Emerging markets such as China have been lucrative regions to invest in over the past several years. Now, their cities are becoming some of the world’s major centers of commerce, according to MasterCard data.

London and New York are still the top two global centers of commerce, according to MasterCard Inc.’s second annual index of worldwide centers of commerce released Sunday. But Asian cities are gaining ground _ and not just Tokyo, which ranks third for the second year.

The city posting the most notable jump was Shanghai, which advanced to No. 24 from No. 32 on last year’s list.

The Chinese city’s rise “represents a return to its historic role in Asia,” noted economist Michael Goldberg, the study’s director. Shanghai was a dominant commercial center in Asia before World War II.

Other Chinese cities comprising the top 75 global centers of commerce are Beijing, as well as Shenzen, Chengdu, and Chonqing _ the three of which were added to the list this year. Another Asian city climbing up the ranks was Singapore, which rose to No. 4 from No. 6, joining Tokyo, Hong Kong and Seoul among the Asian cities in the top 10.

Some U.S. cities that dipped in the rankings included Los Angeles, to No. 17 from No. 10; Boston, to No. 21 from No. 13; Atlanta, to No. 25 from No. 20; San Francisco, to No. 28 from No. 18; and Miami, to No. 29 from No. 21.

MasterCard Worldwide’s index ranks cities by measuring five dimensions: legal and political framework, economic stability, ease of doing business, financial flow, business center, knowledge creation and information flow, and livability.