Shanghai has climbed to the fifth position globally in a financial centers index published by British and Chinese think tanks recently.

Released jointly by London-based think tank Z/Yen Group and the China Development Institute in Shenzhen on Sept 16, the latest Global Financial Centers Index Report assessed 117 financial centers around the world, based on criteria including business environment, human capital, infrastructure, financial sector development, and reputation.

According to the report, New York, London, Hong Kong, Singapore, and Shanghai were the top five financial centers, followed by Tokyo, Seoul, Shenzhen, Dubai, and Zurich. Asia-Pacific cities accounted for six of the world's top 10 financial centers.

The report also ranked financial centers for their fintech services. Hong Kong retained first place, followed by New York, Shenzhen, Singapore, Shanghai, and London.

Respondents identified an innovation-friendly ecosystem or industry cluster, access to finance, and the availability of highly skilled talent as key factors in building a competitive fintech sector. The regulatory environment and information and communications technology infrastructure were also considered important.

The GFCI Report is released in March and September every year since 2007.

Source: Yicai