On March 26th, the latest Global Financial Centers Index (GFCI 27) produced by CDI (Shenzhen) and Z/Yen Group for the City of London Corp., was published online.

According to the latest ranking, Shanghai, Hong Kong, Beijing, Shenzhen and Guangzhou are China's top five financial centres, 3 of which are core cities of the Greater Bay Area.

Shanghai ranked 1 place higher than the previous report, ranking 4th; Hong Kong ranked 3 places lower, ranking 6th; there was no change for Beijing still ranking 7th; Shenzhen ranked 2 places lower, ranking 11th; Guangzhou ranked 4 places higher, making the top 20 at number 19.

Guangzhou ranked 7th in terms of financial technology among global financial centers, following Beijing, Shanghai, Shenzhen.

Yu Lingqu, deputy director of the finance and modern industry research office of CDI (Shenzhen), explained that the average score of the top five cities in the Asia-Pacific region is higher than that of other regions. As for cities on the Chinese mainland, Beijing, Shanghai, Shenzhen and Guangzhou are heading upward overall, while other financial centres have seen significant fluctuation in their standings.

New opportunities for Guangzhou's financial industry

Guangzhou has completed a diversified layout for the capital market. There were 20 newly listed enterprises this year, which was the highest number in history.

A number of financial institutions including the south center for the Shanghai Stock Exchange, the Guangzhou service base of Shenzhen Stock Exchange and Guangdong Equity Exchange have located themselves in the city.

Ren Zhihong, director of the financial research office of the Guangdong Academy of Social Science believes that, "Guangzhou has the best business environment in China, and has made significant progress in financial service for real economy, constructing financial hub and preventing financial risks."

Ren added that Guangzhou should further promote differentiated development in terms of integration of finance and real economy to stand out from other financial hubs.

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Authors: Will, Zoey

Editor: Simon