Hong Kong reclaimed its spot as Asia’s top financial centre, knocking Singapore back to second place in the region, according to a survey.
Globally, Hong Kong ranked third behind New York and London, with Singapore and San Francisco rounding off the top five, showed the latest edition of the semi-annual Global Financial Centres Index released on Tuesday.
The Index is based on a study of 121 cities compiled by the China Development Institute in Shenzhen and London think tank Z/Yen Partners.
A strong stock market and new listings have lifted Hong Kong’s status as the top financial centre in the region.
Hong Kong lost the top spot in Asia to Singapore in the September 2022 ranking, after the Southeast Asian city relaxed travel restrictions in April of that year.
Hong Kong continued to maintain curbs until January 2023.
“The Global Financial Centres Index ranked Hong Kong high in many areas, ranging from business environment to fintech and banking to wealth management,” South China Morning Post quoted Secretary for Financial Services and the Treasury Christopher Hui Ching-yu as saying.
Hui was talking on the sidelines of the 5th Belt and Road Initiative Tax Administration Cooperation Forum.
The index shows Hong Kong has made big improvements in many areas as an international financial centre, he added.
Hui said the improved stock market sentiment coupled with the China Securities Regulatory Commission’s announcement in April to support leading mainland companies to list in Hong Kong, have boosted the initial public offering market in Hong Kong.
Follow us on
