The 2018 Tianfu Financial Index, which measures the financial development in major Chinese cities, was issued during the 2018 Tianfu Financial Forum held in Chengdu, Sichuan Province, on Thursday, the China Fortune Media reported.

　　The 2018 Tian Financial Index is released at the Tianfu Financial Forum held in Chengdu Thursday. (Xinhua/Li Lin) 

　　The index, which consists of eight sub-indices covering subjects ranging from the development of local financial markets to financial development in rural areas, evaluates the overall financial development in nearly all major Chinese cities, including four municipalities directly under the Central Government, capital cities of 26 provinces and autonomous regions (except Tibet), as well as five municipalities separately listed on the State Plan.

　　Beijing, Shanghai and Shenzhen take up the top three spots of the index, well ahead of other Chinese cities in terms of financial development. Cities belonging to the second-tier financial powerhouses include Guangzhou, Hangzhou and Chengdu, with the gap among these cities narrowing year by year. Chongqing, Nanjing, Wuhan and Tianjin team up as the third-tier cities according to the index, showing a strong growth momentum in their financial sectors.

　　The index, which was compiled by the International Monetary Institute (IMI) in accordance with the current financial theories, reveals the financial development in China’s financial centers and major cities in a systemic, comprehensive and accurate manner, said He Qing, professor at the School of Finance, Renmin University of China, who released the index at the forum

　　“It serves as an important reference for all major cities to know one another with a view to achieving differentiated competition and collaborative development among them,” said He.