HONG KONG moved up one place to rank third globally and first in the Asia-Pacific region in a global financial centers index, showing the city’s status and strengths as a leading global financial center.

The Global Financial Centers Index (GFCI) 36 Report was published Tuesday by British think tank Z/Yen Group and the China Development Institute in Shenzhen.

A spokesperson from the Hong Kong Special Administrative Region (HKSAR) government said that Hong Kong’s scores were rated among the top in various areas of competitiveness, including business environment, human capital, infrastructure, as well as reputational and general.

Hong Kong’s rankings in various financial industry sectors also rose significantly, including investment management, insurance, banking and professional services. Among them, the ranking in investment management advanced to first globally.

In addition, the report assessed the financial centers’ fintech offerings, and Hong Kong’s ranking rose five places to ninth, making it among the top 10 fintech hubs.

The spokesperson said that Hong Kong’s asset and wealth management business is booming, with assets under management growing by about 2% from the previous year to more than HK$31 trillion (US$3.98 trillion) by the end of 2023. Net fund inflows reached HK$390 billion, representing a year-on-year increase of over 3.4 times.  (Xinhua)