Letters | Hong Kong’s third place in world financial centre ranking an answer to critics
Readers discuss negative predictions about the city’s future, plans to develop the New Territories and the plight of taxi drivers
I believe it is crucial to acknowledge the city’s impressive resurgence as demonstrated in the latest Global Financial Centres Index (GFCI) ranking. Securing the third position, trailing only New York and London, represents Hong Kong’s ability to bounce back in the face of challenges.
As Pinkstone noted, Roach’s claim that “Hong Kong is now over” overlooks crucial factors contributing to our financial hub’s success, particularly human resources and resilience. The obstacles posed by the 2019 protests and subsequent challenges have not dictated our path. Instead, Hong Kong’s government has actively fostered a robust business environment, renowned for its human capital, infrastructure and global standing.
Hong Kong’s asset management industry has experienced significant growth, with assets under management surpassing HK$31 trillion (US$3.98 trillion) at the end of 2023 and net fund inflows reaching an impressive HK$390 billion (US$50 billion). This growth, driven by initiatives such as the New Capital Investment Entrant Scheme, showcases our city as a top investment destination – one that continues to attract global talent and capital.
Additionally, Pinkstone correctly highlights Hong Kong’s rise in the global fintech ranking, now positioned in ninth place. As we strategically develop the Northern Metropolis, there is substantial potential for future innovation and collaboration with neighbouring Shenzhen. This collaboration has the potential to enhance our standing in the technology sector, further affirming Hong Kong’s dynamic capabilities.