(Yicai) Sept. 25 -- Shanghai, Shenzhen and Hong Kong have placed in the top 10 financial centers in the world, with both Shenzhen and Hong Kong climbing up the rankings while Shanghai slid, according to a recent survey.

Hong Kong ousted Singapore to rank third in the world, while Shanghai tumbled two spots to eighth and Shenzhen jumped two places to ninth, according to the Global Financial Centers Index published yesterday by British think tank Z/Yen Group and the China Development Institute.

New York and London are the two best financial hubs in the world, according to the index which ranks cities in terms of their business environment, human capital, infrastructure, financial industry development level, reputation and other factors.

They are followed by Singapore in fourth place, San Francisco in fifth, Chicago in sixth, Los Angeles in seventh and Frankfurt in 10th, the report said, which is published in March and September each year.

Although Hong Kong managed to outstrip Singapore for the first time in two years, the overall ranking of China’s financial hubs slumped as the country’s top financial centers face increased competition, according to the survey, which polled 121 metropolises.

Only two of China’s 12 financial centers scored higher in the index. But four Chinese financial hubs climbed up the rankings. In addition to Shenzhen and Hong Kong, Chengdu advanced four places and Wuhan by nine. Qingdao’s position remained unchanged. But the rankings of the other cities fell.

Geopolitical conflicts are the biggest concern for those working in finance. The average score of global financial centers dipped 0.42 percent after rising in the previous two reports. The regional score of Asia-Pacific financial centers fell by 0.56 percent, while that of those in North America slumped 0.38 percent and that of hubs in Western Europe tumbled by more than 1 percent.

Editor: Kim Taylor