Hongkong: In the latest Global Financial Centres Index released on Monday, Hong Kong ranked third globally, following New York and London, while Singapore fell to fourth place. Other cities such as Dublin, Chicago, and Dubai saw improvements in their rankings, whereas Shanghai, Beijing, and Geneva experienced declines.
Reportedly, this news comes as a relief to Hong Kong’s finance sector, which faced significant challenges during the pandemic, leading to an exodus of workers from the city. The struggling property market has further dampened economic activity and consumer demand. The Hong Kong government is optimistic that its initiatives, coupled with lower interest rates, will stimulate a revival in economic activity.
Other findings in the report:
* 58 places fell in the rankings, while 46 improved
* Shenzhen overtook San Francisco to rank third in the fintech ranking
* Chicago and Los Angeles climbed past Shanghai to place sixth and seventh
* Sydney, Nanjing, and Tianjin fell at least 10 places
* Geopolitical challenges were the most pressing risk, mentioned by more than one-fifth of respondents *
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