Hong Kong slips to fourth in Global Financial centers rankings

Hong Kong slips to fourth in Global Financial centers rankings

This photo, taken from a mobile phone, shows a view of illuminated buildings by the Victoria Harbour in Hong Kong, June 20, 2020. LI GANG XINHUA Hong Kong fell one place to fourth in the global financial centers ranking, as COVID 19 restrictions on international travel weighed on business and financial activities, according to a report released on Thursday.

The city increased its ranking from the previous ranking by 10 points to 725 points, just one point lower than Singapore, which is ranked third in the Global Financial Centers Index, compiled by Shenzhen-based think tank China Development Institute and London-based think tank Z Yen Group.

New York and London remained top and second in the rankings.

Mike Wardle, CEO of Z Yen Group said that the financial market is recovering at a faster pace, as many of the global financial centers have seen an increase.

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The average scores of the world's 128 financial centers covered in the research rose by 4.83 percent compared to the previous ranking and bounced back to the level recorded in March 2020, according to the index.

Over 100 financial centers saw their scores increase. Only one decreased in the top 40 list.

He said that the expected impact of global challenges such as the Russia-Ukraine conflict, economic downturn, energy crisis and inflationary pressure on the financial market is waning and confidence in financial centers future development is growing.

The GFCI, which is published twice a year, bases its results on a study of five areas - business environment, human capital, infrastructure, financial sector development and reputation.

READ MORE: HKSAR is still a global finance center, a magnet for international investors.

Three Chinese mainland cities were ranked among the world's 10 most competitive places in finance, with Shanghai dropping two spots to sixth, Beijing remaining eighth and Shenzhen advancing one place to ninth.