The 39th Global Financial Centers Index announced: Asia-Pacific takes six of the top ten spots, with 12 cities from Mainland China on the list. Chengdu's financial technology jumps to the 12th position globally.

China Daily Reporter｜Zhang Yi
China Daily Editor｜Zhang Yiming

On March 26, the Z/Yen Group, a UK think tank, and the China Institute for Comprehensive Development Studies (China · Shenzhen) released the 39th Global Financial Centres Index (GFCI 39) simultaneously in London, UK, and Shenzhen, China. A total of 120 financial centers were included in this edition’s shortlist.

The report shows that the world’s top ten financial centers this time, in order, are New York, London, Hong Kong, Singapore, San Francisco, Shanghai, Dubai, Seoul, Shenzhen, and Tokyo. Among them, the Asia-Pacific region occupies six seats within the top ten, and Tokyo returns to the top ten for the first time in four years. Mainland China has 12 cities on the list, and overall performance remains steady. Shanghai, Guangzhou, Qingdao, and Chengdu moved up in the rankings, while Hangzhou, Dalian, Nanjing, and Tianjin saw declines to varying degrees.

Worth noting is that among financial centers ranked in the top 20 of the financial technology (fintech) special ranking, Mainland China accounts for 5 seats. Chengdu stands out in particular: its rank rose by 4 places to become the global No. 12. It is not only the Mainland city that advanced fastest among the fintech special ranking’s top 20, but its overall ranking has also reached a new high.

Asia-Pacific continues to lead, with Tokyo returning to the top ten

The Global Financial Centres Index (GFCI 39) this time evaluates and ranks major global financial centers based on factors including the business environment, human capital, infrastructure, the level of development of the financial industry, reputation, and more. A total of 120 financial centers are included.

Compared with the previous edition, this edition sees 56 financial centers move up in rank, 12 remain unchanged, and 52 decline. However, global financial centers’ outlook for development has weakened somewhat: the overall average score fell by 1.82% compared with the previous edition.

Image source: 39th Global Financial Centres Index Report (GFCI 39)

In addition, this edition of financial centers’ development also shows trends and characteristics such as intensified competition among top financial centers and ongoing outperformance by leading financial centers in Asia-Pacific over North America.

Among the top five financial centers, the rankings remain the same as the previous edition. From ranks sixth to tenth, the rankings have changed to some extent versus the previous edition. In this edition’s ranking, Shanghai and Dubai rose by 2 places and 4 places, respectively, taking positions sixth and seventh. Tokyo rose by 5 places to the tenth spot, returning to the list of the world’s top ten financial centers again after four years.

According to the index report for this edition, top financial centers can currently be divided into two tiers. The first tier consists of New York, London, Hong Kong, and Singapore. Among these major financial centers, the gap in scores is only 1 point. The second tier includes San Francisco, Shanghai, Dubai, Seoul, Shenzhen, and Tokyo. The overall score gap between this tier and the first tier is 20 points, while the gaps between these financial centers within the tier are also shortened to 1 point.

From a regional perspective, Asia-Pacific has six financial centers among the top ten on the list, continuing to outpace North America and Western Europe. Specifically, Shanghai, Seoul, and Tokyo rose by 2, 2, and 5 places, respectively, while Chicago and Los Angeles in North America fell out of the top ten. The report notes that the data collection time for this edition’s index is earlier than the outbreak of recent conflicts in the Middle East, and subsequent changes in the geopolitical situation may have potential impacts on the stability of top financial centers.

Mainland cities remain steady overall, with Chengdu’s fintech ranking hitting a new high

A total of 12 Mainland China cities entered this edition’s index list, and overall they remained stable.

Looking at leading cities: Shanghai rose by 2 places to become global No. 6, Shenzhen maintained global No. 9, and Beijing remained global No. 22.

Meanwhile, several Mainland cities achieved rank increases: Guangzhou rose by 3 places to global No. 30, Qingdao rose by 2 places to global No. 33, Chengdu rose by 1 place to global No. 37, Wuhan rose by 5 places to global No. 71, and Xi’an rose by 3 places to global No. 79.

Image source: 39th Global Financial Centres Index Report (GFCI 39)

In the sub-rankings, Shanghai and Shenzhen each placed within the global top 15 in all five indicators: business environment, human capital, infrastructure, the level of development of the financial industry, and reputation. Among them, Shanghai’s level of development of the financial industry ranks fifth globally, and Shenzhen ranks fifth globally in the infrastructure domain.

In addition, the GFCI conducted a special assessment of the fintech development levels of 116 financial centers. The results show that “the top fintech players’ landscape is stable, and the regional diversification characteristics are highlighted.”

From the top-end pattern, Hong Kong’s fintech ranking continues to remain No. 1, followed closely by Shenzhen, New York, Singapore, and London. Among the financial centers ranked in the top 20 for fintech, Mainland China has five cities on the list. Apart from Shenzhen staying at global No. 2, Shanghai rose by 1 place to global No. 6, Guangzhou rose by 2 places to global No. 8, Chengdu rose by 4 places to global No. 12, and Beijing remained at global No. 14.

Image source: 39th Global Financial Centres Index Report (GFCI 39)

Worth noting is that Chengdu has not only achieved rank increases in both “overall competitiveness” and “fintech,” but has also become the Mainland city that advanced the fastest among the top 20 of the fintech special ranking, with its fintech ranking reaching yet another new high.

In recent years, Chengdu’s fintech development has shown the characteristics of “policy guidance, platform support, and scenario-driven” development. It ranks among the top nationally in areas such as fintech R&D capability, the number of clustered enterprises, and the application of digital financial scenarios. In 2025, Chengdu’s whole-city gross domestic product reached CNY 2.48 trillion, up 5.8% year on year; among this, the financial industry grew by 6.5%.

Cover image source: China Daily Media Resource Library