WASHINGTON, D.C. – Hong Kong tops the World Economic Forum’s (WEF) Financial Development Report 2011 for the first time, up from fourth in 2010.
According to the WEF Financial Development Report released today, Hong Kong has overtaken the United States and the United Kingdom to take the top spot with a score of 5.16 on a scale of 1 to 7.
The Financial Secretary, John C. Tsang welcomed the WEF’s recognition of Hong Kong’s rising competitiveness as an international financial center. He noted that this was the first time an Asian financial center achieved the ranking.
“We are pleased with the WEF’s encouraging acknowledgement of our strengths in financial access, business environment and banking financial services, and in particular, our strong performance in some financial services such as IPO activity and insurance,” Mr. Tsang said.
“We will continue to strengthen Hong Kong on various aspects as a leading financial center and as the Mainland’s offshore Renminbi center.”
Among the seven component pillars assessed, Hong Kong ranks first in “financial access” and third in both “business environment” and “banking financial services.”
The report ranks 60 of the world’s leading financial systems and capital markets, analyzing the drivers of financial system development that support economic growth. The seven pillars assessed are: institutional environment, business environment, financial stability, banking financial services, non-banking financial services, financial markets and financial access.
World Economic Forum’s Financial Development Report 2011