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International Finance Center (IFC) is a city or region that gathers a large number of financial institutions and related service industries, and comprehensively concentrates on international capital lending and borrowing, bond issuance, foreign exchange transactions, insurance and other financial services.
It is a city that can provide the most convenient international financing services, the most effective international payment and clearing system, and the most active international financial trading place. A complete financial market, a highly intensive service industry, and a radiant influence on the surrounding areas and even the world are the basic characteristics of an international financial center.
On September 24, 2021, the Z/Yen Group (UK) and the China (Shenzhen) Institute of Comprehensive Development Research (CICDR) jointly released the 30th edition of the Global Financial Centers Index (GFCI) report, in which Hong Kong's overall ranking has risen by one place to the world's third position compared with that in March 2021, according to which Hong Kong is ranked as the world's largest financial center.
New York topped the GFCI, the third consecutive year the city has been ranked first, according to the report. London came in second, with Hong Kong, China and Singapore in third and fourth place.
Meanwhile, there was an overall decline in the ranking of financial centers in mainland China, with Shanghai dropping from third to sixth, Beijing from sixth to eighth, Shenzhen from eighth to 16th, and Guangzhou from 22nd to 32nd.