Overtaking Hong Kong, Singapore becomes Asia’s new financial center

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Hong Kong has lost its title as Asia’s leading financial center to Singapore, said Friday GFCI, the index of global financial centers which displays the competitiveness of 119 financial centers around the world.

Singapore had long been in competition with hong kong, but this time it was the anti-covid-19 measures that played against the Chinese city. Hong Kong has therefore lost its first financial center in Asia because it has applied strict health restrictions for more than two and a half years. A strategy that has caused the decline in economic activity and the flight of talent to its rival in the region, Singapore.

Conversely, Singapore raised its restrictions and reopened its borders at the start of the year, accepting the now endemic nature of the Covid-19 epidemic. And the city-state does not stop there. It hosts many economic conferences, the Formula 1 Grand Prix and expects to receive four million visitors this year.

For its part, Hong Kong has only just mandatory quarantine lift at the hotel for anyone arriving from abroad. A government decision that comes too late.

We will continue to listen to opinions and be bold in advancing reforms to foster and strengthen Hong Kong’s capital market and our role as an international financial center. said the Hong Kong government, adding however that it had obtained a better score than the previous year.

► Read also: Singapore is becoming Asia’s “little Switzerland”

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