Beijing tops financial index among major cities

Renmin University of China recently released the 2025 Report on Tianfu Financial Index, assessing the financial development of 36 major Chinese cities in 2024. Beijing ranked first overall, demonstrating its strong position as the nation's financial management center.

The index evaluates the cities through nine dimensions: financial markets, financial institutions, business environment, human resources, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The top 10 cities are in order: Beijing, Shanghai, Shenzhen, Hangzhou, Chengdu, Guangzhou, Nanjing, Chongqing, Wuhan, and Tianjin. All have demonstrated steady financial development, according to the report.

Beijing ranked first in six of the nine dimensions, reflecting its robust, modern financial system. The report highlights the capital's notable strengths in human resources, sci-tech finance, green finance, and pension finance. 

According to the report, Beijing has promoted sci-tech finance through reforms at the Zhongguancun park and expanded financial products to support tech firms throughout their life cycle. The city has also advanced green finance by using tools such as the carbon-reduction supporting facility and encouraging financial institutions to develop corporate carbon-account systems. Pension finance has been strengthened through top-level design and the establishment of dedicated service branches, while digital finance continues to grow with full-scenario digital renminbi pilot programs.

The report also offers recommendations for future development, including improving the green finance system, enhancing inclusive and pension finance services, strengthening direct financing to support high-quality capital market growth, and improving talent development to boost competitiveness.

According to Huang Jicheng, a professor at the School of Finance at Renmin University of China, the Tianfu Financial Index was first released in 2017 at the Tianfu Financial Forum in Sichuan. Since then, the university and the Sichuan Provincial Financial Association have published the report annually to provide an objective overview of financial development across major cities and promote differentiated and coordinated growth.