HK beats US, UK, Singapore in financial development index

Two years in a row.

According to a government release, Hong Kong has topped the World Economic Forum’s Financial Development Index for the second consecutive year.

Hong Kong took the top spot with a score of 5.31 on a seven-point scale. The US, UK and Singapore take the next three places, while Mainland China ranks 23rd.

Financial Secretary John Tsang said the Government welcomes the World Economic Forum's recognition of Hong Kong’s leading position among international financial centres.

"Hong Kong is highly competitive vis-à-vis most other financial systems in the world, especially in terms of contract enforcement, taxes and the infrastructure of the business environment, as well as the efficiency of banking financial services. Our strengths in IPO [initial public offering] activity, equity market development and commercial access are also well recognised by the World Economic Forum,” Mr Tsang said.

"We will study the report carefully for any further useful comments on Hong Kong. We will continue to strengthen Hong Kong in various aspects as a leading financial centre and as the Mainland's offshore renminbi centre."

Among the seven component pillars assessed - institutional environment, business environment, financial stability, banking financial services, non-banking financial services, financial markets and financial access - Hong Kong ranks first in banking financial services, second in business environment and fourth in both financial access and financial markets.

The study ranks the breadth, depth and efficiency of 62 of the world's leading financial systems and capital markets, analysing financial system development drivers that support economic growth.