024
In July, export growth slowed compared to the previous month amid global manufacturing volatility and increasing international uncertainties. Local infrastructure development remained sluggish, and the real estate sector continued to struggle. Although consumer spending saw a modest increase, its sustainability remains uncertain. Industrial product prices continued to fall and consumer prices stayed low. These challenges were further underscored by negative growth in public budget revenue, lower monthly consumption in first-tier cities, and a decrease in M1 money supply, signaling a broader downturn in economic prosperity. In response, it is essential to address the systemic adverse effects of sustained low prices, closely monitor shifts in micro-incentives, and swiftly enhance primary entity incentives to stimulate sustained economic recovery.
The foundation for economic recovery requires further strengthening.
Over the same period, the manufacturing PMI dipped to 49.4%, signaling ongoing contraction, while the non-manufacturing activity and composite PMI output indexes slipped to 50.2%, reflecting growth deceleration. In the manufacturing sector, the production index fell to 50.1%. The service industry also saw a decline, with the business activity index falling to 50.0%. However, in sectors closely related to travel and consumption, such as railway and air transport, the business activity index remained robust, staying above 55.0%. In contrast, the construction industry's business activity index declined to 51.2%.
External demand turbulence slowed export growth.
Global manufacturing shifts and rising international uncertainties dampened export growth in July compared to the previous month. Regionally, while exports to Europe and the US increased, shipments to ASEAN, South Korea, Japan, and other Asian economies declined. By category, technology-intensive goods outperformed labor-intensive goods. On one hand, a resurgence in global demand for consumer electronics boosted exports along the computer and electronics supply chain. On the other hand, waning demand related to international events like the Paris Olympics reduced labor-intensive product exports.
Exports supported the overall stability of the industrial sector.
In July, the added value of the industrial enterprises above designated size eased by 0.1 percentage points to 5.9% compared to the previous month. Overall, exports remained the primary growth driver, with the cumulative growth rate of export delivery values for these enterprises increasing monthly since the beginning of the year. In July, export delivery values grew by 6.4% year-on-year, surpassing June’s growth rate. The electronics sector, a major export industry, experienced accelerated year-on-year growth in export delivery value, providing significant support. The automotive industry also maintained double-digit export delivery value growth for eight consecutive months. Additionally, the general and specialized equipment and chemical industries reported double-digit growth in export delivery values, possibly due to front-loading exports.
Multiple factors slowed investment growth.
From January to July, investment grew by 3.6%, a decrease of 0.3 percentage points compared to the first half of the year. A closer look at the sectors reveals that investment in manufacturing, infrastructure, and real estate slowed relative to the first half of the year. Infrastructure investment growth fell to 4.9% year-on-year due to the slow issuance of new special bonds and challenges in local government financing. Despite supportive policies, few cities experienced a market rebound, with housing prices remaining sluggish and homebuyers adopting a strong wait-and-see attitude.
A low base led to a rebound in consumer spending growth.
Retail sales growth rebounded due to a lower base compared to the same period last year, as well as a boost from summer travel and consumption-boosting policies. In July, the year-on-year increase rose by 0.7 percentage points to 2.7% compared to June. However, declines in overall income and wealth led to a heightened saving preference among residents, keeping consumer spending growth for enterprises above the designated size sluggish, with a growth rate of only -0.1%. Amid the summer travel season, the potential for service consumption continued to be unleashed. From January to July, service retail sales grew by 7.2% year-on-year, outpacing the growth of goods retail sales during the same period.
The persistent decline in prices needs to be reversed promptly.
From January to July, the year-on-year decline in the Producer Price Index (PPI) narrowed by 0.1 percentage points from the first half of the year, reaching -2.0%. Insufficient market demand and falling prices for some international bulk commodities contributed to a continued decline in the July PPI, with both month-on-month and year-on-year growth figures falling at the same rate as the previous month. The main drivers of the PPI drop were falling prices in the ferrous metals, non-metals, and equipment manufacturing industries. On the Consumer Price Index (CPI) front, high temperatures and rainfall drove up the prices of fresh vegetables and eggs, while strong summer travel demand increased the cost of flights and accommodation. As a result, the CPI increased by 0.5% year-on-year in July, with pork prices surging by 20.4%, significantly contributing to the rise.
Zhuang Zhuohao
Research Associate
Research Focus
Macroeconomics, Regional Economics, Guangdong-Hong Kong-Macao Greater Bay Area, Industrial Planning, and Urban Development
Education
Master of International Economics, Jinan University
Projects
Study on Creating New Growth Points for Hong Kong's Economy, 2023
Study on Hong Kong's International Competitiveness, 2023
Singapore's Development Experience: Insights and Strategies for Advancing the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area, 2023
Study on Dongguan Marina Bay New Area's Integration into the New Round of Development of the Guangdong-Hong Kong-Macao Greater Bay Area, 2023
Study on the Development Map of Key Industries in the Guangdong-Hong Kong-Macao Greater Bay Area, 2023
Series of Studies on the Economic Development of International and Domestic Advanced Cities and Their Implications for Shenzhen, 2023
Optimization of Qianhai's Industrial Development Special Funds Policy, 2023
Study on Participation Shenzhen's State-owned Enterprises in Shenzhen-Hong Kong Cooperation, 2023
Preparation of the Plan for the Shenzhen-Hong Kong Advanced Manufacturing Cooperation Zone and the Shenzhen-Hong Kong Generic Technology Platform for Intelligent Manufacturing, 2023
"Six in One" Development Research in Yinzhouhu West Bank Jiangmen, 2023
Study on Major Issues of Integration and Coordinated Development Among the Nine Mainland Cities in Guangdong-Hong Kong-Macao Greater Bay Area, 2022
Case Studies on the Cooperation Model and Institutional Innovation of the Construction of Guangdong-Hong Kong-Macao Greater Bay Area, 2022
Study on the Conditions and Implementation Approaches for Building Hong Kong into an International Innovation and Technology Center, 2022
Major Achievements and Primary Experience of "One Country, Two Systems" in Hong Kong Economy, 2022
Study on Industrial Development and Talent Demand of Nine Mainland Cities in Guangdong-Hong Kong-Macao Greater Bay Area and Development Opportunities for Hong Kong Professionals, 2022
Study on the Development Strategy of Northern Metropolitan Area of Hong Kong and Supporting Hong Kong's Integration into the Development of Guangdong-Hong Kong-Macao Greater Bay Area, 2022
An In-depth Investigation of Industrial Planning of Core Area of Yinhu Bay Binhai New Area Jiangmen, 2022
Study on the Strategy and Path of Strengthening Industrial Cooperation Between Shenzhen’s Baoan District and Hong Kong Under the New Situation, 2022
Contact
Email: zhuang@cdi.org.cn
tel: +86-755-2512 1995
Zhuang Zheng
Research Associate
Research Focus
Macroeconomics, Finance, and Business Strategy
Education
Master of Economics, University of Glasgow
Projects
China Entrepreneurship and Innovation Financial Index, 2023
Study on Chinese Cities' Sci-Tech Finance Index, 2023
Special Study on Overseas Layout of Shenzhen SEZ Construction Group Under the New Development Pattern, 2023
Study on the Construction of Shenzhen Agricultural Power Group's Regulation and Control System, 2023
The 14th China Financial Center Index Report (CFCI 14) Featuring Chongqing, 2022
Study on Customer Service Quality Evaluation of Bank of China (Shenzhen Branch), 2022
Contact
Email: zhuangzheng@cdi.org.cn
tel: +86-755-8228 7606
Yu Weiyi
Research Associate
Research Focus
Blue Economy, Investment, Macroeconomics, Regional Economics, Industrial Planning, Renewable Energy, and Digital Economy
Education
Master of Science, University of Southern California
Bachelor of Economics, Hefei University of Technology
Projects
Shenzhen's Marine Industry Investment Strategies and Implementation, 2023
Promoting the Ecological Construction of Green and Beautiful Dongguan - Exploring the Development Path of "Water Economy" in Cities, Towns, and Villages, 2023
Study on the Development of the Container Yard Industry in Shenzhen Port, 2023
Report on the Development of Shenzhen Marine Industry in 2022, 2022
Contact
Email: weiyiyu@cdi.org.cn
Yu Hongjie
Research Associate
Research Focus
Macroeconomics, Belt and Road Initiative, Opening-Up Policy, Regional Economics, Logistics, Trade, and Industrial Planning
Education
Master of International Business, Hunan University
Projects
Study on the Construction Plan of the China-Latin America Local Economic and Trade Cooperation Center, 2023
Port-Industry-City Integrated High-quality Development Planning of Liaobin Coastal Economic and Technological Development Zone, 2023
Industrial Planning of Shenzhen-Hong Kong Advanced Manufacturing Cooperation Zone (Fuhai Area), 2023
Study on Shenzhen-Hong Kong Cross-border Waterway Transport, 2023
Study on Top-level Planning of New Land-sea Passage in Northeast China, 2022
Study on Logistics Industry Development Planning of Yantian Port Group, 2022
Study on the 14th five-year plan of trade logistics development of Qianhai Shenzhen, 2021
Contact
Email: yhj@cdi.org.cn
tel: +86-0755-25509173
Yang Xing
Research Fellow
Research Focus
Belt and Road Initiative, Regional Economics, Special Economic Zone, Industrial Planning and Investment
Education
Ph.D. in Economics, Kyoto University
Master of Economics, Kyoto University
Projects
Study on the Top Ten Future Industry Directions of the Guangdong-Hong Kong-Macao Greater Bay Area, 2023
Study on the Development Strategy of the Hong Kong-Zhuhai-Macao Bridge Economic Zone, 2023
Study on Implementation of Free Trade Zone Enhancement Strategy, 2023
Comprehensive Study on the Application for Establishment of the China (Xinjiang) Pilot Free Trade Zone, 2023
Conceptual Planning of Nanning (Shenzhen) ASEAN Industrial Cooperation Zone (Enclave Park), 2023
Construction Implementation Plan for China (Xinjiang) Pilot Free Trade Zone, 2023
Comprehensive Consulting Services Project for the 12th Division of Xinjiang Production and Construction Corps, 2023
Study on Promoting Cooperation with Shenzhen's "20+8" Industrial Clusters for Guang'an Sichuan, 2023
Study on the Training, Evaluation, and Collaborative Innovation Path for Outstanding Engineers in Shenzhen, 2023
Study on the Classification, Grading, and Funding Mechanism for the Renovation of Urban Old Residential Quarters in Shenzhen, 2023
Consulting for Mid-term Evaluation of the "14th Five-Year" Strategic Plan of Shenzhen SEZ Construction Group, 2023
Study on the Strategy to Build a Major Strategic Platform in the Bay Area to Better Coordinate with Hong Kong and Macao with an International Vision for Nansha District Guangzhou, 2022
Study on the Implementation Scheme of Horgos Area in China (Xinjiang) Pilot Free Trade Zone, 2022
Study on Exploring and Innovating Financial Policies to Support Old Residential Quarters in Shenzhen, 2022
Contact
Email: yangxing@cdi.org.cn
tel: +86-755-8247 1430
Xue Yangqin
Research Associate
Research Focus
Guangdong-Hong Kong-Macao Greater Bay Area, Finance, International and Regional Studies
Education
Master of Economics, Hunan University
Bachelor of English Literature, Nanjing University of Aeronautics and Astronautics
Projects
Study on Hong Kong's International Competitiveness, 2023
Study on Creating New Growth Points for Hong Kong's Economy, 2023
Study on Participation Shenzhen's State-owned Enterprises in Shenzhen-Hong Kong Cooperation, 2023
Singapore's Development Experience: Insights and Strategies for Advancing the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area, 2023
Study on Dongguan Marina Bay New Area's Integration into the New Round of Development of the Guangdong-Hong Kong-Macao Greater Bay Area, 2023
"Shenzhen: A Global Bay Area in the Spotlight" Think Tank Project, 2023
Study on the Integration of Shenzhen-Hong Kong Sci-Tech Resources and Cooperation Models for Sci-Tech Industries, 2023
Study on Major Issues of Integration and Coordinated Development Among the Nine Mainland Cities in Guangdong-Hong Kong-Macao Greater Bay Area, 2022
Case Studies on the Cooperation Model and Institutional Innovation of the Construction of Guangdong-Hong Kong-Macao Greater Bay Area, 2022
Studies on the Implications of the Development Experience of International and Domestic Progressive Cities to Shenzhen, 2022
Study on Industrial Development and Talent Demand of Nine Mainland Cities in Guangdong-Hong Kong-Macao Greater Bay Area and Development Opportunities for Hong Kong Professionals, 2022
Study on the Strategy of Coordinating with the Northern Metropolitan Area of Hong Kong, 2022
Strategies for Zhuhai's Construction of "Golden Inner Bay" in the Pearl River Estuary, 2022
Hong Kong's Economic Situation and the Development of China Merchants Group's Real Estate and Shipping Industries in Hong Kong, 2021
The 14th Five-Year Plan for the Development of Modern Service Industry in China-ROK (Changchun) International Cooperation Demonstration Zone, 2021
Study on Zhuhai’s Talent Scheme in the 14th Five-Year Plan Period, 2021
Contact
Email: xue@cdi.org.cn
tel: +86-755-82471328
Xu Dapeng
Research Associate
Research Focus
Macroeconomics, Belt and Road Initiative, Logistics and Trade
Education
Master of Laws, Jilin University
Projects
Study on the Construction Plan of the China-Latin America Local Economic and Trade Cooperation Center, 2023
Special Study on Supply Chain and Foreign Trade Work of State-owned Enterprises in Shenzhen, 2023
Study on Regional Supply Chain for China Merchants Port Holdings Company Limited, 2022
Study on Guangzhou Port Logistics Development Planning, 2022
Study on High-Level International Economic and Trade Investment Cooperation along the Belt and Road Initiative, 2021
Study on the Macro Ecology of India's Electronic Information Technology Industry, 2020
New Infrastructure, New Opportunities: White Paper on China’s Smart Economy Development, 2019
Contact
Email: xudp@cdi.org.cn
tel: +86-755-2550 6525
Wu Jinyuan
Research Associate
Research Focus
Opening-Up Policy, Guangdong-Hong Kong-Macao Greater Bay Area, Innovation-Driven Growth, Regional Economics, Urbanization Industrial Planning, and Industrial Park
Education
Master of Economics, Duke University
Bachelor of Economics in International Trade and Economics, Central University of Finance and Economics
Projects
Study on Shenzhen's Strategic Path to Build an Open Economic System at a Higher Level, 2023
Study on Guangdong Province's Strategy of Constructing a New System for Higher-Level Open Economy, 2022
Study on the Strategic Path for Huadu District to Build a New Growth Pole in Guangzhou, 2022
Contact
Email: jinyuan_wu@cdi.org.cn
tel: +86-755-8241 0977
