Hong Kong’s ‘ambitious’ 5-year plan to boost role as global financial hub wins industry backing
Translating these high-level ambitions into reality may not be straightforward, experts say
Hong Kong has secured the third position among global financial centers, just ahead of Singapore, according to the 40th edition of the Global Financial Centers Index released by Z/Yen Partners and China Development Institute. Both cities experienced a nine-point drop in their rankings. The index, published twice a year, evaluates 139 financial hubs across five areas: business environment, human capital, infrastructure, financial sector development, and reputation.
It combines quantitative measures with 39,531 responses from over 6,000 respondents. Hong Kong leads in financial sector development and ranks second in other areas, while Singapore tops the list for reputation and is among the top five in other categories. New York remains the world's top financial hub, four points ahead of London.
The four leading hubs all scored lower than the previous edition in March. Shanghai rose to the top five, replacing San Francisco, which fell to 11th place. The top 10 now includes Tokyo, Seoul, and Shenzhen. Despite declines among several leading hubs, the average rating across all centers increased by 0.8%. Eastern Europe and Central Asia saw the steepest decline, down 1.09%, while Asia/Pacific posted the largest increase at 1.48%.
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