Hong Kong strengthens its position as Asia's financial leader

Hong Kong has strengthened its position as Asia's leading financial center, ranking third in the world. This places it ahead of Singapore, which is ranked fourth. The findings come from the latest Global Financial Centres Index, released on Thursday. Hong Kong’s rating increased by 11 points, while Singapore gained three points. London, in second place, improved by 12 points. Almost all financial centers saw improvements, with Seoul moving into the top 10. The report, created by Z/Yen Group and the China Development Institute, evaluated 119 financial centers based on 140 factors and feedback from nearly 5,000 respondents. The Hong Kong government highlighted support from mainland China and stock market reforms as key factors in maintaining its top status. Hong Kong's rankings rose in various categories, including human capital and financial sector development. It ranked first in investment management, insurance, and finance, and was third in banking. This success reaffirms Hong Kong's strengths as an international financial hub.