Hong Kong has been named the world’s top financial centre for the second year running by the World Economic Forum. The ranking was based on performance in a range of categories, including legal environment and financial stability. China fell to 23rd place from 19th last year, out of 62 countries. It is the first time the mainland has slid in its overall score since the forum started its Financial Development Index in 2008.
Analysts said Hong Kong’s explosive listing volume, low tax rates and status as the top offshore yuan trading centre had boosted its ranking. They predicted that Hong Kong as a financial hub would help attract more fund-raising activity and financial talent.