Hong Kong holds on to fourth spot in global financial centre rankings, while Singapore remains one place higher
- Hong Kong ranked fourth after New York, London and Singapore in the latest Global Financial Centres Index produced by China Development Institute and Z/Yen Partners
- The rankings of many top Chinese cities fell in the semi-annual survey, with Shanghai dropping one place to seventh and Shenzhen sliding from ninth to 12th
Hong Kong held on to its fourth-place ranking globally in the latest study of the world’s leading international financial centres, as the city’s economy continues to recover from three years of Covid-19 restrictions.
Financial industry executives based in Hong Kong were more confident about the future competitiveness of the city as an international financial centre than executives from other cities, a Hong Kong government spokesperson said
“Confidence in financial centres and the world economy remains high, with a recognition that inflation levels are falling and economic growth generally secure, even with the instability caused by the continuing war in Ukraine,” the report’s authors said.
The ranking, released twice a year, in March and September, is based on a global online survey of 10,252 financial professionals, who evaluated 120 cities on 153 factors in five broad areas of competitiveness, including business environment, human capital and reputation.
The city’s economy has struggled in recent years as restrictive quarantine requirements and other measures to control the spread of Covid-19 have discouraged travel to the city. Quarantine-free travel resumed late last year.
The after-effects of years of zero-Covid policies also weighed on the rankings for several top Chinese cities in the latest global financial centres survey.
Shanghai fell one place to seventh in the study and Shenzhen slipped from ninth to 12th. Beijing dropped five spots to 13th.