A study by MasterCard found that Shanghai has leapt from 32nd position to 24th in the ranks of the world's leading centres of commerce, becoming one of eight Asian cities in the top 25.

Other Asian cities in the top 25 were Tokyo (3rd globally), Singapore (4th), Hong Kong (6th), Seoul (9th), Sydney (12th), Osaka (19th), and Taipei (22nd).

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MasterCard said China "continues to cement its growing regional importance" with five cities in the index of 75 cities. In addition to Shanghai, the Chinese cities are Beijing, at 57th spot globally, Shenzhen at 60th, Chengdu in 72nd spot and Chongqing at 73.

London remained the world's number one centre of commerce, the study found. Other non-Asian cities in the top 10 were: New York, in second spot, Chicago fifth, Paris seventh, Frankfurt eighth and Amsterdam 10th, it said.

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