Hong Kong replaced by Singapore as the main financial center of Asia

Hong Kong replaced by Singapore as the main financial center of Asia

Issued on: 23/09/2022 – 05:46

Hong Kong (AFP) – Hong Kong has lost its crown as Asia’s top financial center to Singapore in a global ranking, where New York and London maintain their number one and two places.

Singapore jumped three places to third in the twice-yearly Global Financial Centers Index (GFCI), which rates 119 cities around the world and was released late Thursday.

Hong Kong has adhered to a version of China’s strict zero-covid rules during the pandemic, battering the economy and deepening the brain drain as rival business hubs reopened.

The city still requires three days of hotel quarantine for all international arrivals, while the border with mainland China is largely closed.

By contrast, Singapore successfully transitioned to endemism earlier this year and reopened without restrictions.

The city-state is hosting a slew of financial and business conferences in the coming months, as well as a Formula 1 night race next week, while about four million people are expected to attend this year.

In a 600-word statement responding to the latest GFCI ranking, the Hong Kong government focused on the city scoring a higher score than the year before.

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