Hong Kong rises to 3rd place in global financial centers index

HONG KONG, Sept. 24 (Xinhua) -- Hong Kong moved up one place to rank third globally and first in the Asia-Pacific region in a global financial centers index, showing the city's status and strengths as a leading global financial center.

The Global Financial Centers Index (GFCI) 36 Report was published Tuesday by British think tank Z/Yen Group and the China Development Institute in Shenzhen.

A spokesperson from the Hong Kong Special Administrative Region (HKSAR) government said that Hong Kong's scores were rated among the top in various areas of competitiveness, including business environment, human capital, infrastructure, as well as reputational and general.

Hong Kong's rankings in various financial industry sectors also rose significantly, including investment management, insurance, banking and professional services. Among them, the ranking in investment management advanced to first globally.

In addition, the report assessed the financial centers' fintech offerings, and Hong Kong's ranking rose five places to ninth, making it among the top 10 fintech hubs.

The spokesperson said that Hong Kong's asset and wealth management business is booming, with assets under management growing by about 2 percent from the previous year to more than 31 trillion Hong Kong dollars by the end of 2023.

Net fund inflows reached 390 billion Hong Kong dollars, representing a year-on-year increase of over 3.4 times. The development of the family office business in Hong Kong continues to gain momentum. The New Capital Investment Entrant Scheme has continued to receive overwhelming responses since its launch in March, with more than 550 applications received so far. It is expected to bring in more than 16.5 billion Hong Kong dollars in investments to Hong Kong.

The spokesperson said that the HKSAR government will continue to actively understand, respond to and embrace changes to promote high-quality development of the financial sector. In the stock market, it is proactively enhancing its breadth and depth as well as boosting market efficiency and competitiveness, while endeavoring to deepen financial mutual access between the mainland and Hong Kong so as to further strengthen Hong Kong's role in connecting the mainland and international capital markets.

The GFCI Report is released in March and September every year since 2007. In GFCI 36, 121 financial centers were assessed, and Hong Kong ranked third globally with an overall rating of 749. (1 Hong Kong dollar equals 0.1284 U.S. dollars)