Singapore overtakes Hong Kong in new global financial centre rankings
- Singapore jumped to third place behind New York and London in the latest Global Financial Centres Index
- Semi-annual survey by the China Development Institute and the London think tank Z/Yen Partners evaluates 119 financial hubs globally
Hong Kong ranked fourth in the 32nd edition of the semi-annual Global Financial Centres Index, produced by the China Development Institute in Shenzhen and the London think tank Z/Yen Partners. New York was ranked as the top financial centre, followed by London and Singapore.
“The report pointed out that as compared to the assessment by financial industry practitioners from other major financial centres on the prospects of the cities in which they were based, practitioners based in Hong Kong were the most confident about the future competitiveness of Hong Kong as an international financial centre,” a Hong Kong government spokesperson said.
“We will continue to listen to views and be bold in taking forward reforms to consolidate and strengthen Hong Kong’s capital market and our role as an international financial centre.”
Singapore jumped from sixth place to third in the latest ranking, whilst Hong Kong fell to fourth.
“Continuing travel restrictions in places like Hong Kong and Tokyo affect their ability to conduct normal levels of business,” the report’s authors said.
On Thursday, Japanese officials said that they plan to end Covid-19 border control measures beginning October 11.
Shanghai was sixth in the study and Beijing eighth. Shenzhen jumped one place to ninth.
The ranking, released twice a year, in March and September, is based on a global online survey of 11,038 financial professionals, who evaluated 119 cities on 151 factors in five broad areas of competitiveness, including business environment, human capital and reputation.
Hong Kong has followed a “zero Covid” policy for more than two years since early in the pandemic, requiring visitors at times to spend as much as 21 days in a hotel or quarantine facility upon arrival.
Members of the business community have been increasingly critical of the city’s policy as other financial centres have eased restrictions and generally returned to life as normal.