Shanghai has remained third place, behind London and New York, in the annual Xinhua International Financial Center Development Index.
The Xinhua International Financial Center Development Index Report (2022), which was released on December 30, shows that New York, London and Shanghai have maintained their top three positions for a third year in a row.
According to the report, the regional distribution of international financial hubs is closely tied to the growth of the world's financial and economic systems.
Six of the top 10 cities are in Asia, three in Europe, and one in the Americas, demonstrating the growing importance of Asia in the global financial system.
Li Yi / SHINE
In general, the list is consistent, with less fluctuation in the rankings than in prior years. A total of 27 out of the 45 sample cities keep their previous placements, and 15 cities marginally move (up or down by only one or two positions).
China, a driving force behind global economic expansion, has enjoyed a rapid growth of its financial center cities. Four Chinese cities make up the top 10, all of which remain the same from the previous two years: Shanghai comes in third, Hong Kong in fourth, Beijing in seventh, and Shenzhen in ninth.
The international financial center of Shanghai has grown rapidly over the last 10 years, according to the data. The added value of Shanghai's financial sector as a percentage of GDP went from 11 percent to 18 percent between 2012 and 2021, while the market's overall turnover rose from 528 trillion yuan (US$75.97 trillion) to 2.511 quadrillion yuan.
The city's banking assets and bank loans both increased by more than 140 percent throughout the 10-year period. Insurance density increased from 3,421 yuan per person to 7,917 yuan per person, while insurance depth increased from 4.08 percent to 4.56 percent.
In 10 years, the Shanghai Stock Exchange's market size has increased by nearly two times. It has moved up the global rankings, from third to eighth. Shanghai's bond market, on the other hand, has raised about 34 trillion yuan cumulatively, making it the largest exchange bond market in the entire globe.
Launched by Xinhua Index in 2010, the Xinhua International Financial Centers Development Index Report aims to serve as a resource for encouraging the efficient distribution of global financial resources, advancing the scientific advancement of the centers, and advancing the orderly reconstruction of global financial order.
Source：Shanghai Daily
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