The coastal city of Qingdao, Shandong province ranked 47th in the recently-released Global Financial Centers Index (GFCI 28) report, up 52 places from the previous edition.

Jointly released by the Shenzhen-based China Development Institute and United Kingdom-based independent think tank Z/Yen Partners on Sept 25, the GFCI report is considered a valuable reference for policy and investment decisions.

The index included 111 financial centers from around the world, which were judged according to their business environment, human capital, infrastructure, financial sector, and reputation.

New York, London, Shanghai, Tokyo, Hong Kong, Singapore, Beijing, San Francisco, Shenzhen, and Zurich ranked as the world's top 10 financial centers.

The city of Qingdao emerges as a global financial center. [Photo/VCG]

Chinese mainland cities occupied 12 slots on the list, with Qingdao ranking sixth behind Shanghai, Beijing, Shenzhen, Guangzhou, and Chengdu and ahead of Nanjing, Xi'an, Tianjin, Hangzhou, Dalian, and Wuhan.

Qingdao has ranked among the top 50 global financial centers eight times since first making the list in March 2016.

The city is home the Qingdao Wealth Management Financial Comprehensive Reform Pilot Area, China's only wealth management financial zone, approved by the State Council in February 2014. The area has worked toward innovation in financial systems, supported the real economy, and facilitated Qingdao's efforts to develop a professional wealth management market.

As the COVID-19 pandemic brings complexity and uncertainty to global capital markets, the ongoing financial opening-up of Qingdao is making the city an increasingly attractive choice for world leading financial service providers.

In the first half of the year, the added value of the city's financial sector reached 41.73 billion yuan ($6.12 billion), up 7.8 percent year-on-year and 7.7 percentage points higher than its overall GDP growth.