March 24, 2023
HONG KONG – Hong Kong maintained fourth place globally in the Global Financial Centres Index (GFCI) 33 Report published on Thursday by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen.
In a statement issued on Thursday night, a Hong Kong Special Administrative Region government spokesman said the city’s rankings in the four areas of business environment, infrastructure, financial sector development, and reputational and general rose by two places, “fully reflecting Hong Kong’s strengths and advantages as a leading global financial center.”
With Hong Kong’s sound and robust regulatory regime and risk management system, and the strong and solid buffer and resilience built in its financial markets, a spokesman said the HKSAR government is confident that the financial system of Hong Kong could withstand external shocks and remain resilient
The GFCI Report is released in March and September every year since 2007. In GFCI 33, 120 financial centers were assessed and Hong Kong ranked fourth globally with an overall rating of 722.
“Compared to the assessment by financial industry practitioners from other major financial centers on the prospects of the cities in which they were based, practitioners based in Hong Kong were the most confident about the future competitiveness of Hong Kong as an international financial center,” the spokesman said.
Amid intense international competition, he said the SAR government has adopted a more vigorous and proactive development approach while boosting publicity on Hong Kong’s full return to normalcy to consolidate the city’s strengths and continuously enhance its competitiveness.
“The government will continue to make good use of Hong Kong’s institutional advantages under ‘one country, two systems’ including a fine tradition of rule of law, a market-oriented and internationalized business environment, robust infrastructure support, internationally aligned regulatory regimes, diverse financial products, and free flow of information and capital, to strengthen Hong Kong’s capital market and our role as an international financial center,” the spokesman said.
With Hong Kong’s sound and robust regulatory regime and risk management system, and the strong and solid buffer and resilience built in its financial markets, he said the SAR government is confident that the financial system of Hong Kong could withstand external shocks and remain resilient.
“Addressing the closing meeting of the first session of the 14th National People’s Congress, President Xi Jinping said that the great rejuvenation of the Chinese nation has embarked on an irreversible and historic journey, and that we must firmly promote high-quality development and make solid efforts in advancing the implementation of the ‘one country, two systems’ principle,” he said.
The spokesman said the 14th Five-Year Plan confirms the important functions and positioning of Hong Kong in the overall development of the country.
“Hong Kong will continue to consolidate its status as an international financial center and give full play to connecting markets and investors of the mainland and overseas, serving our country’s needs with our strengths,” he said.
He added that the central government has recently promulgated the ‘Opinion on Providing Financial Support for the Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone’, which set out 30 measures on financial reform and innovation, further strengthening the connection and high-level co-operation between the financial markets of Hong Kong and Shenzhen, and provides more opportunities for Hong Kong’s financial sector.
“With the staunch support of our country and our unique advantages under ‘one country, two systems’, Hong Kong will continue to create a strong impetus for growth and seize historic opportunities offered by the national development,” the spokesman added.