In a report released by the Institute of Finance and Banking of Chinese Academy of Social Sciences yesterday, Shanghai, tied with Tokyo, are ranked 5th among global financial centers.

The Chinese Financial Center Development Report (2010-2011) used the competitiveness of global financial centers in the latest Global Financial Centers Index, published by the City of London in September, for its study. Shanghai's ranking rose from 35 in 2009, while Beijing and Shenzhen came in at 15th and 17th respectively.

According to the report, the domestic financial service sector still lags behind those of developed economies. Financial services accounted for less than seven percent of GDP in 2009, while it was more than 22 percent for Hong Kong and 26 percent for Singapore. Globally, London and New York remained the top two financial cities in the world, with Hong Kong 3rd and Singapore coming in 4th.