Shanghai gaining favor with wealthy as financial center

Shanghai has overtaken Hong Kong and Singapore to become the world's fifth most important financial center, and Beijing is considered the second most influential political city, in a survey that gauges the importance of global cities.

The joint study, by leading international property consultancy Knight Frank LLP and Bank of China International Ltd, said Shanghai - which is striving to become Asia's top financial center - had passed its two most traditional Asian rivals, who have slipped to 7th and 8th respectively.

New York, London, Tokyo and Paris take the top four spots as financial centers, said the report, while the Chinese capital Beijing is second only to the US capital Washington DC in terms of political importance.