Hong Kong Financial News

December 15, 2011 • 7:25 pm

World Economic Forum rates HK as Leading Financial Centre

It has been recently disclosed by the World Economic Forum (WEF) that Hong Kong has overtaken the US and the UK to top its 2011 4th annual Financial Development Report.
The WEF carries out a study of 60 leading financial systems and capital markets, investigating the drivers of financial system development that support economic growth. The 7 pillars that are assessed are as follows: institutional environment, business environment, financial stability, banking financial services, non-banking financial services, financial markets and financial access.
As the 1st Asian financial centre to achieve this rank with a score of 5.16 out of 7, Hong Kong’s position was bolstered by strong scores in non-banking financial services, such as initial public offerings (IPOs) and insurance. It is worth noting that Hong Kong was ranked 4th in 2010.
Hong Kong’s Financial Secretary, John C Tsang said: “We will continue to strengthen Hong Kong on various aspects as a leading financial centre and as the Mainland’s offshore renminbi centre,” he added.