Hong Kong holds on to fourth spot in global financial centre rankings, while Singapore remains one place higher

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Hong Kong ranked fourth after New York, London and Singapore in the latest Global Financial Centres Index produced by China Development Institute and Z/Yen Partners

The rankings of many top Chinese cities fell in the semi-annual survey, with Shanghai dropping one place to seventh and Shenzhen sliding from ninth to 12th

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People visiting the Tsim Sha Tsui waterfront at sunset in December. Photo: Jelly Tse

Chad Brayin London

Published: 9:17pm, 23 Mar 2023Updated: 9:51pm, 23 Mar 2023

Hong Kong held on to its fourth-place ranking globally in the latest study of the world’s leading international financial centres, as the city’s economy continues to recover from three years of Covid-19 restrictions.

The city ranked fourth in the 33rd edition of the semi-annual Global Financial Centres Index, produced by the China Development Institute in Shenzhen and the London think tank Z/Yen Partners. New York was No 1 financial centre, followed by London and Singapore.

Financial industry executives based in Hong Kong were more confident about the future competitiveness of the city as an international financial centre than executives from other cities, a Hong Kong government spokesperson said

“In view of the intense international competition, the government has adopted a more vigorous and proactive development approach to press ahead with institutional enhancements and policy innovations as well as boosting promotion and publicity on Hong Kong’s full return to normalcy, so as to consolidate our strengths and continuously enhance the competitiveness of Hong Kong,” the spokesperson said in a statement.

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The latest ranking came six months after Singapore surpassed Hong Kong as the third leading financial centre globally in September.

“Confidence in financial centres and the world economy remains high, with a recognition that inflation levels are falling and economic growth generally secure, even with the instability caused by the continuing war in Ukraine,” the report’s authors said.