Hong Kong rises to third place in Global Financial Centres Index
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A Government spokesman said, "This is an unequivocal affirmation of Hong Kong's status and strengths as a leading global financial centre. Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general.
"Persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions continued to affect the overall ratings of major financial centres. Nevertheless, thanks to our robust and effective regulatory regime, a well-established institutional framework for systemic risk monitoring and the Linked Exchange Rate System underpinned by large foreign exchange reserves, Hong Kong's financial markets have been functioning in an orderly manner. At the same time, Hong Kong plays the unique role as a bridge between the Mainland and the rest of the world under the 'one country, two systems' principle, and possesses numerous institutional strengths, including our highly open and internationalised markets, robust infrastructure support, internationally aligned regulatory regimes, the rule of law, a large pool of financial talents and a full range of financial products, and free flow of information and capital. These competitive edges will continue to consolidate Hong Kong's status as a leading global financial centre. Furthermore, 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 centre."
The spokesman added, "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 centre and a risk management centre, as well as to deepen and widen mutual access between the financial markets of Hong Kong and the Mainland. We will continue to capitalise 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 Hong Kong Special Administrative Region 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 internationalisation of the RMB."
The GFCI Report has been released in March and September every year since 2007. In GFCI 30, 116 financial centres were assessed and Hong Kong came third with an overall rating of 716.
Ends/Friday, September 24, 2021
Issued at HKT 17:09
Issued at HKT 17:09
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