(Yicai Global) Dec. 29 -- The Shanghai University of Finance and Economics is the best institute in mainland China for economic research, according to a global list published yesterday by the country's Economic and Finance Network.

The Hong Kong University of Science & Technology topped rankings for Greater China, with the Shanghai institute coming in second, based on data from 2012 through 2016. Peking University, the University of Hong Kong and Tsinghua University completed the top five across the broader region.

The Shanghai University of Finance and Economics came 70th in the world. The University of Chicago crowned the global leaderboard and prestigious European and American institutes filled the top 10.

Using only data from 2016, the Shanghai institute ranked 31st worldwide.

SUFE's Institute for Advanced Research determined the rankings using data from 19 top international economic journals.