Hong Kong Reclaims Top Spot as Asia's Leading Financial Hub, Surpassing Singapore
Sep 26, 2024
Hubbis
Hong Kong has reclaimed its position as Asia's top financial hub, surpassing Singapore for the first time in two years, according to the latest Global Financial Centres Index.
The semi-annual report, released by the China Development Institute and London’s Z/Yen Partners, placed Hong Kong third globally, behind New York and London. Singapore and San Francisco rounded out the top five.
In 2022, Singapore overtook Hong Kong after easing travel restrictions, while Hong Kong maintained its measures until early 2023. Recent improvements in the stock market and new listings have strengthened Hong Kong's financial status.
Christopher Hui, Secretary for Financial Services and the Treasury, highlighted Hong Kong's high rankings in areas such as the business environment, fintech, banking, and wealth management. He credited the city's stock market growth and regulatory support for revitalizing its IPO market, including the major IPO of Midea Group, which raised US$4 billion.
In addition, the US Federal Reserve's interest rate cut and adjustments by Hong Kong’s banks, alongside China’s recent policy moves, have further boosted market sentiment.