BEIJING, Oct. 22 (Xinhua) -- Financial centers in the Asia-Pacific region have demonstrated significantly improved growth resilience, according to the 2021 Xinhua International Financial Center Development Index Report released during the 2021 Annual Conference of Financial Street Forum on Thursday.
The report, compiled and publicized by Xinhua-run China Economic Information Service (CEIS), depicts development of global financial centers from their financial markets, growths, pillaring industries, service level and comprehensive environment.
Since the start of compiling from 2010, the Xinhua International Financial Center Development Index (XH•IFCDI) has received close attention from financial regulators of global mainstream financial center cities and regional characteristic cities.
The report ranks New York, London and Shanghai as the top three global financial centers in terms of their influences.
The XH•IFCDI composes the benchmark appraisal system for cities as global financial centers together with the Global Financial Centres Index (GFCI), which is published by the British think tank Z/Yen Group and China Development Institute in Shenzhen.
Compared with GFCI, the XH•IFCDI values more continuance of indicators, objectiveness of data and stability of related achievements and weakens the weighting of mood volatility of subjective surveys.
Photo shows the releasing of the 2021 Xinhua International Financial Center Development Index Report during the 2021 Annual Conference of Financial Street Forum on Thursday.
Cao Zhanzhong, head of the Xinhua Indices department of CEIS, said that the analytic framework of the XH•IFCDI attaches great importance to growth and development of global financial centers and by growth paces, Shanghai, New York, London, Hong Kong and Beijing rank the top five global financial centers.
Despite the COVID-19 causes deep changes in the global value chain, the importance and function of digital economy, service trade, science and technology innovation have been rising and emerging growth drivers represent advantages that can not be ignored, highlighted Cao.
As the report tells, New York and London are still the most influential and competitive international financial centers and competitiveness of financial centers in Europe and the United States still outrun those in other areas on the whole.
Benefiting from robust economic growth potential, stable environment and diversified industries and talent reserves as well, Shanghai, Hong Kong, Beijing and other financial centers are catching more attention and favor from market participants at present. (Edited by Duan Jing with Xinhua Silk Road,duanjing@xinhua.org)
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