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21 December 2011
HONG KONG IS THE NO. 1 FINANCIAL CENTRE
Hong Kong ranked as the number 1 financial centre out of 60 countries in The World Economic Forum’s (WEF) Financial Development Index. Hong Kong scored 5.16 on a scale of 1 to 7. Out of the seven categories in which various financial centres were assessed, Hong Kong ranked first in financial access, and third in business environment and banking financial services. It overtook the New York and London for the first time after being in fourth place last year.
This recent boost in ranking has been attributed by analysts to Hong Kong’s explosive listing volume, low tax rates and status as the key offshore yuan trading centre. Economists expect that this new status would help attract more fund-raising activities and financial talent.
The United States was ranked second overall, while Britain and Singapore were third and fourth respectively. China was ranked 19th.
Canada, China and Singapore were singled out by WEF and praised for having increased their overall scores consistently ever since the Financial Development Index began in 2008.