Global Financial Centres Index Report

     Hong Kong was ranked fifth in the Global Financial Centres Index (GFCI) 28 Report published by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen. 
     A Government spokesman today (September 25) said, "Hong Kong is one of the top five leading financial centres in the world, rising by one place from the March issue of the index this year. We note that the overall ratings of financial centres ranked number three to seven in the Report were very close. Among the five areas of competitiveness (namely Business Environment, Human Capital, Infrastructure, Financial Sector Development, and Reputational and General) which were formulated based on data, Hong Kong was ranked top five in all the areas, and in particular attained the third place in the areas of Business Environment and Human Capital. Moreover, when compared with two financial centres with a higher overall ranking than Hong Kong, Hong Kong ranked above each of them in four areas of competitiveness.
     "In the index's online questionnaire, which gauged views from respondents based on their perceptions on individual financial centres, Hong Kong's score rose when compared with that in March."
     The spokesman added, "As indicated in the Report, the average rating of all financial centres dropped visibly during a time of continuing uncertainty around international trade, the impact of the COVID-19 pandemic and geopolitical environment. Meanwhile, Hong Kong's overall rating and ranking improved from those in March.
     "Under the impact of the pandemic, various parts of the world were facing a varying degree of challenges. Yet, Hong Kong's financial system remains resilient. Different facets of the financial services sector continue to function in an orderly manner. The Linked Exchange Rate System has been operating smoothly.
     "Hong Kong has the institutional strengths of an international financial centre and robust underlying fundamentals with effective and transparent regulations that are in line with international standards. We also have a large pool of financial talents and a full range of financial products. These competitive edges will continue to sustain Hong Kong's status as a leading global financial centre.
     "Hong Kong is the preferred listing and fundraising platform for international and Mainland enterprises. In 2019 and 2020, a number of large-scale new economy enterprises have chosen Hong Kong as the venue for primary or secondary listings. Hong Kong is also the world's largest offshore Renminbi business centre and the second largest centre in Asia for private equity management.
     "Hong Kong will continue to capitalise on the unique advantages of its financial system under 'one country, two systems'. We will step up our efforts in promoting Hong Kong's role as a leading financial centre in the world and the two-way gateway between the Mainland and international markets. We will also leverage the enormous opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative to develop the city into a broader and deeper fundraising platform, and further enhance Hong Kong's position as a centre for asset and wealth management, offshore Renminbi business, insurance and risk management as well as green and sustainable finance, and promote the development of financial technology," the spokesman added.
     The GFCI Report is released in March and September every year since 2007. In GFCI 28, 111 financial centres were assessed. The overall rating of Hong Kong was 743. Hong Kong was ranked fifth in the world.

Ends/Friday, September 25, 2020
Issued at HKT 18:34