Shanghai ranked world's 5th best international financial center

Shanghai was ranked the world's 5th best international financial center for a second time in a row, according to a survey released today by China Economic Information Service under Xinhua news agency.

The survey compiled the ranking based on indicators including market size, growth, services and overall business environment.

London, New York, Hong Kong and Tokyo were the top four international financial centers ahead of Shanghai, while Beijing was 10th.

Shanghai has just unveiled new measures to further open its financial industry to foreign companies, including abolishing share limit for foreign-funded banks and financial asset management companies, and supporting foreign banks to issue more government bonds.