Shanghai emerges the 24th center of commerce in the world in the 2008 Mastercard World Centers of Commerce Index, moving up from No. 32 in last year's list.
According to the index released here Monday, Shanghai is one of the cities which enjoy the largest leap in the index.
Shanghai now ranks as No. 8 in its commercial influence in Asia.
The index evaluates and ranks major cities according to their performing critical functions that connect markets and commerce around the world.
Shanghai, among the world's most populous and fastest-growing cities, "reclaiming its historical stronghold as the hub of commerce in China and the gateway to Asia," said the report.
"Bolstered by its economic stability, its legal and political framework, an increased quality of life and China's booming economy, Shanghai demonstrates its importance to both Chinese and Asian economies as a global growth center," it added.
Chinese mainland continues to cement its growing regional importance with five cities covered in the index. This is almost one-fifth of the Asian cities included in the Index.
Shanghai leads the way, followed by Beijing's No. 57, Shenzhen's No. 60, Chengdu's No. 72 and Chongqing's 73. This is the largest representation of cities from one country within the Asia-Pacific, Middle East and Africa grouping, said the report.
Tokyo continues to be Asia's top city for its livability, while Singapore ranks No. 2 in Asia recognized for its ease of doing business, economic stability, as well as legal and political framework.
Singapore beats traditional rival Hong Kong, which ranks third in Asia and 6th globally in this year's index.
Taipei is also ranking as a key center of commerce, debuting at No. 22 on the global index. It joins the three other "Asian Tigers"- Singapore, Hong Kong and Seoul - ranking well in the financial as well as knowledge creation and information flow dimensions.
The report said while London remains the global economy's most influential city.
