Taipei climbs up to No. 30 in ranking of world financial hubs
CNASHANGHAI--Taipei rose six spots to 30th in a ranking of financial centers around the globe this year, according to the Xinhua-Dow Jones International Financial Centers Development Index (IFCD) published on Tuesday.
September 11, 2013, 12:11 am TWN
The index was launched by China's state-run Xinhua News Agency and the Chicago Mercantile Exchange (CME) Group in 2010 and evaluates cities worldwide on five indicators — financial market, growth and development, industrial support, services, and general environment.
Taipei improved to 30 among the 45 cities evaluated in this year's ranking, thanks to its gains in three areas. It leapt from 33 to 26 in industrial support, which refers principally to basic city conditions and city infrastructure.
The Taiwanese capital also jumped from 36 to 26 in services, which includes government services, intellectual capital and urban environment.
It rose from 33 to 29 in terms of general environment, referring to economic and political environments and openness.
The gains in these three areas offset losses in the other two fields. Taipei fell to 36 from 31 in financial market grading — which looks at a city's capital, foreign exchange, banking and insurance markets. The city also slipped from 27 to 32 in the growth and development rating.
New York topped all 45 cities in this year's evaluation, followed by London. Hong Kong took over from Tokyo in third place, which placed fourth. Singapore ranked fifth.
Shanghai placed sixth for the third straight year. Shanghai, which is home to a pilot free trade zone, surpassed the other 44 cities in its growth potential.
The Chinese coastal city, however, was out of the top 10 in the service and general environment criteria.
The Chicago-based CME Group jointly runs the company S&P Dow Jones Indices, which is best known for the two indices it produces — the Standard & Poor's 500 and the Dow Jones Industrial Average.