Qingdao in Shandong province has risen to 31st place in the latest Global Financial Centers Index (GFCI), up two slots from the previous edition and marking its 20th consecutive appearance among the world's top 50 financial centers.

The 40th edition of the index, released on Sept 16 by London-based Z/Yen Group in partnership with the China Development Institute (CDI), ranked 117 financial centers worldwide.

Qingdao made gains in several key areas. It ranked 16th globally for infrastructure, up seven places, while reaching 20th in the FinTech ranking, three places higher than in the previous edition. The city also placed 22nd for reputation and 28th for its business environment.

The improvement reflects the continued development of Qingdao's financial sector. By the end of June, Jinjialing Financial Zone had attracted more than 1,500 financial institutions and related enterprises. Three bank wealth management subsidiaries based in the city managed products totaling 2.4 trillion yuan ($337 billion).

Qingdao is also home to 15 branches of foreign-funded banks. It has introduced more than 30 national-level financial pilot programs in areas including cross-border financing, digital finance and equity investment.

Launched in 2007, the GFCI is published every March and September. It tracks the competitiveness of financial centers around the world.