Winds of change in the East as Singapore passes China as Financial hub.
- By : James Bryson
- Category : Economy, Financials, International Relations, World Events
Singapore has overtaken Hong Kong as the main financial center in Asia, and ranks third in the world, according to the latest report from the Global Financial Centers Index, one of the reference sources for classifications in this sector, which places New York and London in the top positions.
Until now, the third global financial “hub” and the first in Asia, Hong Kong has fallen to fourth place in the latest Global Financial Centers index, published this Thursday, which justifies the decision on the effect of the zero covid policy marked by Beijing on the former British colony and the resulting exodus of talent.
Singapore, on the other hand, which maintained a strict border closure policy until the beginning of this year, and has now reached a situation of virtual normality and openness, has managed to recover from the pandemic and this year expects to receive more than 4 million visitors.
The Asian city-state is hosting high-profile meetings this year, such as the Shangri-La Dialogue, which took place in June and is the most important defense forum in Asia; the Forbes Global CEO Conference; and the Formula One Singapore Grand Prix, which will arrive on the island at the end of the month.
The Asian country, which rose three positions from the previous ranking, has always competed with Hong Kong to be the main regional financial center, something that until recently seemed out of reach, due to the greater power of the Hong Kong stock market and unique access to China offered by the former British colony.
The Chinese cities of Shanghai, Beijing and Shenzhen remain among the top ten positions, despite the draconian measures against the covid 19 pandemic that Beijing still imposes within the country, effectively isolated from the rest of the world.
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