Despite ongoing unrest and an uncertain political future, Hong Kong retained its ranking as the third leading financial center in the world.
But whilst the city retained the third spot, it did not go unscathed with its competitiveness rating dropping 12 points to 771, according to a recent survey co-produced by Shenzhen-based China Development Institute and London-based Z/Yen Group.
New York and London also retained their ranks as the first and second most competitive financial centers, though the latter was heavily punished (minus 14 points) due to risks associated with Brexit, such as the free flow of financial services talent. Singapore and Shanghai also retained their rankings as the fourth and fifth most competitive financial centers.
Beijing Climbs Up
Amongst the top ranks, China furthered its prominence as a leading financial center with Beijing climbing two positions to reach the seventh place and Shenzhen climbing a whopping five positions to reach the ninth place.
The survey was based on responses from more than 3,000 participants who assessed 114 financial centers based on 134 quantitative measures provided by third-party organizations including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations. This was then used to produce the 26th edition of the «Global Financial Centers Index» (GFCI).
