SHANGHAI, July 11 ( Xinhua) -- Hong Kong, Shanghai and Beijing are more active as international financial hubs, as Asia-Pacific region now plays a more important role in the global economic development, according to a report released by China Economic Information Service (CEIS) on Wednesday.
The report ranks international financial centers comprehensively from five dimensions, including the development level of the financial sector, the economic performance of the city, performance of industries in the city, the level of services the city provides, and the national environment.
London surpassed New York for the first time in eight years to rank first on the list as the old-brand financial center shows its competitiveness in innovation. European financial hubs performed better as the whole region, according to the report.
Hong Kong, Shanghai and Beijing rank third, fifth and tenth, respectively. The three Chinese cities ranked top ten on the list, showing the country’s increasingly prominent role in the Asian and global financial sectors.
Shanghai, with the total amount of financial market transactions reaching 1,428 trillion yuan (about 214 trillion U.S. dollars) in 2017, has attracted more multinational players.
Singapore ranked sixth on the list. The rankings reflect the important role of the Asia-Pacific region as it drives the global economic development.
CEIS, a wholly-owned company of Xinhua News Agency, has released the Xinhua International Financial Center Development Index Report annually for eight consecutive years. (Contributed by Chen Aiping)