A bird's-eye view of the CBD near Hangzhou's Qiantang River. [Photo/WeChat account: hzstcj]

The latest Global Financial Centers Index (GFCI), jointly released by UK think tank Z/Yen Group and the China Development Institute (Shenzhen), shows Hangzhou making the largest jump in ranking among all financial centers in Asia.

Hangzhou's score rose by 22 points to 689, raising it nine places to 63rd globally. It is now the fastest-rising financial center among the 12 Chinese mainland cities on the list.

The GFCI evaluates major global financial hubs based on factors such as business environment, human capital, infrastructure, financial sector development, and reputation.

According to the report, Hangzhou's strong fintech industry was a key driver of its improved performance. Known as the capital of China's digital economy, the city is home to leading tech firms like Alibaba and boasts a vibrant private economy that fosters innovation and attracts high-level financial talent.

The growth of internet finance, diversified capital markets, and supportive government policies have further boosted Hangzhou's position as an emerging global financial hub.

Established in 2007, the GFCI is one of the most authoritative indices tracking the competitiveness of financial centers worldwide.

Hangzhou strives to create a friendly business environment. [Photo/IC]