SHANGHAI - Shanghai's financial market grew in 2017 with the overall transactions hitting 1.4 quadrillion yuan ($ 220 trillion), more than 17 percent of the municipality's GDP.

Shanghai has a total of 1,537 registered financial institutions dealing in shares, bonds, futures, currencies, insurance, gold and foreign exchange.

Shanghai ranked the sixth in the 2017 Global Financial Centers Index, up from 13th, according to a report released by British commercial think-tank Z/Yen.

Shanghai has made great efforts to build a global financial center, especially improvements in financial infrastructure and regulatory environment, according to the Z/Yen.

Zheng Yang, head of Shanghai municipal finance services office, said the city will work to make itself into a global financial center by 2020.