Shenzhen ranks 18th among 96 cities according to the 23rd Global Financial Centers Index (GFCI 23), two places ahead than it was in the GFCI 22.

The report was jointly published by London-based think tank Z/Yen and Shenzhen-based think tank China Development Institute on March 26. It gives a comprehensive evaluation on the cities in terms of business environment, human resources, infrastructure, development level, and international reputation.

Financial centers in the Asia Pacific region are becoming stronger and their pace of catching up with their western counterparts is accelerating, due to factors such as rapid economic growth in the region, the UK's exit from the European Union and rising protectionism in the United States, the report says.

China, in particular, is gaining strong momentum. Guangzhou, Qingdao and Chengdu have moved ahead by four, 14 and four places, respectively, in the ranking.

GFCI, first launched in 2007, is published twice a year, in March and September.