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Finance: Gap between Asian and Western hubs is narrowing

The gap in financial development between cities in the Asia-Pacific region and traditional financial centers in the West is narrowing, according to a report. The latest Global Financial Centers Index shows that of the world's top 20 financial centers, those from the Asia-Pacific region accounted for more than one-third, with Hong Kong occupying fourth position. Shanghai ranked 13th, up three spots from the previous ranking, while Beijing advanced 10 spots to No 16. Sydney and Osaka moved forward three and two spots in the rankings respectively.