《ZYen：2023全球金融中心指数报告（第34期）（英文版）（61页）.pdf》由会员分享，可在线阅读，更多相关《ZYen：2023全球金融中心指数报告（第34期）（英文版）（61页）.pdf（61页珍藏版）》请在三个皮匠报告上搜索。

1、Financial Centre Futures The Global Financial Centres Index 34 September 2023 In March 2007,Z/Yen and the City Of London released the first edition of the GFCI,which continues to provide evaluations of competitiveness and rankings for the major financial centres around the world.We are pleased to pr

2、esent the thirty-fourth edition of the Global Financial Centres Index(GFCI 34).In July 2016,Z/Yen and the China Development Institute(CDI)in Shenzhen established a strategic partnership for research into financial centres.We continue our collaboration in producing the GFCI.The GFCI is updated every

3、March and September and receives considerable attention from the global financial community.The index serves as a valuable reference for policy and investment decisions.Z/Yen is the City of Londons leading commercial think-tank,founded in 1994 to promote societal advance through better finance and t

4、echnology.Z/Yen has built its practice around a core of high-powered project managers,supported by experienced technical specialists so that clients get expertise they need,rather than just resources available.The CDI is a leading national think-tank that develops solutions to public policy challeng

5、es through broad-scope and in-depth research to help advance Chinas reform and opening-up to world markets.The CDI has been working on the promotion and development of Chinas financial system since its establishment in 1989.Based on rigorous research and objective analysis,CDI is committed to provid

6、ing innovative and pragmatic reports for governments at different levels in China and corporations at home and abroad.The authors of this report,Mike Wardle and Professor Michael Mainelli,would like to thank Bikash Kharel,Sasha Davis,Molly Homer,Carol Feng,Peng Yu,and the rest of the GFCI team for t

7、heir contributions with research,modelling,and ideas.Cover Image by ffwpu on P Global Financial Centres Index 34 1 Foreword Global financial centres play a pivotal role in bringing together global capital,facilitating cultural exchanges,and acting as essential hubs for countries to enhance internati

8、onal cooperation and foster new avenues of growth.Presently,the development of global financial centres bears substantial real-world significance within the broader context of humanitys collaborative response to global challenges,the pursuit of a world marked by shared prosperity,and the shaping of

9、a brighter future.The Global Financial Centres Index(GFCI),refreshed every six months,has emerged as a“barometer”of the development of global financial centres,receiving wide attention from diverse segments of society.Recent editions of the GFCI reveal that,while grappling with challenges such as th

10、e consequences of the COVID-19 pandemic and the geopolitical conflict between Russia and Ukraine,the path to global economic recovery remains uncertain and fraught with complexities.Nonetheless,the overall ratings of global financial centres have been on an upward trajectory,with the rankings of lea

11、ding financial centres stabilizing,and growing optimism regarding their future development.In recent years,Chinas financial centres have embarked on a continuous journey of deepening financial reforms,promoting high-level financial opening,and supporting the growth of the real economy.They have enth

12、usiastically welcomed investment and talent from around the world.Among the worlds three major economies,the second quarter of 2023 witnessed a year-on-year GDP growth rate of 2.1%for the United States,6.3%for China,and 0.6%for Eurozone countries.This points to substantial development potential of C

13、hinas financial centres.The Guangdong-Hong Kong-Macao Greater Bay Area,situated along Chinas southern coastline,has been a pioneering force in Chinas journey of reform and opening up.It stands as a hub of modern service industries and advanced manufacturing.In the foreseeable future,significant fina

14、ncial demands are anticipated in domains such as regional development,technological innovation,industrial upgrading,and wealth management.The Greater Bay Area is home to three major global financial centresHong Kong,Shenzhen,and Guangzhouoffering a diverse cultural environment,abundant market prospe

15、cts,and exceptional historical opportunities for global financial institutions and investors.Dr Liu Guohong Vice President China Development Institute Global Financial Centres Index 34 2 GFCI 34 Summary&Headlines Overview We researched 132 financial centres for this edition of the Global Financial C

16、entres Index(GFCI 34).The number of centres in the main index has increased to 121,with the inclusion of Miami.There are 11 associate centres awaiting potential inclusion in the main index.The average rating of centres in the index rose 3.63%compared with GFCI 33,with all but two centres improving i

17、n the ratings.This suggests growing confidence in financial centres and the world economy,notwithstanding the challenges caused by continued supply chain difficulties and the instability caused by the continuing war in Ukraine.US centres performed well,with five US centres in the top 10,reflecting t

18、he strength of the US economy.Leading Chinese centres were stable in the rankings.London retains its position in second place in the index.Financial centres continue to focus on key priorities,including sustainable finance looking ahead to COP 28,the development of skills,and the impact of digital t

19、echnology.These areas are driving changes to regulatory and development systems.We report in this edition on the strategies needed to develop the talent pool,with the highest number of respondents to the GFCI survey saying that continuing professional development is important in ensuring the future

20、strength of talent in the sector.GFCI 34 Results Leading Centres New York leads the index,with London second,ahead of Singapore in third place,which has maintained its slight lead over Hong Kong in fourth position.Washington DC and Geneva entered the top 10 in this edition,replacing Seoul and Boston

21、.Western Europe London continues to lead in the region in second place globally,and gained a little ground on New York in the ratings.Seven Western European centres feature in the top 20 in GFCI 34.All but one centre in the region improved their rating,with the average rating for the region 3.17%hig

22、her than in GFCI 33.Geneva,Dublin,Isle of Man,Reykjavik,Liechtenstein,and Gibraltar rose 10 or more places in the rankings.Asia/Pacific Asia/Pacific centres performed well in GCI 34,with an average increase in ratings of 3.7%,and with all centres improving in the ratings.Singapore continues to lead

23、the region,one rating point ahead of Hong Kong.Shanghai also features in the world top 10.Leading Chinese centres were stable in the rankings,but many other centres in China rose in the rankings,while outside China,five centres fell 10 or more places in the rankings.Global Financial Centres Index 34

24、 3 North America Washington DC joined New York,San Francisco,Chicago,and Los Angeles in the world top 10 in this edition of the index.Average ratings rose 9.64%in the region,with all centres improving their rating.Miami entered the index for the first time in 24th position.Eastern Europe&Central Asi

25、a Astana takes the lead position in the region with Prague and Tallinn in second and third position.11 of 16 centres in the region fell in the rankings in GFCI 34,continuing the trend from the last three editions of the index.Middle East&Africa All centres in the region improved their ratings,with D

26、ubai and Abu Dhabi continuing to take first and second places in the region.Casablanca continues to be the leading African centre,and is third in the region,overtaking Tel Aviv.Mauritius,Riyadh,Kigali,Kuwait City,and Nairobi gained 10 or more places in the rankings.Latin America&The Caribbean For th

27、e third edition of the GFCI in a row,the majority of centres in the region fell in the rankings although all centres improved their ratings.Cayman Islands,Santiago,and Barbados lead the region,with Barbados up 22 rank places.Santiago,Bermuda,and Mexico City fell 10 or more places in the rankings.Fin

28、Tech We are able to assess 115 centres for their Fintech offering.New York retains its leading position in the Fintech ranking,followed by London,which overtook San Francisco to take second position.Shenzhen maintained its fourth place in the table.Beijing has joined Singapore,Los Angeles,Washington

29、 DC,Shanghai,and Chicago in the top 10,replacing Boston.There was a fair amount of dynamism in the rankings,with 22 centres rising 10 or more places in the FinTech ranking and 29 centres falling 10 or more places.GFCI 34 GFCI 34 was compiled using 147 instrumental factors.These quantitative measures

30、 are provided by third parties including the World Bank,The Economist Intelligence Unit,the OECD,and the UN.Details can be found in Appendix 4.The instrumental factors were combined with 53,789 assessments of financial centres provided by 9,097 respondents to the GFCI online questionnaire.A breakdow

31、n of the respondents is shown in Appendix 2.Further details of the methodology behind GFCI 34 are in Appendix 3.Global Financial Centres Index 34 4 Table 1|GFCI 34 Ranks And Ratings Centre GFCI 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating New York 1 763 1 760 0 3 London 2 744 2

32、 731 0 13 Singapore 3 742 3 723 0 19 Hong Kong 4 741 4 722 0 19 San Francisco 5 735 5 721 0 14 Los Angeles 6 734 6 719 0 15 Shanghai 7 733 7 717 0 16 Washington DC 8 732 11 713 3 19 Chicago 9 731 8 716 1 15 Geneva 10 730 23 701 13 29 Seoul 11 729 10 714 1 15 Shenzhen 12 728 12 712 0 16 Beijing 13 72

33、7 13 711 0 16 Frankfurt 14 726 17 707 3 19 Paris 15 725 14 710 1 15 Luxembourg 16 724 19 705 3 19 Boston 17 723 9 715 8 8 Zurich 18 722 20 704 2 18 Amsterdam 19 721 16 708 3 13 Tokyo 20 720 21 703 1 17 Dubai 21 719 22 702 1 17 Sydney 22 718 15 709 7 9 Berlin 23 714 26 698 3 16 Miami 24 713 New New N

34、ew New Dublin 25 712 48 676 23 36 Munich 26 711 18 706 8 5 San Diego 27 710 39 685 12 25 Minneapolis/St Paul 28 709 29 695 1 14 Guangzhou 29 708 34 690 5 18 Toronto 30 707 25 699 5 8 Copenhagen 31 706 24 700 7 6 Qingdao 32 705 36 688 4 17 Busan 33 704 37 687 4 17 Edinburgh 34 703 27 697 7 6 Abu Dhab

35、i 35 702 35 689 0 13 Atlanta 36 701 30 694 6 7 Vancouver 37 700 32 692 5 8 Montreal 38 699 42 682 4 17 Melbourne 39 698 28 696 11 2 Stockholm 40 697 31 693 9 4 Calgary 41 696 46 678 5 18 Oslo 42 695 33 691 9 4 Osaka 43 694 38 686 5 8 Chengdu 44 693 44 680 0 13 Milan 45 692 50 674 5 18 Stuttgart 46 6

36、91 47 677 1 14 Lugano 47 690 56 668 9 22 Madrid 48 689 40 684 8 5 Hamburg 49 688 43 681 6 7 Helsinki 50 687 41 683 9 4 Glasgow 51 686 45 679 6 7 Jersey 52 684 60 632 8 52 Brussels 53 683 49 675 4 8 Casablanca 54 682 57 642 3 40 Rome 55 681 54 670 1 11 Wellington 56 680 52 672 4 8 Tel Aviv 57 679 53

37、671 4 8 Guernsey 58 678 59 633 1 45 Isle of Man 59 676 85 606 26 70 Astana 60 674 66 626 6 48 Vienna 61 673 51 673 10 0 Global Financial Centres Index 34 5 Centre GFCI 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating GIFT City-Gujarat 62 672 67 625 5 47 Reykjavik 63 671 76 616 13 5

38、5 Dalian 64 670 72 620 8 50 Nanjing 65 669 75 617 10 52 Mumbai 66 668 61 631 5 37 Taipei 67 667 63 629 4 38 Mauritius 68 666 81 610 13 56 Tianjin 69 665 79 612 10 53 Liechtenstein 70 664 89 602 19 62 Malta 71 663 62 630 9 33 Cayman Islands 72 662 74 618 2 44 Lisbon 73 661 55 669 18 8 Bahrain 74 660

39、82 609 8 51 Riyadh 75 659 88 603 13 56 Hangzhou 76 658 80 611 4 47 New Delhi 77 657 65 627 12 30 Doha 78 656 64 628 14 28 Prague 79 654 68 624 11 30 Kuala Lumpur 80 653 58 641 22 12 Kigali 81 651 98 593 17 58 Kuwait City 82 646 102 589 20 57 Johannesburg 83 642 69 623 14 19 Monaco 84 641 92 599 8 42

40、 Gibraltar 85 639 104 587 19 52 Bangkok 86 635 71 621 15 14 Tallinn 87 633 94 597 7 36 Santiago 88 631 77 615 11 16 Riga 89 630 95 596 6 34 Nairobi 90 629 103 588 13 41 Cape Town 91 628 73 619 18 9 Warsaw 92 626 70 622 22 4 Cyprus 93 625 78 614 15 11 Xian 94 623 105 586 11 37 Jakarta 95 622 83 608 1

41、2 14 Athens 96 621 84 607 12 14 Vilnius 97 620 106 585 9 35 Barbados 98 619 120 541 22 78 British Virgin Islands 99 618 107 584 8 34 Wuhan 100 616 111 571 11 45 Sofia 101 615 91 600 10 15 Manila 102 614 108 583 6 31 Lagos 103 613 109 577 6 36 Rio de Janeiro 104 612 100 591 4 21 Bahamas 105 611 114 5

42、64 9 47 Sao Paulo 106 608 99 592 7 16 Budapest 107 606 101 590 6 16 Bermuda 108 605 87 604 21 1 Almaty 109 604 96 595 13 9 Istanbul 110 603 90 601 20 2 Panama 111 602 110 572 1 30 Bratislava 112 601 93 598 19 3 Mexico City 113 595 97 594 16 1 Moscow 114 593 86 605 28 12 Tehran 115 591 118 549 3 42 B

43、aku 116 586 116 558 0 28 Bogota 117 583 113 566 4 17 St Petersburg 118 581 115 563 3 18 Trinidad and Tobago 119 578 119 547 0 31 Ho Chi Minh City 120 577 112 567 8 10 Buenos Aires 121 563 117 557 4 6 Table 1(continued)|GFCI 34 Ranks And Ratings Global Financial Centres Index 34 6 Associate Centres W

44、e track centres that have yet to achieve the number of assessments required to be listed in the main GFCI index.Eleven centres fall into this associate centres category,with Karachi and Gothenburg closest to receiving the 150 assessments required to be listed in the index.Table 2|GFCI 34 Associate C

45、entres Centre Number Of Assessments In The Last 24 Months Mean Of Assessments Karachi 109 600 Gothenburg 72 650 Turks and Caicos 69 568 Labuan 58 741 Andorra 55 587 Philadelphia 55 705 Tashkent 46 539 Chisinau 40 590 Kaunas 39 556 Abuja 18 467 Bishkek 16 581 Regional Performance The mean rating of t

46、he top five North American centres remains just ahead of the same measure for the leading Asia/Pacific centres in GFCI 34.Leading Western European centres follow close behind.The average ratings for the leading centres in all regions recovered compared with GFCI 33,with all regions improving on this

47、 measure.Chart 1|Average Ratings Of The Top Five Centres In Each Region Global Financial Centres Index 34 7 The Top Five Centres New York continues to have a clear lead over second place London in the index.Singapore and Hong Kong rank third and fourth with only one point separating them.San Francis

48、co held on to fifth place,just six points below Hong Kong.Chart 2|The Top Five Centres-GFCI Ratings Over Time“City reputation and branding are significant factors influencing the competitiveness of financial centres.The reputation and branding of a city play a crucial role in the competitiveness of

49、financial centres.A positive city reputation,built through factors such as safety,stability,cultural offerings,and quality of life can attract businesses,professionals,and investors.A strong brand identity that aligns with the values and strengths of the financial centre further enhances its appeal.

50、”REGIONAL BUSINESS DEVELOPMENT DIRECTOR,FINTECH FIRM,CASABLANCA Global Financial Centres Index 34 8 Future Prospects The GFCI questionnaire asks respondents which centres they consider will become more significant over the next two to three years.Seven of the top 15 centres in this group are in the

51、Asia/Pacific region.Table 3|The 15 Centres Likely To Become More Significant Centre Mentions in last 24 months Seoul 176 Singapore 61 Dubai 56 Hong Kong 50 London 47 Shanghai 32 Busan 30 New York 30 Casablanca 29 Paris 24 Abu Dhabi 21 Kigali 21 Beijing 18 Shenzhen 17 Frankfurt 16“The foundation of a

52、 broad,skilled talent pool from mainstream education and existing financial clusters remains important,but the pace of change-for example in green finance and fintech-is such that the ability to quickly and flexibly upskill and reskill the existing workforce is becoming ever more important for compe

53、titiveness.This is an area where some of the emerging centres are creating a major unique selling point.”DIRECTOR OF POLICY AND COMMUNICATIONS,TRADE ASSOCIATION,EDINBURGH Global Financial Centres Index 34 9 Areas Of Competitiveness The instrumental factors used in the GFCI model are grouped into fiv

54、e broad areas of competitiveness:Business Environment,Human Capital,Infrastructure,Financial Sector Development,and Reputation.These areas and the instrumental factor groups which comprise each area are shown in Chart 3.Chart 3|GFCI Areas Of Competitiveness“Labuan IBFC has a robust and comprehensive

55、 regulatory framework and complies with global standards and best practices advocated by international standard setting bodies,particularly in the areas of strengthening supervision and regulation and enhancing transparency,as well as exchange of information.This also includes strengthening Anti-Mon

56、ey Laundering and Counter Terrorism(AML/CFT)standards to uphold the integrity of the Labuan IBFC.”SENIOR EXECUTIVE,REGULATORY BODY,LABUAN Global Financial Centres Index 34 10 To assess how financial centres perform in each of these areas,the GFCI factor assessment model is run separately for each of

57、 the five areas of competitiveness.New York takes the lead position in all five areas and Singapore and London share second places.Hong Kong,Beijing,San Francisco,Washington DC,Luxembourg,and Shenzhen all feature in the top five in one or more of the areas of competitiveness.Table 4|GFCI 34 Top 15 C

58、entres By Area Of Competitiveness Rank Business Environment Human Capital Infrastructure Financial Sector Development Reputational&General 1 New York New York New York New York New York 2 Singapore London Singapore Singapore London 3 London Singapore London London Singapore 4 Hong Kong Hong Kong Was

59、hington DC Hong Kong Hong Kong 5 Beijing San Francisco Luxembourg Shenzhen San Francisco 6 Shanghai Washington DC Shenzhen Shanghai Washington DC 7 Washington DC Shanghai Hong Kong Frankfurt Shanghai 8 Amsterdam Seoul Seoul Beijing Seoul 9 San Francisco Beijing Beijing Los Angeles Beijing 10 Los Ang

60、eles Los Angeles Shanghai Luxembourg Los Angeles 11 Zurich Chicago Frankfurt Washington DC Chicago 12 Luxembourg Zurich San Francisco San Francisco Zurich 13 Frankfurt Tokyo Amsterdam Boston Tokyo 14 Paris Boston Sydney Seoul Boston 15 Chicago Geneva Los Angeles Chicago Geneva“Clearly Switzerland ha

61、s a real advantage in terms of regulatory environment and low levels of corruption.”FINANCIAL INSTITUTIONS GROUP BANKER,BANKING,ZURICH Global Financial Centres Index 34 11 Industry Sectors We investigate the differing assessments for relevant industry sectors by building the index separately using o

62、nly the responses provided by people working in those industries.This creates separate sub-indices for Banking,Investment Management,Insurance,Professional Services,Government&Regulatory,Finance,FinTech,and Trading.Just as in the areas of competitiveness,New York continues to rank first in every cat

63、egory,with London second in five sub-indices,and Singapore and Shenzhen taking the other second places.Leading centres perform well across a range of industry sectors,with Shanghai,Beijing,Hong Kong,Seoul,Washington DC,Zurich,and Los Angeles also featuring in the top five in one or more of the secto

64、rs.Table 5|GFCI 34 Top 15 Centres by Industry Sector Rank Banking Investment Management Insurance Professional Services Government&Regulatory Finance FinTech Trading 1 New York New York New York New York New York New York New York New York 2 Shenzhen London London Singapore London London London Sing

65、apore 3 Shanghai Singapore Shenzhen London Washington DC Shanghai Singapore Los Angeles 4 Beijing Shanghai Singapore Hong Kong Singapore Shenzhen Hong Kong London 5 London Beijing Shanghai Seoul Seoul Beijing Zurich Beijing 6 Singapore Shenzhen Beijing Washington DC Tokyo Hong Kong San Francisco Seo

66、ul 7 Luxembourg Hong Kong Los Angeles San Francisco San Francisco San Francisco Frankfurt Washington DC 8 Hong Kong Geneva Hong Kong Los Angeles Shanghai Singapore Amsterdam San Francisco 9 Los Angeles San Francisco Boston Luxembourg Frankfurt Washington DC Chicago Shanghai 10 Washington DC Los Ange

67、les San Francisco Shanghai Los Angeles Luxembourg Copenhagen Hong Kong 11 San Francisco Chicago Geneva Geneva Hong Kong Frankfurt Dubai Shenzhen 12 Geneva Zurich Sydney Chicago Luxembourg Los Angeles Washington DC Tokyo 13 Chicago Dubai Seoul Frankfurt Chicago Chicago Geneva Chicago 14 Boston Luxemb

68、ourg Washington DC Boston Zurich Amsterdam Berlin Boston 15 Paris Boston Miami Dubai Boston Berlin Shanghai Miami Global Financial Centres Index 34 12 Size Of Organisation We have analysed how the leading centres in the index are viewed by respondents working for organisations of different sizes.Amo

69、ng the top five centres,New York leads across respondents from all sizes of organisation,with Singapore matching New York in the 100 to 500 group.Singapore takes second place in three groups,while London is in second place in the other three groups,including in the groups for the largest firms.Chart

70、 4|GFCI 34 Average Assessments By Respondents Organisation Size(Number Of Employees)“Casablanca holds a strong reputation as Moroccos economic and cultural capital.With its bustling markets and diverse culinary offerings,the city has established itself as a major tourist destination.In terms of its

71、financial reputation,Casablanca has emerged as a leading financial centre in Africa,attracting international businesses and investors.The citys financial infrastructure,exemplified by the Casablanca Stock Exchange,has bolstered its reputation as a hub for financial services.”MARKETING ANALYST,INVEST

72、MENT FIRM,CASABLANCA Global Financial Centres Index 34 13 Factors Affecting Competitiveness The GFCI questionnaire asks respondents to indicate which factors of competitiveness they consider the most important at this time.The number of times that each area was mentioned and the key issues raised by

73、 respondents are shown in Table 6.Table 6|GFCI 34 Main Areas Of Competitiveness Area Of Competitiveness Number Of Mentions Main Issues Business Environment 241 Regulatory transparency and stability are vital for planning.Corruption and lack of rule of law increase the cost of doing business and redu

74、ce the reputation of a centre.Consistent,but flexible regulatory systems are attractive and build business confidence.The security provided by a trusted,reliable,and effective court system is imperative to a good business environment.Human Capital 232 A dynamic workforce is attractive to investors a

75、s they can source the skills that they require.Post-Covid,the mobility of the workforce has become increasingly important.The pace of change underlines the importance of upskilling and reskilling the workforce.Infrastructure 221 Digital infrastructure is increasingly important as business relies on

76、resilient digital connection.Housing,leisure,and transport are important factors in creating a strong,business-friendly environment.Air transport links remain important as customers value face to face connection.Taxation 241 Taxation is less important than other factors,and clear,transparent taxatio

77、n is key to understanding the business costs that firms face.Value for money from taxation is becoming important,as is the effect of taxation on recruitment of talent.Reputation 220 Reputation is formed by conditions such as financial stability of the country,legal and political security,tradition,a

78、nd flexibility of the system.Branding and reputation may be particularly important to Gen Z-the customers of the future.Financial Sector Development 202 A cluster of financial services businesses remains important to drive innovation and talent.Gaining customer trust is vital in ensuring the continu

79、ing development of the financial sector.Global Financial Centres Index 34 14 Corruption Perception Index And Economic Freedom Reputational and Business Environment measures have a significant correlation with financial centre competitiveness.Chart 5 plots GFCI ratings against the Corruption Percepti

80、on Index and Chart 6 plots GFCI ratings against the Economic Freedom of the World Index published by the Fraser Institute.These charts demonstrate the correlation of these factors with the GFCI 34 ratings(the size of the bubble indicates the relative GDP of each centre).Chart 5|GFCI 34 Rating Agains

81、t The Corruption Perception Index(Supplied by Transparency International)Chart 6|GFCI 34 Rating Against Economic Freedom Of The World Index(Supplied By The Fraser Institute)Increasing Economic Freedom Decreasing Perception Of Corruption Global Financial Centres Index 34 15 Connectivity Financial cen

82、tres thrive when they develop deep connections with other centres.The GFCI allows us to measure connectivity by investigating the number of assessments given to and received from other financial centres.Charts 7 and 8 show the different levels of connectivity enjoyed by Singapore and Tokyo to illust

83、rate the differences.Both centres well-connected with leading global centres,but Singapore has wider connections with other centres across the world.Chart 7|GFCI 34 Connectivity-Singapore Chart 8|GFCI 34 Connectivity-Tokyo Global Financial Centres Index 34 16 Financial Centre Profiles Using clusteri

84、ng and correlation analysis we have identified three measures(axes)that determine a financial centres profile along different dimensions of competitiveness.Connectivity the extent to which a centre is well connected around the world,based on the number of assessments given by and received by that ce

85、ntre from professionals based in other centres.A centres connectivity is assessed using a combination of inbound assessment locations(the number of locations from which a particular centre receives assessments)and outbound assessment locations(the number of other centres assessed by respondents from

86、 a particular centre).If the weighted assessments for a centre are provided by 52%or more respondents from other centres,this centre is deemed to be Global.If the ratings are provided by over 30%of other centres,this centre is deemed to be International.Diversity the instrumental factors used in the

87、 GFCI model give an indication of a range of factors that influence the richness and evenness of areas of competitiveness that characterise any particular financial centre.We consider this span of factors to be measurable in a similar way to that of the natural environment.We therefore use a combina

88、tion of calculations based on existing biodiversity measures(calculated on the instrumental factors)to assess a centres diversity taking account of the range of factors against which the centre has been assessed the richness of the centres business environment;and the evenness of the distribution of

89、 that centres scores.A high score means that a centre is well diversified;a low diversity score reflects a less rich business environment.Speciality the depth within a financial centre of the following industry sectors:investment management,banking,insurance,professional services,and the government

90、and regulatory sector.A centres speciality performance is calculated from the difference between the GFCI rating and the industry sector ratings.In Table 7,Diversity(Breadth)and Speciality(Depth)are combined on one axis to create a two dimensional table of financial centre profiles.The 121 centres i

91、n GFCI 34 are assigned a profile on the basis of a set of rules for the three measures:how well connected a centre is,how broad its services are,and how specialised it is.The 10 Global Leaders(in the top left of the table)have both broad and deep financial services activities and are connected with

92、many other financial centres.This list includes four of the top 10 global financial centres in GFCI 34.Chart 9|GFCI 34 Profile Elements Global Financial Centres Index 34 17 Table 7|GFCI 34 Financial Centre Profiles Broad&Deep Relatively Broad Relatively Deep Emerging Global Leaders Global Diversifie

93、d Global Specialists Global Contenders Global Singapore Paris Beijing Moscow London Seoul Hong Kong New York Washington DC Dubai*Frankfurt Chicago Luxembourg Shanghai Los Angeles Shenzhen Tokyo San Francisco Abu Dhabi Toronto Casablanca*Amsterdam Zurich Sydney*International Established International

94、 International Diversified International Specialists International Contenders Berlin Mexico City Guangzhou St Petersburg*Bangkok*Athens*Mumbai*Istanbul Madrid New Delhi*Sao Paulo Kuala Lumpur*Chengdu Cape Town Busan Riyadh*Panama Boston*Dalian*Bermuda*Stuttgart Cayman Islands*Nairobi Edinburgh GIFT

95、City-Gujarat British Virgin Islands Melbourne Qingdao Bahrain Miami(New)Kigali Johannesburg Hamburg*Taipei Mauritius Dublin Astana*Budapest*Geneva Jersey*Lagos*Brussels Tel Aviv*Doha Osaka*Guernsey*Montreal Liechtenstein*Vancouver Stockholm Milan Rome Local Established Players Local Diversified Loca

96、l Specialists Evolving Centres Warsaw Santiago Hangzhou*Buenos Aires Atlanta*Vienna*Kuwait City*Baku Munich Tianjin*Ho Chi Minh City Oslo Nanjing*Bogota Glasgow Malta Trinidad and Tobago Prague Tehran Almaty*Copenhagen Gibraltar Manila*Minneapolis/St Paul Monaco Bratislava*Lisbon Lugano Jakarta Calg

97、ary Isle of Man*Rio de Janeiro San Diego Reykjavik Vilnius*Helsinki Cyprus*Wellington Bahamas Wuhan Sofia*Riga Xian*An asterisk denotes centres that have moved between categories between GFCI 33 and GFCI 34 Global Financial Centres Index 34 18 The GFCI 34 World See Detailed Map Below The numbers on

98、the map indicate the GFCI 34 rankings.Broad and Deep Relatively Broad Relatively Deep Emerging Global Leaders Global Diversified Global Specialists Global Contenders Established International International Diversified International Specialists International Contenders Established Players Local Diver

99、sified Local Specialists Evolving Centres Associate Centre 1 41 37 99 54 72 108 105 113 91 111 63 5 8 104 106 121 17 38 88 103 9 6 30 27 113 98 119 36 28 24 Global Financial Centres Index 34 19 See Detailed Map Below 71 12 93 110 10 70 2 4 3 20 21 69 18 19 25 18 80 18 74 78 34 40 83 31 109 107 79 43

100、 73 50 42 59 84 101 95 90 118 58 52 56 14 49 46 11 15 96 86 55 61 51 92 33 76 62 68 82 85 44 75 35 87 89 66 77 64 67 102 7 65 32 16 60 114 39 57 53 48 45 22 97 115 116 112 94 100 29 23 81 120 47 Global Financial Centres Index 34 20 Regional Analysis In our analysis of the GFCI data,we look at six re

101、gions of the world to explore the competitiveness of their financial centres.Alongside the ranks and ratings of centres,we look at trends in the leading centres in each region and investigate the average assessments received by regions and centres in more detail.We display this analysis in charts wh

102、ich show:the mean assessment provided to that region or centre;the difference in the mean assessment when home region assessments are removed from the analysis;the difference between the mean and the assessments provided by other regions;the proportion of assessments provided by each region.Charts 1

103、0 and 11 show examples of these analyses.Coloured bars to the left of the vertical axis indicate that respondents from that region gave lower than the average assessments.Bars to the right indicate respondents from that region gave higher than average assessments.It is important to recognise that as

104、sessments given to a centre by people based in that centre are excluded to remove home bias.The additional vertical axis(in red)shows the mean of assessments when assessments from the home region are removed.The percentage figure noted by each region indicates the percentage of the total number of a

105、ssessments that are from that region.“Proximity and access to a diverse range of customers and suppliers are key determinants of a financial centres competitiveness.Financial institutions thrive in environments where they can easily connect with a broad customer base,both domestically and internatio

106、nally.”MANAGER,FINTECH FIRM,SEOUL Global Financial Centres Index 34 21 Chart 10|Example 1:Assessments Compared With The Mean For Region 4 Chart 11|Example 2:Assessments Compared With The Mean For An Individual Centre Global Financial Centres Index 34 22 Western Europe London leads the region,with Ge

107、neva and Frankfurt overtaking Paris to take second and third place in the region in GFCI 34.Assessments provided by people in other regions were lowest from those in Latin America&The Caribbean.Only those from North America and the Middle East&Africa scored Western European centres above average.Tab

108、le 8|Western European Top 15 Centres In GFCI 34 Centre GFCI 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating London 2 744 2 731 0 13 Geneva 10 730 23 701 13 29 Frankfurt 14 726 17 707 3 19 Paris 15 725 14 710 1 15 Luxembourg 16 724 19 705 3 19 Zurich 18 722 20 704 2 18 Amsterdam 19

109、 721 16 708 3 13 Berlin 23 714 26 698 3 16 Dublin 25 712 48 676 23 36 Munich 26 711 18 706 8 5 Copenhagen 31 706 24 700 7 6 Edinburgh 34 703 27 697 7 6 Stockholm 40 697 31 693 9 4 Oslo 42 695 33 691 9 4 Milan 45 692 50 674 5 18 Chart 12|Top Five Western European Centres Over Time Global Financial Ce

110、ntres Index 34 23 Chart 14|Assessments By Region For London-Difference From The Overall Mean Chart 15|Assessments By Region For Geneva-Difference From The Overall Mean Chart 13|Assessments By Region For Western Europe Difference From The Overall Mean Chart 16|Assessments By Region For Frankfurt-Diff

111、erence From The Overall Mean Global Financial Centres Index 34 24 Asia/Pacific Leading Asia/Pacific centres held onto their rank positions,with Singapore,Hong Kong,and Shanghai taking the leading places in the region.People in Western Europe and North America rated Asia/Pacific centres above the wor

112、ld average.Table 9|Asia/Pacific Top 15 Centres In GFCI 34 Centre GFCI 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating Singapore 3 742 3 723 0 19 Hong Kong 4 741 4 722 0 19 Shanghai 7 733 7 717 0 16 Seoul 11 729 10 714 1 15 Shenzhen 12 728 12 712 0 16 Beijing 13 727 13 711 0 16 Tok

113、yo 20 720 21 703 1 17 Sydney 22 718 15 709 7 9 Guangzhou 29 708 34 690 5 18 Qingdao 32 705 36 688 4 17 Busan 33 704 37 687 4 17 Melbourne 39 698 28 696 11 2 Osaka 43 694 38 686 5 8 Chengdu 44 693 44 680 0 13 Wellington 56 680 52 672 4 8 Chart 17|Top Five Asia/Pacific Centres Over Time Global Financi

114、al Centres Index 34 25 Chart 19|Assessments By Region For Singapore-Difference From The Overall Mean Chart 21|Assessments By Region For Shanghai-Difference From The Overall Mean Chart 18|Assessments By Region For Asia/Pacific Difference From The Overall Mean Chart 20|Assessments By Region For Hong K

115、ong-Difference From The Overall Mean Global Financial Centres Index 34 26 North America North American centres performed strongly in GFCI 34.New York continues to lead the index,and San Francisco and Los Angeles,Washington DC and Chicago also feature in the top 10.San Diego again rose significantly

116、in the rankings.Miami entered the index for the first time in 24th position.Assessments of North American centres from people in the Asia/Pacific,North American regions,and Eastern European&Central Asia regionswere above the global average,while assessments from other regions were lower.Table 10|Nor

117、th American Centres In GFCI 34 Centre GFCI 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating New York 1 763 1 760 0 3 San Francisco 5 735 5 721 0 14 Los Angeles 6 734 6 719 0 15 Washington DC 8 732 11 713 3 19 Chicago 9 731 8 716 1 15 Boston 17 723 9 715 8 8 Miami 24 713 New New New

118、 New San Diego 27 710 39 685 12 25 Minneapolis/St Paul 28 709 29 695 1 14 Toronto 30 707 25 699 5 8 Atlanta 36 701 30 694 6 7 Vancouver 37 700 32 692 5 8 Montreal 38 699 42 682 4 17 Calgary 41 696 46 678 5 18 Chart 22|Top Five North American Centres Over Time Global Financial Centres Index 34 27 Cha

119、rt 25|Assessments By Region for San Francisco-Difference From The Overall Mean Chart 26|Assessments By Region For Los Angeles-Difference From The Overall Mean Chart 23|Assessments By Region For North America Difference From The Overall Mean Chart 24|Assessments By Region For New York-Difference From

120、 The Overall Mean Global Financial Centres Index 34 28 Centre GFCI 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating Astana 60 674 66 626 6 48 Prague 79 654 68 624 11 30 Tallinn 87 633 94 597 7 36 Riga 89 630 95 596 6 34 Warsaw 92 626 70 622 22 4 Cyprus 93 625 78 614 15 11 Athens 96

121、 621 84 607 12 14 Vilnius 97 620 106 585 9 35 Sofia 101 615 91 600 10 15 Budapest 107 606 101 590 6 16 Almaty 109 604 96 595 13 9 Istanbul 110 603 90 601 20 2 Bratislava 112 601 93 598 19 3 Moscow 114 593 86 605 28 12 Baku 116 586 116 558 0 28 St Petersburg 118 581 115 563 3 18 Eastern Europe&Centra

122、l Asia Most centres in this region fell in the rankings in GFCI 34 as other centres improved their performance.Astana continues to lead the region,with Prague and Tallinn in second and third position.Other than the local region,only survey respondents from the Middle East&Africa and North America ra

123、ted centres in this region higher than the global average.Table 11|Eastern European&Central Asian Centres In GFCI 34 Chart 27|Top Five Eastern European&Central Asian Centres Over Time Global Financial Centres Index 34 29 Chart 29|Assessments By Region For Astana-Difference From The Overall Mean Char

124、t 30|Assessments By Region For Prague-Difference From The Overall Mean Chart 31|Assessments By Region For Tallinn-Difference From The Overall Mean Chart 28|Assessments By Region For Eastern Europe&Central Asia-Difference From The Overall Mean Global Financial Centres Index 34 30 Chart 32|Top Five Mi

125、ddle East&African Centres Over Time The Middle East&Africa There was a balance of results in this region,with leading centres generally falling back in the index,and lower-ranked centres seeing an improvement.Dubai and Abu Dhabi continue to lead the table in the region and Casablanca takes third pos

126、ition and first place in Africa.Mauritius,Riyadh,Kigali,Kuwait City,and Nairobi rose 10 or more places in the ranking.Assessments from the local region,from North America,and from Eastern Europe&Central Asia,were above the global average.Table 12|Middle Eastern&African Centres In GFCI 34 Centre GFCI

127、 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating Dubai 21 719 22 702 1 17 Abu Dhabi 35 702 35 689 0 13 Casablanca 54 682 57 642 3 40 Tel Aviv 57 679 53 671 4 8 Mauritius 68 666 81 610 13 56 Bahrain 74 660 82 609 8 51 Riyadh 75 659 88 603 13 56 Doha 78 656 64 628 14 28 Kigali 81 65

128、1 98 593 17 58 Kuwait City 82 646 102 589 20 57 Johannesburg 83 642 69 623 14 19 Nairobi 90 629 103 588 13 41 Cape Town 91 628 73 619 18 9 Lagos 103 613 109 577 6 36 Tehran 115 591 118 549 3 42 Global Financial Centres Index 34 31 Chart 35|Assessments By Region For Abu Dhabi-Difference From The Over

129、all Mean Chart 36|Assessments By Region For Casablanca-Difference From The Overall Mean Chart 33|Assessments By Region For The Middle East&Africa Difference From The Overall Mean Chart 34|Assessments By Region For Dubai-Difference From The Overall Mean Global Financial Centres Index 34 32 Centre GFC

130、I 34 GFCI 33 Change In Change In Rank Rating Rank Rating Rank Rating Cayman Islands 72 662 74 618 2 44 Santiago 88 631 77 615 11 16 Barbados 98 619 120 541 22 78 British Virgin Islands 99 618 107 584 8 34 Rio de Janeiro 104 612 100 591 4 21 Bahamas 105 611 114 564 9 47 Sao Paulo 106 608 99 592 7 16

131、Bermuda 108 605 87 604 21 1 Panama 111 602 110 572 1 30 Mexico City 113 595 97 594 16 1 Bogota 117 583 113 566 4 17 Trinidad and Tobago 119 578 119 547 0 31 Buenos Aires 121 563 117 557 4 6 Latin America&The Caribbean The leading centres in Latin America&The Caribbean generally performed well in GFC

132、I 34,although Santiago fell 11 rank places.Lower ranking centres in the region fell further in the rankings.Cayman Islands,Santiago,and Barbados lead in the region.Assessments of centres in the region from respondents in Western Europe,Asia/Pacific,and Eastern Europe&Central Asia were below average.

133、Table 13|Latin American&Caribbean Centres In GFCI 34 Chart 37|Top Five Latin American&Caribbean Centres Over Time Global Financial Centres Index 34 33 Chart 39|Assessments By Region For Cayman Islands-Difference From The Overall Mean Chart 40|Assessments By Region For Santiago-Difference From The Ov

134、erall Mean Chart 41|Assessments By Region For Barbados-Difference From The Overall Mean Chart 38|Assessments By Region For Latin America&The Caribbean Difference From The Overall Global Financial Centres Index 34 34 Home Centre Prospects While the GFCI is calculated using only assessments from peopl

135、e based in other centres,we ask survey respondents about the prospects of the centre in which they are based,and specifically whether their home centre will become more or less competitive.In general,people are more optimistic about the future of their own centre than people outside that centre.In L

136、ondon,compared with other leading centres,there is both a high proportion of people who consider that the centre will become much more competitive,and the highest proportion in the four centres which lead the index who feel that London will become less competitive.Those in Hong Kong are most confide

137、nt about the future competitiveness of their centre.Chart 42|Home Centre Prospects-New York Chart 43|Home Centre Prospects-London Chart 44|Home Centre Prospects-Singapore Chart 45|Home Centre Prospects-Hong Kong Global Financial Centres Index 34 35 Stability Chart 46 contrasts the spread or variance

138、 of the individual assessments given to each of the top 40 centres with the sensitivity to changes in the instrumental factors.The chart below shows three bands.If a centre fell in the top right of the chart,it would have a higher sensitivity to changes in the instrumental factors and a higher varia

139、nce of assessments.These centres have the highest potential for future movement in the index.None of the top 40 centres fall in this area.The stable centres in the bottom left have a lower sensitivity to changes in the instrumental factors and a lower variance of assessments.We have only plotted the

140、 top 40 centres(for clarity)but it is worth noting that most of the centres lower in the index would be in the dynamic and unpredictable areas of the chart if plotted.Chart 46|Stability Of The Top 40 Centres In GFCI 34“Many cities aspire to become financial hubs because it can lead to the concentrat

141、ion of wealth and an increase in trust,creating a cycle where money continues to flow.However it is important to address issues such as tax evasion and ensure balanced urban development.”ASSISTANT MANAGER,BANKING,SEOUL Global Financial Centres Index 34 36 In addition,we look at the stability of rank

142、ings in the index over time.Chart 47 shows the standard deviation of index rankings against the variance in assessments over the last 24 months.Some of the centres in the stable area in the most recent analysis in Chart 46 move into the dynamic or unpredictable area when their rankings and assessmen

143、ts are considered over time.Chart 47|Standard Deviation In Index Rankings And Assessments Over Time“Liechtenstein is a member of the EEA and implements the entire financial market regulation system of the EU.This not only ensures that Liechtenstein is a modern,regulated financial centre,it also secu

144、res free market access to the entire EU area.Liechtenstein ensures rapid implementation of important EU law by means of the so-called advance adoption procedure.Standards are an important cornerstone of Liechtensteins policy.HEAD OF GOVERNANCE AND COMPLIANCE,BANKING,LIECHTENSTEIN Global Financial Ce

145、ntres Index 34 37 Reputation We look at reputation in the GFCI model by examining the difference between the weighted average assessment given to a financial centre and the overall rating in the index.The first measure reflects the average score a centre receives from financial professionals across

146、the world,adjusted for time,with more recent assessments given more weight(see Appendix 3 for details).The second measure is the GFCI rating itself,which represents the assessments adjusted to take account of the instrumental factors.If a centre has a higher average assessment than its GFCI rating,t

147、his indicates that respondents perceptions of a centre are more favourable than the quantitative measures alone suggest.Table 14 shows the top 15 centres with the greatest positive difference between the average assessment and the GFCI rating.Nine of the top 15 centres in terms of reputational advan

148、tage are in the Asia/Pacific region(seven in GFCI 33).Leading centres Singapore,New York,and London also feature in the list.A high reputational advantage may be due to strong marketing,or awareness of a centres existing or emerging strengths.Reputational advantage can become a weakness.Centres with

149、 a high reputational advantage need to support their successful marketing with genuine improvements in their underlying competitiveness.Table 14|GFCI 34 Top 15 Centres Assessments And Ratings Reputational Advantage Centre Weighted Average Assessment GFCI 34 Rating GFCI 34 Reputational Advantage Chen

150、gdu 839 693 146 Shenzhen 848 728 120 Guangzhou 813 708 105 GIFT City-Gujarat 776 672 104 Qingdao 805 705 100 Nanjing 755 669 86 Seoul 807 729 78 Dalian 748 670 78 Singapore 811 742 69 New York 824 763 61 London 801 744 57 Reykjavik 727 671 56 Casablanca 734 682 52 Liechtenstein 711 664 47 Luxembourg

151、 766 724 42 Global Financial Centres Index 34 38 Table 15 shows the 15 centres with the greatest reputational disadvantage.This indicates that respondents perceptions of a centre are less favourable than the quantitative measures alone would suggest.The centres featured might benefit from a stronger

152、 marketing effort as well as tackling some core issues relating to the centre.Table 15|GFCI 34 Bottom 15 Centres Assessments And Ratings Reputational Disadvantage Centre Weighted Average Assessment GFCI 34 Rating GFCI 34 Reputational Advantage Glasgow 630 686-56 Bogota 526 583-57 Buenos Aires 506 56

153、3-57 Bratislava 543 601-58 Prague 594 654-60 Copenhagen 644 706-62 Moscow 531 593-62 Lagos 549 613-64 Athens 555 621-66 Almaty 533 604-71 Baku 515 586-71 Cyprus 551 625-74 Atlanta 625 701-76 Calgary 608 696-88 Beijing 624 727-103“The Shenzhen Financial Centre benefits from its proximity to a vast an

154、d rapidly growing consumer market in China.The citys strategic location in the Pearl River Delta region positions it as a gateway to both domestic and international clients.Shenzhens financial institutions have the advantage of accessing a large pool of potential clients,including individuals,busine

155、sses,and multinational corporations.This proximity provides opportunities for financial institutions to offer a wide range of products and services tailored to the specific needs of these clients.”OPERATION AND MARKETING MANAGER,TRADING FIRM,SHENZHEN Global Financial Centres Index 34 39 Talent Pool

156、We have researched the factors that people in finance consider are the most important in maintaining and developing the talent pool in a financial centre.The results are shown in chart 48.Continuing Professional Development is seen as the most important strategy,followed by Special Immigration Arran

157、gements.Chart 48|Most Important Strategies For Maintaining and Developing The Talent Pool Other strategies suggested by respondents to assist with the development and maintenance of the talent pool were:Appropriate salary and benefits packages,relative to local costs;Incentives for job creation whet

158、her through subsidies or support for training;Introducing finance in the school curriculum and building links between financial firms and schools,colleges,and universities;and Ensuring a good quality of life for international talent,alongside flexible immigration policies.Global Financial Centres In

159、dex 34 40 FinTech Alongside the main GFCI index,we analyse financial centres in terms of their FinTech offering.Table 16 shows the centres that received sufficient assessments to feature in the Fintech index,together with the change in their Fintech rank and ratings since GFCI 33.Chinese and US cent

160、res continue to feature strongly,with seven US centres and seven Chinese centres in the top 20.This reflects their continuing focus on the development of technology applications.New York and London lead the FinTech rankings,with San Francisco falling one place to third,Shenzhen maintaining its fourt

161、h place,and Singapore overtaking Los Angeles to take fifth position.Alongside the ratings,we asked survey respondents to identify the four most important elements in generating a competitive environment for FinTech providers.Chart 49 shows the results,with Access To Finance,An Ecosystem Or Cluster T

162、hat Encourages Innovation,and ICT Infrastructure seen as the leading elements.Chart 49|Most Important Elements In Generating A Competitive Environment For FinTech Providers Global Financial Centres Index 34 41 Table 16|GFCI 34 FinTech Ranks And Ratings Centre GFCI 34 GFCI 33 FinTech Rank FinTech Rat

163、ing FinTech Rank FinTech Rating Change In Rank Change In Rating New York 1 738 1 728 0 10 London 2 724 3 696 1 28 San Francisco 3 723 2 701 1 22 Shenzhen 4 722 4 695 0 27 Singapore 5 721 9 690 4 31 Los Angeles 6 712 5 694 1 18 Washington DC 7 711 10 687 3 24 Shanghai 8 710 8 691 0 19 Beijing 9 708 1

164、1 686 2 22 Chicago 10 702 7 692 3 10 Seoul 11 701 12 685 1 16 Boston 12 700 6 693 6 7 Sydney 13 699 15 682 2 17 Hong Kong 14 698 14 683 0 15 Paris 15 697 19 677 4 20 Frankfurt 16 696 23 672 7 24 Atlanta 17 695 13 684 4 11 Chengdu 18 694 17 680 1 14 Guangzhou 19 693 16 681 3 12 Qingdao 20 692 18 679

165、2 13 Minneapolis/St Paul 21 691 25 669 4 22 San Diego 22 690 33 659 11 31 Busan 23 689 20 676 3 13 Toronto 24 688 27 667 3 21 Luxembourg 25 687 49 643 24 44 Zurich 26 686 43 649 17 37 Vancouver 27 685 34 658 7 27 Melbourne 28 684 24 670 4 14 Dubai 29 683 30 662 1 21 Geneva 30 682 47 645 17 37 Amster

166、dam 31 681 22 673 9 8 Tokyo 32 680 29 663 3 17 Stuttgart 33 679 37 655 4 24 Munich 34 678 21 675 13 3 Dalian 35 677 40 652 5 25 Berlin 36 676 26 668 10 8 Montreal 37 675 41 651 4 24 Abu Dhabi 38 674 48 644 10 30 Miami 39 673 New New New New Calgary 40 670 46 646 6 24 Milan 41 669 32 660 9 9 Edinburg

167、h 42 667 36 656 6 11 Hamburg 43 666 31 661 12 5 Mumbai 44 665 61 629 17 36 Tianjin 45 664 44 648 1 16 Hangzhou 46 662 55 635 9 27 Tel Aviv 47 661 52 640 5 21 Lugano 48 660 70 620 22 40 Rome 49 659 45 647 4 12 Helsinki 50 658 51 641 1 17 Xian 51 657 59 631 8 26 Copenhagen 52 656 28 665 24 9 Dublin 53

168、 655 57 634 4 21 Nanjing 54 654 62 628 8 26 Osaka 55 653 42 650 13 3 Madrid 56 652 38 654 18 2 Stockholm 57 651 35 657 22 6 GIFT City-Gujarat 58 650 65 625 7 25 Global Financial Centres Index 34 42 Table 16(Continued)|GFCI 34 FinTech Ranks And Ratings Centre GFCI 34 GFCI 33 Change In Rank Change In

169、Rating Rank Rating Rank Rating New Delhi 59 649 55 635 4 14 Lisbon 60 648 60 630 0 18 Wuhan 61 647 58 632 3 15 Tallinn 62 644 91 597 29 47 Brussels 63 643 50 642 13 1 Casablanca 64 642 87 602 23 40 Astana 65 635 82 608 17 27 Oslo 66 634 39 653 27 19 Istanbul 67 633 64 626 3 7 Vienna 68 631 54 638 14

170、 7 Lagos 69 630 89 599 20 31 Vilnius 70 628 94 594 24 34 Taipei 71 626 90 598 19 28 Riyadh 72 625 72 618 0 7 Johannesburg 73 624 63 627 10 3 Cape Town 74 623 66 624 8 1 Riga 75 622 97 591 22 31 Nairobi 76 621 92 596 16 25 Gibraltar 77 620 110 547 33 73 Liechtenstein 78 619 105 565 27 54 Isle of Man

171、79 618 109 552 30 66 Kigali 80 617 103 576 23 41 Kuala Lumpur 81 616 53 639 28 23 Mexico City 82 615 71 619 11 4 Prague 83 614 75 615 8 1 Warsaw 84 613 68 622 16 9 Santiago 85 612 69 621 16 9 Kuwait City 86 611 93 595 7 16 Doha 87 610 78 612 9 2 Monaco 88 609 108 554 20 55 Jersey 89 608 107 560 18 4

172、8 Tehran 90 607 102 578 12 29 Sao Paulo 91 606 81 609 10 3 Jakarta 92 605 74 616 18 11 Manila 93 604 77 613 16 9 Athens 94 603 76 614 18 11 Almaty 95 602 88 600 7 2 Malta 96 601 98 586 2 15 Guernsey 97 600 106 561 9 39 Budapest 98 599 80 610 18 11 Buenos Aires 99 598 83 606 16 8 Bangkok 100 597 67 6

173、23 33 26 Rio de Janeiro 101 596 79 611 22 15 Mauritius 102 595 101 581 1 14 Bogota 103 594 86 603 17 9 Sofia 104 593 84 605 20 12 Panama 105 592 99 584 6 8 Ho Chi Minh City 106 591 100 582 6 9 Cyprus 107 590 96 592 11 2 Moscow 108 589 73 617 35 28 Baku 109 588 104 572 5 16 Bahrain 110 587 95 593 15

174、6 Cayman Islands 111 586 111 544 0 42 Bermuda 112 585 112 543 0 42 British Virgin Islands 113 584 113 539 0 45 St Petersburg 114 574 85 604 29 30 Bahamas 115 571 114 517 1 54 Global Financial Centres Index 34 43 As well as asking survey respondents about the most important elements in generating a c

175、ompetitive environment for FinTech providers,we also ask them about the most important areas of current FinTech activity.Chart 50 shows the response.Payment Transaction Systems,Cyber Security,and Big Data Analytics were identified as the most important areas of Fintech activity,with no change from G

176、FCI 33.Chart 50|Most Important Areas Of FinTech Activity“The fact that Mauritius is competitive on tax rates and has tax agreements with many countries means that it fares well as it is both stable and compliant.”OWNER,INVESTMENT FIRM,MAURITIUS Global Financial Centres Index 34 44 Appendix 1:Assessm

177、ent Details Table 17|GFCI 34 Details Of Assessments By Centre Centre GFCI 34 Assessments Rank Rating Number Average St.Dev New York 1 763 2,970 824 193 London 2 744 1,894 802 180 Singapore 3 742 1,335 799 170 Hong Kong 4 741 1,687 727 214 San Francisco 5 735 495 766 189 Los Angeles 6 734 811 750 194

178、 Shanghai 7 733 908 717 201 Washington DC 8 732 745 763 200 Chicago 9 731 595 731 182 Geneva 10 730 388 746 185 Seoul 11 729 443 749 184 Shenzhen 12 728 1,673 840 133 Beijing 13 727 801 628 226 Frankfurt 14 726 594 722 207 Paris 15 725 1,045 721 183 Luxembourg 16 724 482 767 159 Boston 17 723 487 72

179、1 198 Zurich 18 722 598 764 168 Amsterdam 19 721 402 711 181 Tokyo 20 720 1,822 697 204 Dubai 21 719 1,343 720 195 Sydney 22 718 777 710 144 Berlin 23 714 531 675 206 Miami 24 713 173 683 189 Dublin 25 712 283 696 226 Munich 26 711 334 696 140 San Diego 27 710 158 668 209 Minneapolis/St Paul 28 709

180、122 667 222 Guangzhou 29 708 1,717 806 134 Toronto 30 707 410 715 190 Copenhagen 31 706 139 647 185 Qingdao 32 705 1,106 805 119 Busan 33 704 1,844 702 208 Edinburgh 34 703 131 663 159 Abu Dhabi 35 702 669 667 211 Atlanta 36 701 158 626 212 Vancouver 37 700 270 690 181 Montreal 38 699 205 708 188 Me

181、lbourne 39 698 252 706 193 Stockholm 40 697 503 688 100 Calgary 41 696 132 602 188 Oslo 42 695 288 693 106 Osaka 43 694 451 638 211 Chengdu 44 693 1,614 829 147 Milan 45 692 623 728 145 Stuttgart 46 691 540 711 121 Lugano 47 690 87 705 185 Madrid 48 689 317 686 176 Hamburg 49 688 216 638 205 Helsink

182、i 50 687 142 645 173 Glasgow 51 686 99 623 187 Jersey 52 684 233 698 172 Brussels 53 683 236 657 192 Casablanca 54 682 296 722 209 Rome 55 681 806 705 128 Wellington 56 680 148 667 174 Tel Aviv 57 679 224 646 213 Guernsey 58 678 167 663 188 Isle of Man 59 676 147 672 196 Astana 60 674 313 684 177 Vi

183、enna 61 673 559 684 123 Centre GFCI 34 Assessments Rank Rating Number Average St.Dev GIFT City-Gujarat 62 672 293 749 204 Reykjavik 63 671 90 724 135 Dalian 64 670 1,079 747 147 Nanjing 65 669 960 756 140 Mumbai 66 668 290 644 196 Taipei 67 667 580 667 124 Mauritius 68 666 242 685 207 Tianjin 69 665

184、 469 663 87 Liechtenstein 70 664 228 710 166 Malta 71 663 176 638 181 Cayman Islands 72 662 281 646 205 Lisbon 73 661 259 695 142 Bahrain 74 660 201 610 202 Riyadh 75 659 205 610 207 Hangzhou 76 658 140 614 187 New Delhi 77 657 246 627 208 Doha 78 656 426 621 201 Prague 79 654 200 588 190 Kuala Lump

185、ur 80 653 272 622 162 Kigali 81 651 163 636 203 Kuwait City 82 646 95 592 218 Johannesburg 83 642 233 624 202 Monaco 84 641 289 664 153 Gibraltar 85 639 73 645 171 Bangkok 86 635 349 584 208 Tallinn 87 633 69 636 206 Santiago 88 631 239 592 190 Riga 89 630 100 589 208 Nairobi 90 629 187 605 181 Cape

186、 Town 91 628 236 592 176 Warsaw 92 626 129 578 177 Cyprus 93 625 139 549 196 Xian 94 623 131 621 150 Jakarta 95 622 183 584 175 Athens 96 621 178 549 191 Vilnius 97 620 61 615 192 Barbados 98 619 78 588 211 British Virgin Islands 99 618 294 584 196 Wuhan 100 616 146 583 171 Sofia 101 615 131 573 190

187、 Manila 102 614 212 583 190 Lagos 103 613 152 549 204 Rio de Janeiro 104 612 186 560 188 Bahamas 105 611 202 574 232 Sao Paulo 106 608 316 572 194 Budapest 107 606 233 561 179 Bermuda 108 605 202 585 208 Almaty 109 604 83 533 213 Istanbul 110 603 371 574 185 Panama 111 602 237 559 220 Bratislava 112

188、 601 60 538 216 Mexico City 113 595 418 540 203 Moscow 114 593 439 537 229 Tehran 115 591 180 569 204 Baku 116 586 116 521 171 Bogota 117 583 180 523 207 St Petersburg 118 581 156 593 210 Trinidad and Tobago 119 578 40 525 220 Ho Chi Minh City 120 577 163 541 192 Buenos Aires 121 563 188 505 192 Glo

189、bal Financial Centres Index 34 45 Appendix 2:Respondents Details Table 18|GFCI 34 Respondents By Industry Sector Table 19|GFCI 34 Respondents By Region Table 20|GFCI 34 Respondents By Size Of Organisation Industry Sector Number Of Respondents%Of Respondents Banking 1,327 15%Finance 554 6%FinTech 340

190、 4%Government&Regulatory 544 6%Insurance 375 4%Investment Management 984 11%Knowledge 695 8%Professional Services 1,789 20%Trade Association 264 3%Trading 497 5%Not Specified 1,728 19%Total 9,097 100%Region Number Of Respondents%Of Respondents Western Europe 1,806 20%China 541 6%Asia/Pacific 5,224 5

191、7%North America 527 6%Middle East&Africa 671 7%Eastern Europe&Central Asia 139 2%Latin America&The Caribbean 76 1%Multi-Regional 113 1%Total 9,097 100%Size Of Organisation Number Of Respondents%Of Respondents Fewer than 50 2,443 27%50 to 100 1,079 12%100 to 500 1,253 14%500 to 1,000 627 7%1,000 to 2

192、,000 702 8%2,000 to 5,000 767 8%More than 5,000 2,226 24%Total 9,097 100%Note:Percentages may not add to 100%due to rounding.Global Financial Centres Index 34 46 Appendix 3:Methodology The GFCI provides ratings for financial centres using a factor assessment model.The process involves taking two set

193、s of ratings one from survey respondents and one generated by a statistical model and combining them into a single ranking.For the first set of ratings,the financial centre assessments,respondents use an online questionnaire to rate each financial centre as a place to do business,using a 10 point sc

194、ale ranging from very poor to excellent.Responses are sought from a range of individuals drawn from the financial services sector.For the second set of ratings,we use a database of indicators,or Instrumental Factors,that contains quantitative data about each financial centre.We use a machine learnin

195、g algorithm to investigate the correlation between the financial centre assessments and these Instrumental Factors to predict how each respondent would have rated the financial centres they do not know.These instrumental factors draw on data from 88 different sources and cover business environment,h

196、uman capital,infrastructure,financial sector development,and reputational and general measures.A full list of the instrumental factors used in the model is in Appendix 4.Respondents actual ratings as well as their predicted ratings for the centres they did not rate,are then combined into a single ta

197、ble to produce the ranking.Factors Affecting The Inclusion Of Centres In The GFCI The GFCI questionnaire lists a total of 132 financial centres which can be rated by respondents.Financial centres are added to the GFCI questionnaire when they receive five or more mentions in the online questionnaire

198、in response to the question:Are there any financial centres that might become significantly more important over the next two to three years?A centre is given a GFCI rating and ranking if it receives more than 150 assessments from people based in other centres in the online survey.Centres in the GFCI

199、 that do not receive 50 assessments in a 24 month period are removed and added to the associate list until the number of assessments increases.Global Financial Centres Index 34 47 Financial Centre Assessments The GFCI questionnaire has been running continuously since 2007.A link to the questionnaire

200、 is emailed to a target list of respondents at regular intervals.Other interested parties can complete the questionnaire by following the link given in GFCI publications.In calculating the GFCI:the score given by a respondent to their home centre,and scores from respondents who do not specify a home

201、 centre,are excluded from the model this is designed to prevent home bias;financial centre assessments are included in the GFCI model for 24 months after they have been received we consider that this is a period during which assessments maintain their validity;respondents rating fewer than three or

202、more than half of the centres are excluded from the model;and financial centre assessments from the month when the GFCI is created will be given full weighting with earlier responses given a reduced weighting on a logarithmic scale as shown in Chart 51-this recognises that older ratings,while still

203、valid,are less likely to be up-to-date.Chart 51|Reduction In Weighting As Assessments Get Older Global Financial Centres Index 34 48 Instrumental Factor Data For the instrumental factors,we have the following data requirements:indices should come from a reputable body and be derived by a sound metho

204、dology;and indices should be readily available(ideally in the public domain)and be regularly updated.The rules for the use of instrumental factor data in the GFCI model are as follows:updates to the indices are collected and collated every six months;no weightings are applied to indices;Indices are

205、entered into the GFCI model as directly as possible,whether this is a rank,a derived score,a value,a distribution around a mean,or a distribution around a benchmark;if a factor is at a national level,the score will be used for all centres in that country;nation-based factors will be avoided if finan

206、cial centre(city)-based factors are available;if an index has multiple values for a city or nation,the most relevant value is used(and the method for judging relevance is noted);if an index is at a regional level,the most relevant allocation of scores to each centre is made(and the method for judgin

207、g relevance is noted);if an index does not contain a value for a particular city,a blank is entered against that centre(no average or mean is used).Details of the methodology can be accessed at https:/ process of creating the GFCI is outlined in Chart 52.Chart 52|The GFCI Process Global Financial Ce

208、ntres Index 34 49 Appendix 4:Instrumental Factors Table 21|Top 30 Instrumental Factors By Correlation With GFCI 34 Instrumental Factor R-squared The Global Green Finance Index 0.743 Urban Mobility Readiness Index 0.626 Global Innovation Index 0.602 World Talent Rankings 0.588 Logistics Performance I

209、ndex 0.561 Government Effectiveness 0.543 Average Wages 0.538 International IP Index 0.533 Quality Of Roads 0.531 Best Countries for Business 0.525 World Competitiveness Scoreboard 0.521 Cost of Living City Rankings 0.520 Smart City Index 0.509 Safe Cities 0.506 IESE Cities In Motion Index 0.499 Pur

210、chasing Power Index 0.491 Corruption Perception Index 0.487 Rule Of Law 0.483 Fintech Activity Index 0.480 Quality Of Domestic Transport Network 0.478 Best Countries 0.470 Sustainable Cities Index 0.467 JLL Real Estate Transparency Index 0.463 Adjusted Net National Income Per Capita 0.459 Control Of

211、 Corruption 0.455 Business Environment Rankings 0.454 Agility Emerging Markets Logistics Index 0.446 Household Net Financial Wealth 0.439 Global Power City Index 0.426 Innovation Cities Global Index 0.419 Global Financial Centres Index 34 50 Table 22|Top 30 Instrumental Factors By Correlation With F

212、inTech Rankings In GFCI 34 Instrumental Factor R-squared The Global Green Finance Index 0.681 Agility Emerging Markets Logistics Index 0.680 Global Innovation Index 0.633 Fintech Activity Index 0.580 Urban Mobility Readiness Index 0.571 JLL Real Estate Transparency Index 0.545 Average Wages 0.531 Co

213、st of Living City Rankings 0.521 Household Net Financial Wealth 0.517 Logistics Performance Index 0.493 Safe Cities 0.472 International IP Index 0.460 IESE Cities In Motion Index 0.460 Number Of International Association Meetings 0.451 Domestic Credit To Private Sector(%Of GDP)0.434 Quality Of Domes

214、tic Transport Network 0.429 World Talent Rankings 0.429 OECD Country Risk Classification 0.418 Quality Of Roads 0.417 Liner Shipping Connectivity Index 0.417 Global Power City Index 0.411 Buildings Energy Efficiency Policies Database(Y/N)0.391 Best Countries 0.372 World Competitiveness Scoreboard 0.

215、368 Financial Secrecy Index 0.368 Best Countries For Business 0.365 Smart City Index 0.352 Innovation Cities Global Index 0.348 Government Effectiveness 0.347 Purchasing Power Index 0.346 Global Financial Centres Index 34 51 Table 23|GFCI 34 Business Environment Factors Instrumental Factor Source We

216、bsite Change Since GFCI 33 Business Environment Rankings EIU http:/ Y Operational Risk Rating EIU http:/ N Real Interest Rate The World Bank https:/databank.worldbank.org/reports.aspx?source=world-development-indicators&series=FR.INR.RINR N Global Services Location AT Kearney https:/ N Corruption Pe

217、rception Index Transparency International https:/www.transparency.org/en/cpi/2022 Y Average Wages OECD https:/data.oecd.org/earnwage/average-wages.htm Y Corporate Tax Rates KPMG https:/home.kpmg/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/corporate-tax-rates-table.html N Individ

218、ual Income Tax Rates KPMG https:/ N Personal Tax Rates OECD https:/stats.oecd.org/index.aspx?DataSetCode=TABLE_I6 Y Tax Revenue As Percentage Of GDP The World Bank https:/databank.worldbank.org/reports.aspx?source=2&series=GC.TAX.TOTL.GD.ZS&country=#N Bilateral Tax Information Exchange Agreements OE

219、CD http:/www.oecd.org/ctp/exchange-of-tax-information/taxinformationexchangeagreementstieas.htm N Economic Freedom Of The World Fraser Institute https:/www.fraserinstitute.org/economic-freedom/map?geozone=world&page=map&year=2019 N Government Debt As%Of GDP IMF https:/www.imf.org/external/datamapper

220、/GG_DEBT_GDPGDD/SWE N OECD Country Risk Classification OECD http:/www.oecd.org/trade/topics/export-credits/documents/cre-crc-current-english.pdf Y Global Peace Index Institute for Economics&Peace https:/www.visionofhumanity.org/maps/#/Y Financial Secrecy Index Tax Justice Network http:/ Government E

221、ffectiveness The World Bank http:/info.worldbank.org/governance/wgi/N Open Government World Justice Project http:/worldjusticeproject.org/rule-of-law-index N Regulatory Enforcement World Justice Project http:/worldjusticeproject.org/rule-of-law-index N Press Freedom Index Reporters Without Borders(R

222、SF)https:/rsf.org/en/index?year=2023 Y Currencies Swiss Association for Standardization(SNV)https:/www.six- N Commonwealth Countries The Commonwealth http:/thecommonwealth.org/member-countries N Common Law Countries CIA https:/www.cia.gov/the-world-factbook/countries/N Inflation,GDP Deflator The Wor

223、ld Bank https:/data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG Y Rule Of Law The World Bank http:/info.worldbank.org/governance/wgi/N Political Stability And Absence Of Violence/Terrorism The World Bank http:/info.worldbank.org/governance/wgi/N Regulatory Quality The World Bank http:/info.worldbank.o

224、rg/governance/wgi/N Control Of Corruption The World Bank http:/info.worldbank.org/governance/wgi/N Best Countries For Business Forbes https:/ Lloyds City Risk Index 2015-2025 Lloyds https:/ N Global Cybersecurity Index ITU http:/www.itu.int/en/ITU-D/Cybersecurity/Pages/GCI.aspx N Open Budget Survey

225、International Budget Partnership http:/survey.internationalbudget.org/#download N Democracy Index The Economist https:/ FATF AML Effectiveness FATF http:/www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html Y Global Business Complexity Index TMF Group https:/www.tmf- Fi

226、ntech Activity Index World Bank https:/documents.worldbank.org/en/publication/documents-reports/documentdetail/099735504212234006/p1730060695b370090908c0bf80ed27eba6 N World Risk Report Bundis Entwicklung Hilft https:/reliefweb.int/report/world/worldriskreport-2022-focus-digitalization N Global Fina

227、ncial Centres Index 34 52 Table 24|GFCI 34 Human Capital Factors Instrumental Factor Source Website Change Since GFCI 33 Graduates In Social Science,Business And Law(As%Of Total Graduates)The World Bank http:/databank.worldbank.org/data/reports.aspx?source=Education%20Statistics&series=UIS.FOSGP.5T8

228、.F400 N Gross Tertiary Graduation Ratio The World Bank http:/databank.worldbank.org/data/reports.aspx?source=Education%20Statistics&series=SE.TER.CMPL.ZS N Henley Passport Index Henley Partners https:/ N Human Development Index UN Development Programme https:/hdr.undp.org/content/human-development-r

229、eport-2021-22 N Purchasing Power Index Numbeo https:/ Y Number of High Net Worth Individuals Capgemini https:/ Homicide Rates UN Office of Drugs&Crime https:/dataunodc.un.org/content/data/homicide/homicide-rate N Top Tourism Destinations Euromonitor https:/ N Average Precipitation In Depth(mm Per Ye

230、ar)The World Bank http:/databank.worldbank.org/data/reports.aspx?source=world-development-indicators&series=AG.LND.PRCP.MM N Quality Of Living City Rankings Mercer https:/ N Health Care Index Numbeo http:/ Y Global Skills Index Coursera https:/www.coursera.org/skills-reports/global New Linguistic Di

231、versity Ethnologue https:/ N Global Terrorism Index Institute for Economics&Peace https:/www.visionofhumanity.org/wp-content/uploads/2022/03/GTI-2022-web-09062022.pdf N World Talent Rankings IMD https:/www.imd.org/centers/world-competitiveness-center/rankings/world-competitiveness/N Cost Of Living C

232、ity Rankings Mercer https:/ Y Quality Of Life Index Numbeo http:/ Y Crime Index Numbeo http:/ Adjusted Net National Income Per Capita The World Bank https:/data.worldbank.org/indicator/NY.ADJ.NNTY.PC.CD Y Household Net Financial Wealth OECD https:/stats.oecd.org/Index.aspx?DataSetCode=BLI N Educatio

233、nal Attainment,At Least Bachelors Or Equivalent,Population 25+,Total(%)The World Bank https:/data.worldbank.org/indicator/SE.TER.CUAT.BA.ZS N Life Expectancy At Birth,Total The World Bank https:/data.worldbank.org/indicator/SP.DYN.LE00.IN N Employees Working Very Long Hours OECD https:/stats.oecd.or

234、g/Index.aspx?DataSetCode=BLI N Human Freedom Index Cato Institute https:/www.cato.org/human-freedom-index Y Global Health Security Index Nuclear Threat Initiative,Johns Hopkins Center for Health Security,and Economist Impact https:/www.ghsindex.org/N Patent Applications,Residents The World Bank http

235、s:/data.worldbank.org/indicator/IP.PAT.RESD?end=2020&start=1980 N English Proficiency Education First https:/ Ecological Threat Index Vision Of Humanity https:/www.visionofhumanity.org/maps/ecological-threat-report/#/N Global Gender Gap Report World Economic Forum https:/www.weforum.org/reports/glob

236、al-gender-gap-report-2023 Y Global Financial Centres Index 34 53 Table 25|GFCI 34 Infrastructure Factors Instrumental Factor Source Website Change Since GFCI 33 Office Occupancy Cost CBRE Research https:/ N Prime International Residential Index Knight Frank https:/ Y JLL Real Estate Transparency Ind

237、ex Jones Lang LaSalle https:/www.jll.co.uk/en/trends-and-insights/research/global-real-estate-transparency-index N Telecommunication Infrastructure Index United Nations https:/publicadministration.un.org/egovkb/en-us/Data-Center N Quality Of Domestic Transport Network World Economic Forum http:/repo

238、rts.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#series=TRSPEFFICY N Quality Of Roads World Economic Forum http:/reports.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#series=EOSQ057 N Roadways Per Land Area CIA https:/www.cia.gov/the-world-factbook/fiel

239、d/roadways/country-comparison N Railways Per Land Area CIA https:/www.cia.gov/the-world-factbook/field/railways/country-comparison N Agility Emerging Markets Logistics Index Agility https:/ Energy Sustainability Index World Energy Council https:/trilemma.worldenergy.org/N Metro Network Length Metro

240、Bits http:/mic- Y Environmental Performance Index Yale University https:/epi.yale.edu/epi-results/2020/component/epi N Global Sustainable Competitiveness Index Solability http:/ N Logistics Performance Index The World Bank http:/lpi.worldbank.org/international/global Y Tomtom Traffic Index TomTom ht

241、tps:/ Proportion Of Population Using Safely-Managed Drinking-Water Services(%)WHO https:/www.who.int/data/gho/publications/world-health-statistics N INRIX Traffic Scorecard INRIX http:/ Forestry Area World Bank http:/databank.worldbank.org/data/reports.aspx?source=2&series=AG.LND.FRST.ZS&country=N C

242、O2 Emissions Per Capita World Bank https:/databank.worldbank.org/reports.aspx?source=2&series=EN.ATM.CO2E.PC&country=#N Buildings Energy Efficiency Policies Database(Y/N)IEA https:/www.iea.org/policies N 4G Availability Open Signal https:/ N Worldwide Broadband Speed League Cable https:/www.cable.co

243、.uk/broadband/speed/worldwide-speed-league/N People Near Services ITDP https:/pedestriansfirst.itdp.org/Y Pollution Index Numbeo https:/ Y Smart City Index IMD https:/www.imd.org/smart-city-observatory/smart-city-index/N Share Of Wind And Solar In Electricity Production Enerdata Statistical Yearbook

244、 https:/ Energy Intensity Of GDP Enerdata Statistical Yearbook https:/ Share Of Renewables In Electricity Production Enerdata Statistical Yearbook https:/ City Commitment To Carbon Reduction(Cooperative Action)UNFCCC https:/climateaction.unfccc.int/Y Energy Transition Index World Economic Forum http

245、s:/www.weforum.org/reports/1edb4488-deb4-4151-9d4f-ff355eec499a/in-full/rankings N Urban Mobility Readiness Index Oliver Wyman https:/ N The Green Future Index MIT Technology Review https:/ Global Financial Centres Index 34 54 Table 26|GFCI 34 Financial Sector Development Factors Instrumental Factor

246、 Source Website Change Since GFCI 33 Capitalisation Of Stock Exchanges The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/april-2023 Y Value Of Share Trading The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/april-2023 Y Volume Of Share Tradin

247、g The World Federation of Stock Exchanges https:/statistics.world-exchanges.org/ReportGenerator/Generator#Y Broad Stock Index Levels The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/april-2023 Y Value Of Bond Trading The World Federation of Stock Exchanges https:/statis

248、tics.world-exchanges.org/ReportGenerator/Generator#Y Domestic Credit To Private Sector(%Of GDP)The World Bank https:/data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?most_recent_value_desc=false Y Percentage Of Firms Using Banks To Finance Investment The World Bank http:/databank.worldbank.org/data/re

249、ports.aspx?source=world-development-indicators&series=IC.FRM.BNKS.ZS N Total Net Assets Of Regulated Open-End Funds Investment Company Institute http:/www.icifactbook.org/Y Islamic Finance Country Index Islamic Banks and Financial Institutions http:/ N Net External Positions Of Banks The Bank for In

250、ternational Settlements http:/www.bis.org/statistics/annex_map.htm Y External Positions Of Central Banks As A share Of GDP The Bank for International Settlements http:/www.bis.org/statistics/annex_map.htm Y Liner Shipping Connectivity Index The World Bank http:/databank.worldbank.org/data/reports.as

251、px?source=2&series=IS.SHP.GCNW.XQ Y Global Connectedness Index DHL https:/ Y Economic Performance Index The Brookings Institution https:/www.brookings.edu/research/global-metro-monitor-2018/#rank N Sustainable Stock Exchanges(Y/N)UN Sustainable Stock Exchange Initiative https:/sseinitiative.org/memb

252、ers/Y Green Bond Segments on Stock Exchanges(Y/N)Climate Bonds Initiative https:/ N The Global Fintech Index Findexable https:/ The Global Green Finance Index Z/Yen https:/ Climate Change Performance Index Germanwatch,NewClimate Institute&Climate Action Network https:/ccpi.org/download/the-climate-c

253、hange-performance-index-2021/N Sovereign Green Bond(Y/N)Climate Bonds Initiative https:/ N Global Financial Centres Index 34 55 Table 27|GFCI 34 Reputation Factors Instrumental Factor Source Website Change Since GFCI 33 World Competitiveness Scoreboard IMD https:/www.imd.org/centers/wcc/world-compet

254、itiveness-center/rankings/world-competitiveness-ranking/2023/Y Global Competitiveness Index World Economic Forum http:/reports.weforum.org/global-competitiveness-report-2019/competitiveness-rankings/N Foreign Direct Investment Inflows UNCTAD http:/unctadstat.unctad.org/wds/TableViewer/tableView.aspx

255、?ReportId=96740 N GDP Per Person Employed(Constant 2017 PPP$)The World Bank https:/databank.worldbank.org/reports.aspx?source=world-development-indicators&series=SL.GDP.PCAP.EM.KD N Global Innovation Index WIPO http:/www.globalinnovationindex.org/content.aspx?page=GII-Home N International IP Index U

256、.S.Chamber of Commerce https:/ Y RPI(%Change On Year Ago)The Economist https:/ Y Consumer Prices IMF https:/data.imf.org/regular.aspx?key=63087884 Y Number Of International Association Meetings World Economic Forum http:/reports.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#se

257、ries=NRFAIREX N Innovation Cities Global Index 2ThinkNow Innovation Cities https:/innovation- Big Mac Index The Economist https:/ Y Sustainable Economic Development Boston Consulting Group https:/ N Level Of Internet Freedom Freedom House https:/freedomhouse.org/countries/freedom-net/scores N Good C

258、ountry Index Good Country Party https:/www.goodcountry.org/index/results N Legatum Prosperity Index Legatum Institute http:/ Y IESE Cities In Motion Index IESE http:/citiesinmotion.iese.edu/indicecim/?lang=en N FDI Inward Stock(In Million Dollars)UNCTAD https:/unctad.org/publication/world-investment

259、-report-2023 N Sustainable Cities Index Arcadis https:/ Global Cities Index AT Kearney https:/ N Quality Of Nationality Index Henley Partners https:/ Best Countries U.S.News https:/ N Global Power City Index The Mori Memorial Foundation http:/mori-m-foundation.or.jp/english/ius2/gpci2/index.shtml N

260、TRACE Bribery Risk Matrix Trace International https:/matrixbrowser.traceinternational.org/N Jurisdictions Participating In The Convention On Mutual Administrative Assistance In Tax Matters OECD https:/www.oecd.org/ctp/exchange-of-tax-information/Status_of_convention.pdf Y Safe Cities Economist https

261、:/ Economic Freedom The Heritage Foundation https:/www.heritage.org/index/ranking Y The Global Green Economy Index Dual Citizen https:/ Global Green Growth Index GGGI https:/greengrowthindex.gggi.org/wp-content/uploads/2022/12/2021-Green-Growth-Index-1.pdf N Country Brand Ranking Bloom Consulting ht

262、tps:/www.bloom- N Global Financial Centres Index 34 56 Vantage Financial Centres is an exclusive network of financial centres around the world run by Z/Yen Partners for organisations looking for a deeper understanding of financial centre competitiveness.Members receive enhanced access to GFCI data,m

263、arketing opportunities,and training for centres seeking to enhance their profile and reputation.AIFC is an all-around financial centre located in Astana,the capital of Kazakhstan,which offers ample opportunities for businesses to grow.AIFC provides greater access to world-class capital markets and t

264、he asset management industry.It also promotes financial technology and drives the development of niche markets such as Islamic and green finance in the region.AIFC provides unprecedented conditions and opportunities for its participants and investors:legal system based on the principles of English l

265、aw,independent judicial system,regulatory framework consistent with internationally recognised standards,wide range of financial services and instruments,simplified visa and labour regimes,zero corporate tax rate,and English as a working language.Located in the heart of Eurasia,AIFC is striving to b

266、ecome the gateway to the Eurasian Economic Union,Central Asia and Caucasus,and play a key role in the Belt and Road Initiative.AIFC is already gaining tremendous recognition as a leading financial hub in the region:recently,Asiamoney Awards recognised it as the best Belt and Road Initiative project

267、of 2019.Daniyar Kelbetov at d.kelbetovaifc.kz www.aifc.kz Dubai International Financial Centre(DIFC)is the leading global financial centre in the Middle East,Africa and South Asia(MEASA)region,which comprises 72 countries with a population of three billion and GDP of USD 8 trillion.With a 17-year tr

268、ack record of facilitating trade and investment flows across MEASA,the Centre connects these fast-growing markets with the economies of Asia,Europe and the Americas through Dubai.DIFC is home to an internationally recognised,independent regulator and judicial system with an English common law framew

269、ork,as well as the regions largest financial ecosystem of almost 30,000 professionals working across over 3,600 active registered companies making up the largest and most diverse pool of industry talent.The Centres vision is to drive the Future of Finance(FoF)through cutting-edge technology,innovati

270、on,and partnerships.The global FoF and Innovation Hub offers one of the regions most comprehensive FinTech and venture capital environments,including licensing solutions,fit-for-purpose regulation,innovative accelerator programmes,and funding for growth-stage start-ups.www.difc.ae Twitter DIFC Seoul

271、 is a rising star among the financial cities of the world.It is already one of the top 10 cities in the world based on various indices,and it has many more opportunities to offer as a financial hub and great growth potential.Seoul believes global financial companies are our true partners for growth.

272、There are many incentives provided to global financial companies that enter into Seoul,such as the financial incentives provided when moving into IFC,so that we can all jointly work towards the growth and development of the financial market.It is sure that Seoul will become a top star of global fina

273、ncial hubs in the near future!Pay close attention to Seouls potentials and pre-emptively gain a foothold in the Seoul financial hub.Seoul is the gateway to Northeast Asia and the world.Jiyeon Lee at jiyeon.leeseoul.go.kr www.seoul.go.kr/main/index.jsp Established in 2001,the Financial Services Commi

274、ssion,Mauritius(FSC)is the integrated regulator for the non-bank financial services sector and global business and is mandated to license,regulate,and supervise the conduct of business activities in the non-bank financial services sector and global business.Our vision is to be an internationally rec

275、ognised financial supervisor committed to the sustained development of Mauritius as a sound and competitive financial services centre.The FSC aims to:promote the development,fairness,efficiency and transparency of financial institutions and capital markets;suppress crime and malpractices so as to pr

276、ovide protection to members of the public investing in non-banking financial products;and ensure the soundness and stability of the financial system in Mauritius.fscmauritiusintnet.mu www.fscmauritius.org Global Financial Centres Index 34 57 Luxembourg for Finance(LFF)is the Agency for the Developme

277、nt of the Financial Centre.It is a public-private partnership between the Luxembourg Government and the Luxembourg Financial Industry Federation(PROFIL).Founded in 2008,its objective is to develop Luxembourgs financial services industry and identify new business opportunities.LFF connects internatio

278、nal investors to the range of financial services provided in Luxembourg,such as investment funds,wealth management,capital market operations or advisory services.In addition to being the first port of call for foreign journalists,LFF cooperates with the various professional associations and monitors

279、 global trends in finance,providing the necessary material on products and services available in Luxembourg.Furthermore,LFF manages multiple communication channels,organises seminars in international business locations,and takes part in selected world-class trade fairs and congresses.lfflff.lu Pleas

280、e find out more at: or by contacting Mike Wardle at mike_ Approved by Chinas State Council,China Development Institute(CDI)was founded in 1989 with 116 representatives from the government,academia and business in China.Being an independent think tank,CDI is committed to develop policy solutions via

281、research and debates that help to advance Chinas reform and opening-up.After years of development,CDI has become one of the leading think tanks in China.CDI focuses on the studies of open economy and innovation-driven development,regional economy and regional development,industrial policies and indu

282、strial development,urbanization and urban development,business strategies and investment decision-making.Via conducting research,CDI provides policy recommendations for the Chinese governments at various levels and develops consultation for corporate sectors at home and abroad.CDI organizes events i

283、n different formats that evokes dialogue among scholars,government officials,business people and civil society members around the globe.Based in Shenzhen,Southern China,CDI has one hundred and sixty staff,with an affiliated network that consists of renowned experts from different fields.Carol Feng a

284、t Global Times Consulting Co.is a strategic consultancy with a focus on China.We help Chinese(local)governments at all levels to build their reputation globally,providing strategic counsel,stakeholder outreach and communications to support their sustainable development.We also partner with multinati

285、onal companies operating in this dynamic but challenging market,serving as a gateway to China.In addition,we help Chinese companies extend their reach overseas.Global Times Consulting Co.adopts a research and knowledge-based approach.With extensive contacts and deep insights into Chinas political an

286、d economic landscape,we develop and execute integrated programs for stakeholder relations and reputation management.Our extensive relationship with media and government organizations in China and worldwide helps us successfully execute programs and achieve desired goals.Daniel Wang at Finance Montra

287、ls mandate is to promote Montral as a world-class financial hub and foster cooperation among its member institutions to accelerate the industrys growth.With renowned research capacities in artificial intelligence and a booming fintech sector,Montral offers an experienced,diversified and innovative p

288、ool of talent as well as a stable,low cost and dynamic business environment.For financial institutions searching for an ideal location to set up an intelligent service centre and operationalize their digital transformation,Finance Montral can advise on the advantageous tax incentives aimed at facili

289、tating the establishment and development of financial services corporations in the city.infofinance- www.finance- Global Financial Centres Index 34 58 Vantage Financial Centres is an exclusive network of financial centres around the world run by Z/Yen Partners for organisations looking for a deeper

290、understanding of financial centre competitiveness.Members receive enhanced access to GFCI data,marketing opportunities,and training for centres seeking to enhance their profile and reputation.Casablanca Finance City is an African financial and business hub located at the crossroads of continents.Rec

291、ognized as the lead-ing financial center in Africa,and partner of the largest financial centers in the world,CFC has built a strong and thriving com-munity of members across four major categories:financial companies,regional headquarters of multinationals,service providers and holdings.CFC offers it

292、s members an attractive value proposition and a premium“Doing Business”support that fosters the deploy-ment of their activities in Africa.Driven by the ambition to ca-ter to its community,CFC is committed to promoting its mem-bers expertise across the continent,while enabling fruitful busi-ness and

293、partnership synergies through its networking platform.Manal Bernoussi at manal.bernoussicfca.ma Supported by the industry,the Financial Services Development Council(FSDC)is a high-level,cross-sectoral advisory body to the Hong Kong Special Administrative Region Government.FSDC formulates proposals t

294、o promote the further development of Hong Kongs financial services industry and to map out the strategic direction for the development.As of March 2020,110 of the 137 policy recommendations had been adopted by the Government and relevant regulators since FSDCs inception in 2013.On top of research,FS

295、DC also carries out market promotion and human capital development functions.Among others,FSDC focuses on topics including Mainland and international connectivity,green and sustainable finance,FinTech,as well as asset and wealth management.enquiryfsdc.org.hk https:/www.fsdc.org.hk/en Since 2009 Busa

296、n Metropolitan City has been developing a financial hub specialising in maritime finance and derivatives.With its strategic location in the center of the southeast economic block of Korea and the crossroads of a global logistics route,Busan envisions growing into an international financial city in N

297、ortheast Asia.Busan Finance Center(BFC)will continue to develop and implement measures to promote Busan as the financial hub and bolster the local financial industry,while working together with various local economic players to pursue sustainable growth of the financial sector including FinTech.Thes

298、e efforts will enable BFC to play a leading role in taking Busan to the next level and become the international financial center and maritime capital of Northeast Asia.BFC offers an attractive incentive package to global financial leaders and cooperation network of Busan Metropolitan City,and Busan

299、Finance Center will support you to identify opportunities in Busan,one of the fastest developing cities in Asia.infokbfc.or.kr www.kbfc.or.kr/eng/The Long Finance initiative grew out of the London Accord,a 2005 agreement among investment researchers to share environmental,social and governance resea

300、rch with policy-makers and the public.Long Finance was established more formally by Z/Yen Group and Gresham College from 2007 with the aim of exploring long-term thinking across a global network of people.We work on researching innovative ways of building a more sustainable financial system.In so do

301、ing,we try to operate openly and emulate scientific ideals.At the same time,we are looking to create a supportive and caring community where people can truly question the accepted paradigms of risk and Z/Yen helps organisations make better choices our clients consider us a commercial think-tank that

302、 spots,solves and acts.Our name combines Zen and Yen “a philosophical desire to succeed”in a ratio,recognising that all decisions are trade-offs.One of Z/Yens specialisms is the study of the competitiveness of financial centres around the world.A summary of this work is published every six months as

303、 the Global Financial Centres Index.Z/Yen also publishes the Global Green Finance Index that seeks to encourage financial centres to become greener and develop financial services in a way that enables society to live within planetary boundaries.Most recently we have developed the Smart Centres Index

304、,which tracks commercial and financial centres offerings in technology and Financial Centre Futures is a programme within the Long Finance Initiative that initiates discussion on the changing landscape of global finance.Financial Centre Futures comprises the Global Financial Centres Index,the Global

305、 Green Finance Index and other research publications that explore major changes to the way we will live and work in the financial system of the future.CO-PRODUCED BY CHINA DEVELOPMENT INSITUTE PRODUCED BY Z/YEN PUBLISHED BY LONG FINANCE AND FINANCIAL CENTRE FUTURES Approved by Chinas State Council,C

306、hina Development Institute(CDI)was founded in 1989 with one hundred and sixteen representatives from the government,academia and business in China.Being an independent think tank,CDI is committed to develop policy solutions via research and debates that help to advance Chinas reform and opening-up.A

307、fter years of development,CDI has become one of the leading think tanks in China.CDI focuses on the studies of open economy and innovation-driven development,regional economy and regional development,industrial policies and industrial development,urbanization and urban development,business strategie

308、s and investment decision-making.Via conducting research,CDI provides policy recommendations for the Chinese governments at various levels and develops consultation for corporate sectors at home and abroad.CDI organizes events in different formats that evokes dialogue among scholars,government offic

309、ials,business people and civil society members around the globe.Based in Shenzhen,Southern China,CDI has one hundred and sixty staff,with an affiliated network that consists of renowned experts from different Long Finance is a Z/Yen initiative designed to address the question“When would we know our financial system is working?”This question underlies Long Finances goal to improve societys understanding and use of finance over the long-term.In contrast to the short-termism that defines todays economic views the Long Finance timeframe is roughly 100 years.