HK's financial ranking rises

Hong Kong ranked third in the latest Global Financial Centres Index (GFCI) Report, up by one place from the last index, the Government said today.   The GFCI Report, which assessed 116 financial hubs, was published by Z/Yen from the UK and the China Development Institute from Shenzhen.   In a statement, the Government said Hong Kong’s ranking is an unequivocal affirmation of its status and strengths as a leading global financial centre.   It noted that Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general.   The Government pointed out that Hong Kong’s financial markets have been functioning in an orderly manner despite the fact that persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions continued to affect major financial centres’ overall ratings.   It added that the National 14th Five-Year Plan expresses staunch support for Hong Kong to strengthen its functions as a global offshore renminbi business hub, an international management centre and risk management centre as well as to deepen and widen mutual access between the financial markets of Hong Kong and the Mainland.   The Government explained that it will continue to capitalise on the city’s unique advantages, enhance its role as the gateway between the Mainland and international markets and proactively integrate into the country’s overall development.   This included leveraging the vast opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area, Qianhai's development and the Belt & Road Initiative.   The Government stressed that it will spare no effort to ensure the smooth implementation of the Cross-boundary Wealth Management Connect in the bay area and southbound trading under Bond Connect.
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