Shanghai has ranked 5th on the list of top Global Financial Centres, a recent report revealed.

SHINE reports that according to the Global Financial Centres Index (GFCI 25), Shanghai overtook Tokyo, although the Japanese capital acquired 10 points.

The index was co-published by the China Development Institute (CDI) in Shenzhen and Z/Yen Partners, a London-based market research company.

New York, London, Hong Kong and Singapore were the other cities forming part of the top 5 rankings, from first to fourth place respectively.

Following Shanghai, the remaining countries in the top 10 ranked as follows: Tokyo in 6th, Toronto in 7th, Zurich in 8th, Beijing in 9th and Frankfurt in 10th.

The list has expanded to 102 this year, with Asia/Pacific areas dominating the rankings. Nine Chinese cities made it on the list, with secondary financial centres such as Chengdu and Dalian beginning to work their way up too.

A total of 133 instrumental factors across five categories were taken into account to form the rankings; being the business environment, human capital, infrastructure, financial sector development and reputation.

The measures were provided by third parties such as the World Bank, The Economist Intelligence Unit, the OECD, and the United Nations.

Shanghai has consistently ranked among the top global financial cities, indicating its strength, continued growth and stability of financial policies.

The city is continuously working towards becoming a centre of international finance by 2020, with local government officials praising Shanghai’s success at serving the country’s financial reform. The city aims to further attract foreign investors and enhance its business landscape, among other key goals.

The index, which is a renowned indicator for policy and investment decisions, has been published for twelve years and is updated every March and September.