(Yicai) March 27 -- Shanghai has moved up two rungs to rank as the world's sixth-most competitive financial center in the latest list compiled by the China Development Institute and Z/Yen Group.

Shanghai scored 743 points, down from the previous 751, remaining the Chinese mainland’s highest-ranked city, according to the 39th edition of the Global Financial Centres Index released yesterday by the two think tanks.

Shanghai moved ahead of Chicago and Los Angeles, which dropped to 14th and 12th from sixth and seventh place, respectively.

The index, first launched in 2007, assessed 137 major global financial hubs based on their business environments, human capital, infrastructure, financial sector development level, and reputations. Twelve Chinese mainland cities were included.

Shanghai ranked eighth for business environment, 10th for human capital, sixth for infrastructure, fifth for financial sector development level, and seventh for reputation.

New York and London placed first and second with 767 and 766 points, both up a point. Hong Kong was third with 765, making it the highest-ranked Chinese city. Singapore was fourth with 764.

“There is little change in the ranking of the leading centres,” the report said. “The gap between the leading four centres is tight and only one rating point separates each of these centres.

“The data on which the index is based predates the recent conflict in the Middle East and the relative stability in the leading centres in the index may be affected by the outcome of those events,” it noted.

Almost all centers saw their rating drop, with the average figure down 1.8 percent, the report said.

San Francisco placed fifth with 744 points, Dubai placed seventh with 742, Seoul eighth with 741, and Tokyo 10th with 739. At ninth, Shenzhen was the only other Chinese mainland city in the top 10 with 740 points.

Among the other Chinese cities, Beijing ranked 22nd, Guangzhou 30th, Qingdao 33rd, Chengdu 37th, Hangzhou 62nd, Wuhan 71st, Dalian 74th, Xi'an 79th, Nanjing 92nd, and Tianjin 93rd.

Editors: Dou Shicong, Martin Kadiev