HK ranked fourth in Global Financial Centres Index

Hong Kong ranked fourth globally in the Global Financial Centres Index (GFCI) 32 Report published on September 22 by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen.

A Government spokesman said, "Hong Kong, as a leading global financial center, saw an increase in the overall rating, and our ranking in the area of financial sector development leaped by four places as compared with the previous issue. At the same time, the report pointed out that as 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. We will continue to listen to views and be bold in taking forward reforms to consolidate and strengthen Hong Kong's capital market and our role as an international financial center."

"As pointed out by President Xi Jinping in his important speech delivered at the meeting celebrating the 25th anniversary of Hong Kong's return to the motherland on July 1, the Central People's Government fully supports Hong Kong in the effort to maintain our distinctive status and edges, and consolidate our competitiveness as an international financial center. The Government has been making good use of national policies and Hong Kong's institutional advantages under 'one country, two systems', including a fine tradition of the rule of law, a market-oriented and internationalized business environment, coupled with robust infrastructure support, internationally-aligned regulatory regimes, a full range of financial products, and free flow of information and capital, to strengthen Hong Kong's competitiveness as a leading global financial center. At the same time, thanks to our sound and robust regulatory regime and risk management system, coupled with the strong and solid buffer and resilience built in our financial markets that help us withstand various shocks, the financial markets of Hong Kong have all along remained resilient."

"As an indispensable gateway and bridge for the country to the world, Hong Kong has all along strived to connect markets and investors of the Mainland and overseas, facilitating the further reform and opening up of the Mainland financial markets. The China Securities Regulatory Commission recently announced further expansion of mutual market access arrangements, namely including securities of overseas enterprises that have a primary listing in Hong Kong and fulfill certain conditions in the eligible scope of Southbound Trading under Stock Connect, studying to set up a Renminbi securities trading counter under Southbound Trading of Stock Connect, and supporting the issuance of Mainland government bond futures in Hong Kong. The 18 measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai jointly promulgated by the Financial Services and the Treasury Bureau and Shenzhen Qianhai Authority recently will also further promote the development of Hong Kong in this regard. We will continue to develop the financial services sector of Hong Kong with an innovative mindset and proactively align ourselves with the development strategy and needs of our country to broaden the development of our financial markets as well as better serve the real economy and national development," the spokesman added.

"We will also roll out new measures with an innovative mindset to attract talent and enterprises, strengthen the impetus of growth of the Hong Kong economy, and further enhance the competitiveness of the financial industry of Hong Kong."

The GFCI Report has been released in March and September every year since 2007. In GFCI 32, 119 financial centers were assessed, and Hong Kong came fourth globally with an overall rating of 725.