Hong Kong overtakes Singapore to be the top financial centre in Asia
In a recent report by the Global Financial Centres Index (GCFI), Hong Kong was declared as Asia’s top financial centre, dethroning Singapore which had held the title for two years.
Hong Kong and Singapore claimed the third and fourth spots in the world rankings respectively, losing out to New York and London.
Source: Canva
The little red dot ranked third globally in the previous edition of the index, which evaluates the competitiveness of 121 financial centres.
According to a report by Reuters, the survey combines assessments of these centres from financial professionals along with quantitative data from the World Bank, OECD, U.N. and others.
The GCFI is presently in its 36th edition.
Many attribute Singapore’s slip to Hong Kong’s economic recovery after the pandemic
Hong Kong had been the reigning top Asian financial centre up until 2022, when Singapore claimed the top spot.
This was largely due to Hong Kong’s hard-hit economy during the pandemic.
The city had continued to implement travel restrictions until early 2023, while Singapore eased travel restrictions in April 2022.
Source: Canva
Hong Kong has since picked up the pace to recover its economy in the following years, with recent improvements in the stock market strengthening its financial status.
According to the Economic Times, the government is betting that its initiatives and lower interest rates may revive economic activity.
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Featured image adapted from Canva and Unsplash.
