HK comes 4th in finance hub ranking

September 22, 2022

Hong Kong ranked fourth out of 119 in the Global Financial Centres Index 32 Report published today by Z/Yen of the UK and the China Development Institute from Shenzhen.


Apart from its better overall rating of 725, Hong Kong jumped four places in the area of financial sector development compared with the previous issue.


The report noted that compared to the assessment by financial industry practitioners from other major financial centres on the prospects of the cities in which they were based, Hong Kong-based practitioners were the most confident about Hong Kong’s future competitiveness as an international financial centre.


“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,” the Government said in a press release.


It also highlighted that President Xi Jinping had said in his important speech on July 1 that the Central People’s Government fully supports Hong Kong in the effort to maintain its distinctive status and edges, and consolidate its competitiveness as an international financial centre.


To this end, the Government has been making good use of national policies and Hong Kong’s institutional advantages under “one country, two systems”.


“At the same time, thanks to our sound and robust regulatory regime and risk management system, coupled with the strong and solid buffer and resilience built in our financial markets that help us withstand various shocks, the financial markets of Hong Kong has all along remained resilient.”


Moreover, Hong Kong has all along strived to connect markets and investors of the Mainland and overseas, facilitating the further reform and opening up of the Mainland financial markets.


Such moves, to name a few, include the China Securities Regulatory Commission’s announcement about the further expansion of mutual market access arrangements, and the 18 measures for Supporting the Linked Development of Shenzhen & Hong Kong Venture Capital Investments in Qianhai jointly promulgated by the Financial Services & the Treasury Bureau and Shenzhen Qianhai Authority.


“We will continue to develop the financial services sector of Hong Kong with an innovative mindset, proactively align ourselves with the development strategy and needs of our country, so as to broaden the development of our financial markets as well as better serve the real economy and national development,” the Government stressed.


“We will also roll out new measures with an innovative mindset to attract talent and enterprises, strengthen the impetus of growth of the Hong Kong economy, and further enhance the competitiveness of the financial industry of Hong Kong,” it added.

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