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the uk's z/yen group and the china (shenzhen) development research institute jointly released the 36th "global financial centres index" report today (september 24). hong kong's overall ranking is third in the world, up one place from march this year, and ranks first in the asia-pacific region; the overall score increased by eight points, the largest increase among the top five financial centers.

a hong kong government spokesman said: "the report clearly affirms hong kong's status and strength as a leading global financial center. hong kong's scores are among the best in terms of competitiveness in 'business environment', 'human capital', 'infrastructure', and 'reputation and overall'. hong kong's rankings in many financial industry sectors have also risen significantly, including 'investment management', 'insurance', 'banking', and 'professional services', with its ranking in 'investment management' jumping to first place in the world. in addition, the report assesses the level of financial technology in financial centers, and hong kong's ranking has risen five places to ninth, ranking among the top ten financial technology centers."

data shows that hong kong's asset and wealth management business is booming, with assets under management growing by about 2% to more than hk$31 trillion by the end of 2023 from the previous year, and net capital inflows approaching hk$390 billion, up more than 3.4 times year-on-year. hong kong's family office business continues to develop well; the "new capital investor entrance scheme" has continued to receive a warm response since its launch in march, with more than 550 applications received so far, and is expected to bring more than hk$16.5 billion in investment to hong kong.

the spokesperson said: "the hong kong government will continue to actively identify, respond to and seek change to promote high-quality development of the financial industry. in terms of the stock market, we will actively expand its breadth and depth and enhance the efficiency and competitiveness of the market, including establishing a special listing system for technology companies, reforming gem, implementing trading maintenance in bad weather, facilitating buybacks and launching a new treasury share mechanism, and further expanding corporate listings."

"we have created sound and favorable conditions for the development of virtual assets, and are committed to improving the relevant regulatory framework. we recommend the establishment of a licensing system for issuers of fiat stablecoins and virtual asset over-the-counter service providers to promote the sustainable development of hong kong's web3 ecosystem." the spokesperson also mentioned that the financial connectivity between the mainland and hong kong will be actively deepened to further enhance hong kong's role in connecting chinese and foreign capital markets, expand the scope of eligible exchange-traded funds (etfs) for the shanghai-shenzhen-hong kong stock connect, and promote a series of optimization measures for the swap mechanism arrangements. in terms of green finance, hong kong is preparing to fully adopt the international standards for sustainable disclosures in financial reporting (issb standards). it also provides a series of internship and training programs to strengthen the cultivation of talents in different financial fields and establish a sustainable talent pool for hong kong's financial industry.

the global financial centres index report has been published in march and september every year since 2007. the 36th report evaluated 121 financial centers around the world, with hong kong ranking third in the world with an overall score of 749 points.