Shanghai ranks high in financial power

Shanghai ranked 16th in the 20th Global Financial Centers Index released on Monday, becoming the highest ranked Chinese mainland city and showing its rising competitiveness in the global financial sector.

In the new ranking, which was also released for the first time in Shanghai, the top four cities are London, New York, Singapore and Hong Kong, while other cities in China including Shenzhen, Beijing, Qingdao and Dalian are also shown on the list.

The Asia-Pacific region, with more cities performing well in the financial sector, is expected to play more important role in the list in the future.