HONG KONG: Hong Kong has lost its crown as Asia's premier finance center to Singapore in a global ranking list where New York and London maintained their No. Singapore jumped three places to third in the twice-a-year Global Financial Centers Index (GFCI), which assesses 119 cities around the world and was published late Thursday. Hong Kong has adhered to a version of China's strict zero-Covid rules throughout the pandemic, battering the economy and deepening a brain drain as rival business hubs reopen. In a 600-word statement responding to the latest GFCI ranking, Hong Kong's government focused on the city scoring a higher points rating than the year before. "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," the government said.

Source: Manila Times September 24, 2022 04:09 UTC