A star ferry (center) crosses Victoria Harbour in Hong Kong on July 29, 2021.
(ISAAC LAWRENCE / AFP)
HONG KONG – Hong Kong ranked third globally in the latest Global Financial Centres Index, rising by one place from the March issue this year.
The Hong Kong Special Administrative Region’s government welcomed the report, saying it is “an unequivocal affirmation of Hong Kong's status and strengths as a leading global financial center.”
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“Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general,” a spokesperson for the HKSAR government said in a statement.
Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general.
Spokesperson for the HKSAR government
New York easily kept the top spot in the Global Financial Centres Index, published by the Z/Yen Group in partnership with think-tank China Development Institute, while London held on to the second place.
Persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions continued to affect the overall ratings of major financial centers. The spokesperson has attributed Hong Kong’s latest ranking to the city’s robust regulatory regime and well-established institutional framework for systemic risk monitoring.
In addition, Hong Kong plays a unique role as a bridge between the Chinese mainland and the rest of the world under the “one country, two systems” principle. It also possesses institutional strengths including internationally aligned regulatory regimes, the rule of law, a large pool of financial talents and free flow of information and capital, the spokesperson added.
“These competitive edges will continue to consolidate Hong Kong's status as a leading global financial center,” the spokesperson said.
Safety and stability have been restored in Hong Kong over the past year, which is also conducive to attracting more global investors to do business and invest in Hong Kong, the spokesperson added.
Meanwhile, the National 14th Five-Year Plan has shown the central government’s staunch support for Hong Kong to strengthen its functions as a global offshore renminbi business hub, an international asset management center and a risk management center.
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"We will continue to capitalize on the unique advantages of Hong Kong, enhance our role as the gateway between the mainland and international markets and proactively integrate into the overall development of the country," the spokesperson said.
"The Hong Kong Special Administrative Region government will also spare no effort to ensure the smooth implementation of the Cross-boundary Wealth Management Connect in the GBA and Southbound Trading under Bond Connect, thereby promoting the further opening up of the financial market of the country, and facilitating the internationalization of the RMB."
The GFCI report has been released in March and September every year since 2007. In the latest report, 116 financial centers were assessed and Hong Kong came third with an overall rating of 716.