Hong Kong improves to 4th place in global financial centres ranking

It rose four places with an overall rating of 725.

Hong Kong ranked fourth in the Global Financial Centres Index (GCFI) with an overall rating of 725, improving by four notches from the previous issue, according to the government.

The GCFI report by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen is released every March and September annually since 2007. The recent report assessed 119 financial centres.

A government spokesman said the report noted that Hong Kong-based practitioners were the most competitive about the future competitiveness of the market as an international financial centre, compared to the assessment by financial industry practitioners from other major centres on the outlook of the cities they are based.

“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," it said.

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It added that it utilises the national policies and the market’s advantages under the “one country, two systems” along with other factors such as the market-oriented and internationalised business environment, infrastructure support, and free flow of information and capital, amongst others, that reinforces Hong Kong’s competitiveness.

“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 have all along remained resilient," it said.

Hong Kong is working to connect markets and investors of the Mainland and overseas through various reforms that will open up the Mainland financial markets. This includes the China Securities Regulatory Commission’s expansion of its mutual market access arrangements and the 18 measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai promulgated by the Financial Services and 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," it said.

It added that it will roll out measures to attract talent and enterprises, boost the growth momentum of the Hong Kong economy, and enhance the competitiveness of the financial industry of Hong Kong."