(Yicai) March 27 -- Shanghai moved up two rungs to rank as the world's sixth-most competitive financial center by comprehensive competitiveness, remaining as the highest-ranked Chinese mainland city, according to the latest list compiled by Chinese and UK think tanks.

Shanghai received 743 points in the new ranking, down from 751 points, according to the 39th edition of the Global Financial Centres Index released by China Development Institute and Z/Yen Group yesterday. However, it surpassed Chicago and Los Angeles, which dropped to 14th and 12th from sixth and seventh, respectively.

The GFCI was initiated in 2007, with the latest edition assessing 137 major global financial centers based on their business environments, human capital, infrastructure, financial sector development level, and reputations. Twelve Chinese mainland cities were included.

Shanghai ranked eighth in business environment, 10th in human capital, sixth in infrastructure, fifth in financial sector development level, and seventh in reputation.

Almost all centers saw their rating drop, with the average figure down nearly 2 percent, the report said. The index was based on data that predates the start of the recent Middle East crisis, so the relative stability in the top centers may be affected by its outcome.

Hong Kong ended third with 765 points, making it the highest-ranked Chinese city overall, while Shenzhen was the only other mainland city in the top 10, placing ninth with 740 points. New York and London were first and second with 767 and 766 points, both up a point.

Singapore with 764 points and San Francisco with 744 points round up the top five, while Dubai placed seventh with 742 points, Seoul eighth with 741 points, and Tokyo 10th with 739 points.

Among the other Chinese cities, Beijing ranked 22nd, Guangzhou 30th, Qingdao 33rd, Chengdu 37th, Hangzhou 62nd, Wuhan 71st, Dalian 74th, Xi'an 79th, Nanjing 92nd, and Tianjin 93rd.

Editors: Dou Shicong, Martin Kadiev