Hong Kong Regains Third Place in Global Financial Index

Hong Kong has regained its position as the third-ranked global financial center in the latest Global Financial Centres Index (GFCI), surpassing Singapore for the first time in over two years. The report, released by Z/Yen Group and the China Development Institute, highlighted Hong Kong's significant improvements in key areas like business environment, human capital, and infrastructure, with its overall rating increasing by eight points. The city also achieved the top rank in investment management globally and saw its fintech ranking rise to ninth. Hong Kong's assets under management have grown to over HK$31 trillion, with substantial net fund inflows, indicating a revitalization of its financial market. Government officials emphasized ongoing reforms and initiatives aimed at enhancing the city's financial sector and maintaining its competitive edge. This shift marks a notable recovery for Hong Kong after it lost its top spot in Asia to Singapore in 2022 due to pandemic-related restrictions.