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Hong Kong replaced by Singapore as Asia's top finance center

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Visitors walk on a skybridge amongst the Supertrees at the Gardens by the Bay in Singapore, Sept. 28 2020. Wallace Woon, EPA-EFE/File " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/09/23/20220923-supertrees-gardens-by-the-bay-epa.jpg"/><figcaption>Visitors walk on a skybridge amongst the Supertrees at the Gardens by the Bay in Singapore, Sept. 28 2020. Wallace Woon, EPA-EFE/File </figcaption></figure></div>HONG KONG — Hong Kong has lost its crown as Asia&#x27;s premier finance center to Singapore in a global ranking list where New York and London maintained their number 1 and 2 spots.Singapore jumped 3 places to third in the twice-a-year Global Financial Centres Index (GFCI) which assesses 119 cities around the world and was published late Thursday.Hong Kong has adhered to a version of China&#x27;s strict zero-COVID rules throughout the pandemic, battering the economy and deepening a brain drain as rival business hubs reopen.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/21/22/zero-covid-push-seen-harming-3-of-4-eu-firms-in-china">Zero-COVID policy harming 75 pct of European firms in China: business group</a></li></ul>The city still mandates 3 days of hotel quarantine for all international arrivals while its border with the Chinese mainland is mostly closed.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/09/20/22/hong-kong-to-further-relax-covid-curbs-soon-leader">Hong Kong to further relax COVID restrictions &#x27;soon&#x27;: city leader</a></li></ul>In contrast, Singapore successfully shifted to endemicity earlier this year and has reopened without restrictions.The city-state is hosting a slew of financial and business conferences in the coming months as well as a Formula 1 night race next week, while about 4 million people are expected to visit this year.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/08/24/22/singapore-to-further-ease-anti-covid-indoor-mask-rule">Singapore to further ease anti-COVID indoor mask rule</a></li>	<li><a href="https://news.abs-cbn.com/overseas/multimedia/photo/09/13/22/singapore-reopens-changis-terminal-4">Singapore Airport Terminal 4 reopens</a></li></ul>In a 600-word statement responding to the latest GFCI ranking, Hong Kong&#x27;s government focused on the city scoring a higher points rating than the year before.&quot;We will continue to listen to views and be bold in taking forward reforms to consolidate and strengthen Hong Kong&#x27;s capital market and our role as an international financial center,&quot; the government said.The statement did not mention the coronavirus or the ongoing pandemic controls.San Francisco came in at number 5 in the survey, up 2 spots. Shanghai, which was shut down earlier this year under China&#x27;s coronavirus controls, was number 6 followed by Los Angeles, Beijing and Shenzhen. Paris took tenth spot, replacing Tokyo which fell to 16th place.<div>© Agence France-Presse </div>

Hong Kong has lost its crown as Asia's premier finance center to Singapore in a global ranking list. 