On the 16th, Z/Yen Group, a British think tank, and the China Development Institute (CDI) in Shenzhen jointly released the 40th Global Financial Centres Index (GFCI 40) simultaneously in London, UK and Shenzhen. Among the 117 financial centres evaluated in this edition, Qingdao was placed 31st, climbing two spots from the previous release. This marks the 20th consecutive time Qingdao has featured among the world’s top 50 financial centres.
The report identifies key competitive factors shaping international financial centres, including business environment, human capital, infrastructure, financial sector development and reputation. Within these pillars, Qingdao ranks 16th globally for financial infrastructure, up seven places; 22nd for reputation; and 28th for business environment.
Notably, Qingdao came 20th in the standalone fintech ranking, rising three positions. With Qingdao’s upward movement, six mainland Chinese financial centres now sit within the global top 20 for fintech in this release.
Yu Peng, Principal Research Fellow at the Institute for Financial Development and State-owned Capital & Enterprises, China Development Institute and one of the report’s authors, attributed Qingdao’s improved standing mainly to gains in social reputation, financial infrastructure and fintech.
“Judging by survey volumes and feedback from respondents across regions, those awarding high scores to Qingdao are primarily from the Asia-Pacific and North America. As China’s sole Wealth Management Financial Comprehensive Reform Pilot Zone approved by the State Council, Qingdao leverages national strategic platforms such as the SCO Demonstration Zone and China (Shandong) Pilot Free Trade Zone to accelerate the development of niche finance sectors including wealth management, venture capital and private equity, and digital finance. By H1 2026, Jinjialing Financial Zone had hosted over 1,500 financial and quasi-financial institutions. Three national bank wealth management subsidiaries manage products worth RMB 2.4 trillion, ranking among the nation’s highest, which left a deep impression on survey respondents,” said Yu Peng.
Openness has long defined the strengths of Qingdao’s financial sector. Data from the Qingdao Financial Regulatory Bureau shows the city is home to 15 foreign bank branches, the 6th largest number nationwide. As of end-August 2026, total assets of foreign banks operating in Qingdao stood at RMB 56.23 billion, a year-on-year increase of 6.05%, with business lines maintaining sound momentum.
As one of China’s hubs for concentrated opening-up policies, Qingdao has piloted bold reforms in cross-border investment and financing facilitation and financial liberalisation in recent years. It has won approval for more than 30 national-level financial innovation pilots, including the integrated local and foreign currency capital pool for multinational corporations, QDLP, pension wealth management, equity investment by financial asset investment companies, and M&A loans for tech enterprises, yielding replicable and scalable practices.
Data from the People’s Bank of China Qingdao Branch shows that on 15 July 2026, Qingdao fully launched its high-level opening-up pilot for cross-border trade. On launch day, 468 facilitation transactions totalling USD 88.6 million were processed. By end-June, the scope of multinational corporate treasury operations and integrated local and foreign currency capital pool pilots had expanded to 16 corporate groups covering 464 domestic and overseas affiliates, with a pilot business volume of USD 27.9 billion.
Qingdao’s financial sector continues to grow in scale and strength. At end-June, the outstanding balance of local and foreign currency loans across the city reached RMB 3.5 trillion, and deposits stood at RMB 3.3 trillion, rising 5.55% and 8.84% year-on-year respectively. Both growth rates were 0.45 and 0.64 percentage points higher than the national average.
Qingdao has delivered solid performance in the capital market this year. Four new domestic and overseas listed firms were added within the year, bringing the city’s total number of listed companies at home and abroad to 89, keeping Qingdao firmly in first place in Shandong Province.
First published in March 2007, the Global Financial Centres Index is updated twice annually in March and September. Widely regarded as a barometer for the development of international financial centres, the index draws extensive attention from the global financial community.
Editor: Fu Jun/ Wang Yulin
