Singapore’s position as a financial hub rose to outrank Hong Kong in part due to the latter’s Covid-linked travel curbs, according to an index by China Development Institute and Z/Yen Partners.
Singapore rose from being the sixth to third leading international financial center worldwide, according to an index by Shenzhen and London-based think tanks China Development Institute and Z/Yen Partners, respectively. The city-state surpassed Hong Kong, which fell from third to fourth place, in part due to its strict zero-Covid travel restrictions.
«Continuing travel restrictions in places like Hong Kong and Tokyo affect their ability to conduct normal levels of business,» the report said.
While Singapore has rapidly resumed to normality in 2022, including the lifting of its indoor mask mandate in August – one of the last remaining restrictions – Hong Kong remains one of the most restricted territories in the world. Reopening efforts have recently accelerated in the city with reports that hotel quarantine could be scrapped by mid-October, in time for a series of upcoming events including the Hong Kong Fintech Week, the HSBC-sponsored Rugby Sevens and the widely anticipated summit hosted by the Hong Kong Monetary Authority.
At the top of the index, the leaders were unchanged with New York ranked as the top financial center followed by London as the runner-up.
The rankings are released twice a year and are based on an online survey of over 11,000 financial professionals who assess 119 cities on their competitiveness in 151 factors.