Hong Kong rises to 3rd place among world's financial centers

Updated: Sep 26, 2021 Xinhua Print
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A panoramic view of the financial area in Hong Kong. [Photo/Xinhua]

HONG KONG - Hong Kong ranked third globally in the lates Global Financial Centers Index (GFCI) published by the British think tank Z/Yen Group and China Development Institute in Shenzhen Friday, rising by one place from the March issue of the index this year.

A spokesperson for the Hong Kong Special Administrative Region (HKSAR) government said, "This is an unequivocal affirmation of Hong Kong's status and strengths as a leading global financial center. Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general."

The spokesperson said that over the past year or so, safety and stability have been restored in Hong Kong, which is conducive to attracting more global investors to do business and invest in Hong Kong, and reinforces further Hong Kong's position as an international financial center.

"The National 14th Five-Year Plan expresses staunch support for Hong Kong to strengthen our functions as a global offshore Renminbi (RMB) business hub, an international asset management center and a risk management center, as well as to deepen and widen mutual access between the financial markets of Hong Kong and the mainland," the spokesperson said.

"We will continue to capitalize on the unique advantages of Hong Kong, enhance our role as the gateway between the mainland and international markets and proactively integrate into the overall development of the country, including leveraging the vast opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Qianhai's development and the Belt and Road Initiative," the spokesperson added.

The HKSAR government will spare no effort to ensure the smooth implementation of the Cross-boundary Wealth Management Connect in the GBA and Southbound Trading under Bond Connect, thereby promoting the further opening up of the financial market of the country, and facilitating the internationalization of the RMB, the spokesperson noted.

The development of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone is expected to speed up as the central authorities have recently issued a new plan for comprehensively deepening its reform and opening-up.

The GFCI report is released in March and September every year since 2007. In the latest report, 116 financial centers were assessed and Hong Kong came third with an overall rating of 716.

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