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Banking & finance
BusinessBanking & Finance

Hong Kong rises to fourth in global financial centre rankings on the back of strong IPO market, mainland stock links

  • Hong Kong ranks behind New York, London and Shanghai, but ahead of Singapore, Beijing and Tokyo in the latest Global Financial Centres Index
  • The city will continue to expand its listing reform and connect schemes to strengthen its financial competitiveness, minister says

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Hong Kong improved its ranking in the 29th edition of the Global Financial Centres Index. Photo: Sam Tsang
Enoch Yiu

Hong Kong improved its standing among global financial centres in a newly released study, thanks to the popularity of its stock market and many cross-border trading schemes with mainland China, officials said.

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Hong Kong ranked fourth in the 29th edition of the Global Financial Centres Index (GFCI) report, which is published by City of London’s think tank Z/Yen Group in partnership with the Shenzhen-based research firm China Development Institute. New York maintained its top spot, followed by London and Shanghai.

Singapore came in fifth and Beijing sixth. Tokyo dropped three places from fourth to seventh.

“We are encouraged by the fact that Hong Kong has consistently been ranked among the top financial centres in the world since Global Financial Centres Index’s debut in 2007,” said Laurence Li Lu-jen, chairman of Financial Services Development Council, a Hong Kong government-funded body tasked with promoting the sector.

Laurence Li Lu-jen, chairman of Financial Services Development Council. Photo: Jonathan Wong
Laurence Li Lu-jen, chairman of Financial Services Development Council. Photo: Jonathan Wong
Li credited Hong Kong’s rise in the latest index to market participants who believe in the hub’s “strong connectivity with mainland China and other Asian markets, its business-friendly environment with sound legal and regulatory framework as well as ease of doing business and its efficient financial infrastructure.”
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The city fell three places to the sixth in March 2020 as business sentiment was affected by the months-long anti-government protests triggered by the now-withdrawn extradition bill in June 2019. It was ranked fifth in September 2020.
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