Guangzhou was listed as a world financial center by Global Financial Centers Index (GFCI) on March 27, the first time for the city.

Guangzhou ranked 37th of 88 global cities on the list, and is the fourth biggest financial center on the Chinese mainland after Shanghai, Beijing, and Shenzhen.

The GFCI list is compiled using information regarding cities' finance, infrastructure, human capital, reputation, and business environment.

Guangzhou's ranking comes after years of development in its financial and human resources sectors, and shows the key role they play in driving the city's economic development.

In 2016, Guangzhou's financial value added rose to 180 billion yuan ($26.1 billion), and contributed 9.3 percent to the city's GDP, combined with a growth rate of 12 percent.

The Guangzhou government has applied large subsidies to finance so that it can attract the best talents, offering the highest wages in the industry last year.

The next target for the government is to create what it calls a "capital of ventures", and increase its value added to 200 billion yuan, with more preferential policies implemented and massive funds invested.

Many financial startups have been established in Guangzhou's central business district. [Photo by Su Junjie/Guangzhou Daily]