Hong Kong ranked third among 116 financial hubs in the latest Global Financial Centres Index (GFCI) Report, up by one place from the last index.

The GFCI Report was published by Z/Yen from the UK and the China Development Institute from Shenzhen.

In a statement, the Hong Kong Special Administrative Region Government said Hong Kong’s ranking was an unequivocal affirmation of its status and strengths as a leading global financial center.

It noted that Hong Kong had remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general.

The Government pointed out that Hong Kong’s financial markets had been functioning in an orderly manner despite the fact that persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions continued to affect major financial centers’ overall ratings.

It added that the National 14th Five-Year Plan expressed staunch support for Hong Kong to strengthen its functions as a global offshore renminbi business hub, an international management center and risk management center as well as to deepen and widen mutual access between the financial markets of Hong Kong and the Mainland.

The Government explained that it would continue to capitalize on the city’s unique advantages, enhance its role as the gateway between the Mainland and international markets and proactively integrate into the country’s overall development.

This included leveraging the vast opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Qianhai's development and the Belt & Road Initiative.

The Government stressed that it would spare no effort to ensure the smooth implementation of the Cross-boundary Wealth Management Connect in the GBA and southbound trading under Bond Connect.