Core Insights - The report analyzes the development dynamics, competitive landscape, and future trends of major international financial centers since 2025, against a backdrop of sluggish global economic growth, divergent macro policies, and accelerated fintech transformation [1] Group 1: Competitive Characteristics - The competition among international financial centers is characterized by six notable features, including a strong foundation in the real economy and foreign trade [1] - The overall stability of the leading financial centers is evident, but Asian centers are showing strong momentum in catching up [1] - Green finance and fintech are emerging as key new arenas for competition [1] - The concentration of high-level financial institutions is a core indicator of competitive strength [1] - The stability of financial markets has become an important aspect of soft power [1] - The trend of integrating finance, technology innovation, and shipping is becoming more pronounced [1] Group 2: Economic Foundations - The competitiveness of international financial centers is deeply rooted in robust real economic foundations, with New York excelling in the synergy of finance, technology, and professional services [4] - London benefits from its long-established professional service network, while Singapore combines strong manufacturing and transshipment trade [4] - Shanghai, Beijing, and Hong Kong exhibit a diverse integration of finance with manufacturing, IT, and trade services [4] Group 3: Market Influence - The depth of financial markets determines the global influence of financial centers, with London leading in foreign exchange trading and New York dominating in stock market capitalization [4] - Shanghai's stock exchange ranks third globally in total market capitalization and leads in commodity futures trading volume [4] - The stability, transparency, and efficiency of markets are crucial for attracting global capital and talent [4] Group 4: Future Focus Areas - The development of international financial centers is increasingly focused on new arenas such as tech finance, green finance, and digital finance [5] - Leading financial centers have established unique advantages in specific areas, with New York creating a synergistic model of "finance empowering technology, and technology reciprocating finance" [5] - London has established a global leadership position in green finance through clear national strategies and active capital markets [5] - Singapore combines geographical advantages with policy innovation to create a top-tier shipping finance ecosystem [5] - Japan has developed a mature pension finance system to address the needs of an aging society [5] - Hong Kong is actively positioning itself as a global digital finance hub by leveraging its robust regulatory framework [5]