Report shows gap between Asian and Western financial hubs is narrowing

The wide gap in financial development between cities in Asia-pacific region and traditional financial centers in the west is narrowing, according to a recent report.

The latest Global Financial Centers Index shows that of the top 20 financial centers across the world, those from the Asia-pacific region accounted for more than one third, with Hong Kong occupying the fourth position.

Shanghai ranked the 13th, up three spots from the previous ranking, while Beijing advanced 10 spots to number 16th.