Issue 39 of the Global Financial Centers Index Released: Hong Kong and Shenzhen Fintech Remain in the Top Two Worldwide

On March 26, the British think tank Z/Yen Group and the China (Shenzhen) Comprehensive Development Research Institute released the “39th Global Financial Centers Index Report (GFCI 39).” The index evaluates and ranks major global financial centers based on aspects such as business environment, human capital, infrastructure, financial industry development level, and reputation. This edition of the GFCI report includes 120 financial centers, with the top ten ranked as follows: New York, London, Hong Kong, Singapore, San Francisco, Shanghai, Dubai, Seoul, Shenzhen, and Tokyo.

Data shows that the development expectations for global financial centers have weakened, leading to a decline in overall scores. After a continuous increase in the average score of global financial centers over the past two editions, this edition saw a decrease, with an overall average score drop of 1.82%. The Latin America and Caribbean region experienced the largest decline, at 2.5%, while the Central and Eastern Europe region had the smallest decline, at just 0.56%. It should be noted that the data collection period for this index predates the recent outbreak of conflicts in the Middle East, and the subsequent outcomes of the conflict may have potential impacts on the stability of the top financial centers in the index. Compared to the previous index, this edition saw 56 financial centers rise in rank, 12 remain unchanged, and 52 decline.

The rankings of the top five financial centers remain consistent with the previous edition, while there are some changes in the rankings of the centers from sixth to tenth. The top financial centers can currently be divided into two tiers: the first tier includes New York, London, Hong Kong, and Singapore, with only a 1-point score difference among these major financial centers. The second tier consists of San Francisco, Shanghai, Dubai, Seoul, Shenzhen, and Tokyo, with a 20-point overall score difference from the first tier, while the score difference among these financial centers has also narrowed to 1 point, indicating fierce competition among the top financial centers.

It is noteworthy that in the sub-ranking categories, Shanghai and Shenzhen ranked in the global top 15 in all five aspects: business environment, human capital, infrastructure, financial industry development level, and reputation, with Shanghai’s financial industry development level ranking fifth globally, while Shenzhen ranked fifth in the infrastructure category.

Additionally, the GFCI conducted a special assessment of the fintech development levels of 116 financial centers, maintaining a stable leading pattern, with Hong Kong continuing to hold the top position, followed closely by Shenzhen and New York. Financial centers in China and the United States continue to perform strongly, with five slots each in the top twenty financial centers, reflecting the significant advantages gained from sustained investments in the fintech sector by both countries.