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Oct 28, 2022

Singapore’s momentum to solidify its position as an international financial center is scary. Singapore rose to third place after New York and London in the second half of this year and Hong Kong fell to fourth place, according to the International Financial Center Index (GFCI) evaluation released by British consulting firm Z/Yen twice a year.

Although there are changes depending on the time of evaluation, Singapore has recently reversed Hong Kong on various indicators. Tokyo once emerged as a financial center in Asia, but Hong Kong has long played a leading role in the regional financial sector in Asia. In the background, it was because it had a large market called China as its background and had the strength of being closely linked to the financial system in the Anglo-American region.

At the regional level, Northeast Asia, including South Korea, which has traditionally advanced economic power, and China have used the Hong Kong financial system, while Southeast Asian countries and India have used the Singapore financial system more. However, several recent events have weakened Hong Kong’s charm and competitiveness. First of all, it is a change in Hong Kong’s system, where autonomy has been greatly weakened.

The Hong Kong Security Act, which was passed in 2020, resulted in the departure of many foreign capital due to strong punishment for violations of the law and offshore application to foreigners. Next, more than 100,000 residents have left Hong Kong every year since 2020, due to quarantine measures such as a long quarantine period to prevent the inflow of COVID-19.

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