HK remains fourth in global financial hubs ranking
Hong Kong stayed fourth among 121 financial centres across the world, according to the latest Global Financial Centres Index (GFCI) issued by the Z/Yen from the UK and the China Development Institute from Shenzhen. In a new report, New York led the index again with an overall rating of 764, with London coming second and Singapore third. The SAR remained in fourth place with an overall rating of 741, thanks to its strong ranking in investment management and fintech, according to the GFCI. Z/Yen also said those in Hong Kong and Singapore are most confident about their future competitiveness compared with elsewhere.  The analysis was conducted using 48,365 assessments from 8,494 respondents in the financial sector, along with quantitative data from the World Bank, the Economist Intelligence Unit, the Organisation for Economic Co-operation and Development (OECD), the United Nations and others. In response to the report, a government spokesman said the SAR has leveraged advantages of the One Country, Two Systems principle and its alignment with national development strategies.  It added that Hong Kong would keep its market open and continue to serve as the gateway between mainland China and the rest of the world.  "To this end, a series of policy initiatives have been announced in the 2024-25 Budget, seeking to better integrate 'capable government' with 'efficient market' and to propel our financial markets to new heights," the spokesman said in a statement.