First Time Ever! Chengdu Makes It onto GFCI List

Authors: Jay Liu; Photographer: Liu Zhao

2017-09-25

The 22nd Global Financial Centre Index (GFCI) was issued simultaneously in Chengdu and Abu Dhabi September 11.
Chengdu, for the first time, made a remarkable entry into the GFCI rankings, ranking 86th out of 92 competitors globally, which makes it the first city in western China to be on the list.
As the world's most authoritative comparison of the competitiveness of the world's leading financial centers, the Global Financial Centers Index (GFCI) was initiated by the Z/Yen Partners in 2005. Published on a bi-annual basis, it is based on inputs provided by thousands of financial services professionals worldwide through an online questionnaire, and widely quoted as a source for ranking financial centers. As a world-leading comprehensive index system, GFCI takes plenty variables into count, such as business environment, human resources, reputation, infrastructure, and financial advancement, in order to fully assess a city's comprehensive strengths and competitive edge in the financial sector.
According to Mr. Michael Mainelli, Executive Chairman of the Z/Yen Group, the cities enrolled on the GFCI list fall into multiple categories, including world-leading financial center and specialized financial center. Chengdu belongs to the latter category. Mr. Mainelli noted that as the first city in western China on the list, Chengdu is full of potential and offers a lot to look forward to. In the future, it should make full use of the Belt and Road initiative and its advantages as a regional central city in western China, and step up its efforts to develop infrastructure and financial education, as well as diversify the financial market.
Debuting on the GFCI list fully shows Chengdu's prominent progress in the financial industry and increasing global influence, said Mr. Mainelli. According to statistics from Chengdu municipal finance administration, in the first half of 2017, the city's added value of the financial sector reached RMB75.5 billion, 9.6% higher than the same period of last year. Currently, there are 1,950 financial institutions and intermediary organs, including 84 banking institutions, 87 insurance companies, 301 securities and futures agencies, over 420 micro loan, lease and financing service providers, 850 accounting firms and insurance brokers, as well as over 170 financial back-office services and outsourcing service providers.

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