New York City, London, and Shanghai, occupy the top three positions in the latest ranking of international financial centers released on Thursday during the 2021 Annual Conference of Financial Street Forum in Beijing.

The ranking is based on the "Xinhua·International Financial Centers Development Index" (XH·IFCDI) and compiled by China Economic Information Service (CEIS) of Xinhua News Agency.

According to Cao Zhanzhong, general manager of the CEIS's information department, XH·IFCDI, and the Global Financial Centers Index (GFCI), initiated by the British think tank Z/Yen Group, together constitute a benchmark system for evaluating global financial centers.

"This system pays attention to the continuity and stability of indicators and reduces the cognitive bias that subjective sentiment surveys may give rise to," Cao said.

The XH·IFCDI evaluation shows that financial centers in the Asia-Pacific region are on the rise. "In particular, Shanghai, Beijing, and Shenzhen, demonstrate a robust growth momentum and stronger resilience," Cao said.

Cao emphasized Beijing's enormous potential in its financial development. "Beijing boasts high-quality financial resources, huge financial assets, and an improved multi-tiered capital market. The newly-established Beijing Stock Exchange will provide substantial financial support for innovation-oriented small- and medium-sized enterprises," he explained.

The ranking evaluated 45 financial centers around the globe. Below are the top 10:

10. Frankfurt, Germany