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1、Financial Centre Futures The Global Financial Centres Index 36 September 2024 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-sixth edition of the Global Financial Centres Index(GFCI 36).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 M

3、arch 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 te

4、chnology.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 challenge

5、s 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 providi

6、ng 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,Carol Feng,Peng Yu,and the rest of the GFCI team for their contribu

7、tions with research,modelling,and ideas.Z/Yen Group Limited 2024 Cover photo by Lucie Hoov on Unsplash Global Financial Centres Index 36 1 Foreword I would like to express my deepest gratitude to the worlds leading commerical think-tank,Z/Yen,for preparing the launch event for the Global Financial C

8、entres Index 36(GFCI)in collaboration with Busan Metropolitan City.This year marks the 15th anniversary of Busans designation by the Korean government as a financial hub in 2009.Since receiving its designation,Busan has consistently worked to enhance its reputation as a leading financial hub,with th

9、e city ranking 27th in the GFCI,following its steady rise starting in 2020.In the current global financial environment,digital finance,defined as the integration of finance and technology,is continuing to expand as is green finance,which stresses approaches to addressing the climate crisis and achie

10、ving carbon neutrality.Furthermore,global financial centers are engaged in an intense competition to assume a leadership position.Busan is also busy laying the foundations for meaningful changes and innovation.To become a global hub city,the city offers substantial incentives and regulatory exemptio

11、n benefits,in addition to the Global Hub City Special Act for Busan which aims to attract businesses from within the financial and cutting-edge technology sectors.The designation of the Busan Munhyeon Finance Complex and North Port Redevelopment Phase 2 as special financial opportunity zones,offerin

12、g tax benefits to companies within the zone,is expected to create synergistic effects alongside the Global Hub City Special Act.Furthermore,Busan is expected to continue to attract a number of innovative businesses as the city was designated a regulation-free zone for blockchain technologies in 2019

13、,while the Busan Digital Asset Exchange is set to open at the end of this year.Moreover,the city has set its sights on becoming a global leader in digital finance through the establishment of the Busan International Finance Center(BIFC)Phase 3 project that will serve as a digital valley.In closing,I

14、 would like to request your unwavering attention and support for Busan on its journey towards becoming a global city of finance.Thank you.Park Heong-joon Mayor of Busan Metropolitan City Global Financial Centres Index 36 2 GFCI 36 Summary&Headlines Overview We researched 133 financial centres for th

15、is edition of the Global Financial Centres Index(GFCI 36).The number of centres in the main index remains at 121.There are 12 associate centres awaiting potential inclusion in the main index.As in the last edition of the index,there is little change in the ranking of the leading centres,with only Du

16、blin improving more than four rank places-up 11.This continues to suggest no major changes in the economic outlook across the leading economies in the world,with slow but continued growth and inflation falling.Overall,the average rating across all centres was down 0.42%,suggesting little change in c

17、onfidence in the financial sector,with the average rating for centres in Latin America&The Caribbean up 0.65%-the only region in which ratings increased.Forty-six centres rose in the rankings,17 maintained their position from GFCI 35,and 58 fell.Eleven centres fell 10 or more places,while 10 centres

18、 rose 10 or more places.The largest improvements were achieved by Bermuda,up 27 places,Doha,up 24 places,Riyadh,up 21 places and Guernsey,up 20 places.It is worth noting that some centres are more sensitive to changes in ratings and instrumental factor data as discussed in the section on stability o

19、n pages 35 and 36 of this report.For this edition of the GFCI,we have researched the key challenges facing international financial centres in the medium term.Geo-Political challenges are clearly seen as the most important risk,mentioned by over 20%of respondents.Competition from other centres and re

20、gulatory requirements were mentioned by 15%and 14%of respondents respectively.GFCI 36 Results Leading Centres New York leads the index,with London second.Hong Kong has overtaken Singapore to regain third position.San Francisco remains at number five,with Chicago and Los Angeles overtaking Shanghai t

21、o place sixth and seventh,with Shanghai now in eighth position.Shenzhen and Frankfurt complete the top 10.Western Europe London continues to lead in the region in second place globally,with seven Western European centres featuring in the top 20 in GFCI 36.The average rating across this region was a

22、reduction of just over 1%-the biggest fall in ratings among the regions.Dublin,Lugano,Jersey,Guernsey,and the Isle of Man gained nine rank places or more in comparison with GFCI 35.Asia/Pacific Seven Asia/Pacific centres feature in the world top 20,and the average rating for this region is down 0.56

23、%.Rankings in the region were relatively stable,although Sydney,Nanjing,and Tianjin fell 10 places or more.Kuala Lumpur was the only centre in the Asia/Pacific region that improved more than 10 places in GFCI 36.Global Financial Centres Index 36 3 North America New York,San Francisco,Chicago,and Los

24、 Angeles remain in the world top 10,with Washington DC also in the top 20.On average,ratings for centres in this region fell 0.38%.Montreal rose six rank places,the largest rise in the region.Eastern Europe&Central Asia Astana remains in the lead position in the region,up four rank places to 62nd.Al

25、maty overtook Tallinn to take second place in the region.The average rating change across this region was a fall of just 0.13%.Almaty rose 12 rank places,with Tallinn down 10 places.All other centres had changes in their rankings of fewer than 10 places.Middle East&Africa Dubai and Abu Dhabi continu

26、e to take first and second places in the region,with Dubai rising four rank places to 16th in GFCI 36.Tel Aviv remains third in the region,with Casablanca the leading African centre and fourth in the region.The average rating change across this region was a fall of just 0.01%.Riyadh and Doha reverse

27、d the falls they experienced in GFCI 35,both up over 20 places.Kuwait City improved 11 rank places.Latin America&The Caribbean Bermuda rose dramaticallyup 27 places in GFCI 36 to lead the region,with Cayman Islands and Sao Paulo in second and third places.Bahamas rose eight rank places.This region w

28、as the only world region where the average rating in the index increased-by 0.65%.FinTech We are able to assess 116 centres for their Fintech offering.New York retains its leading position in the Fintech ranking,followed by London.Shenzhen overtook San Francisco to take third position by just one ra

29、ting point.Hong Kong has joined Washington DC,Los Angeles,Chicago,Singapore,and Seoul in the top 10,replacing Shanghai,which has dropped to 15th position.In the Fintech rankings,12 centres dropped 10 or more places with 9 centres rising 10 or more places.GFCI 36 GFCI 36 was compiled using 143 instru

30、mental factors.These quantitative measures are provided by third parties including the World Bank,the OECD,and the UN.Details can be found in Appendix 4.The instrumental factors were combined with 37,830 assessments of financial centres provided by 6,188 respondents to the GFCI online questionnaire.

31、A breakdown of the respondents is shown in Appendix 2.Further details of the methodology behind GFCI 36 are in Appendix 3.Global Financial Centres Index 36 4 Table 1|GFCI 36 Ranks And Ratings Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating New York 1 763 1 764 0 1 Lond

32、on 2 750 2 747 0 3 Hong Kong 3 749 4 741 1 8 Singapore 4 747 3 742 1 5 San Francisco 5 742 5 740 0 2 Chicago 6 740 9 736 3 4 Los Angeles 7 739 8 737 1 2 Shanghai 8 738 6 739 2 1 Shenzhen 9 732 11 734 2 2 Frankfurt 10 730 13 732 3 2 Seoul 11 729 10 735 1 6 Washington DC 12 728 12 733 0 5 Geneva 13 72

33、6 7 738 6 12 Dublin 14 725 25 719 11 6 Paris 15 724 14 731 1 7 Dubai 16 723 20 724 4 1 Zurich 17 722 16 729 1 7 Beijing 18 721 15 730 3 9 Luxembourg 19 720 17 728 2 8 Tokyo 20 719 19 725 1 6 San Diego 21 718 21 723 0 5 Boston 22 717 22 722 0 5 Toronto 23 716 23 721 0 5 Montreal 24 715 30 714 6 1 Bus

34、an 25 714 27 717 2 3 Lugano 26 713 35 709 9 4 Amsterdam 27 712 24 720 3 8 Sydney 28 711 18 726 10 15 Edinburgh 29 710 33 711 4 1 Jersey 30 709 40 704 10 5 Qingdao 31 708 31 713 0 5 Melbourne 32 707 28 716 4 9 Minneapolis/St Paul 33 706 26 718 7 12 Guangzhou 34 705 29 715 5 10 Abu Dhabi 35 704 37 707

35、 2 3 Miami 36 703 38 706 2 3 Glasgow 37 702 42 702 5 0 Calgary 38 701 34 710 4 9 Chengdu 39 700 43 701 4 1 Copenhagen 40 699 39 705 1 6 Atlanta 41 698 45 699 4 1 Vancouver 42 697 46 698 4 1 Berlin 43 696 32 712 11 16 Osaka 44 695 47 697 3 2 Munich 45 694 36 708 9 14 Wellington 46 693 41 703 5 10 Mad

36、rid 47 692 52 692 5 0 Tel Aviv 48 691 48 696 0 5 Guernsey 49 690 69 675 20 15 Hamburg 50 689 51 693 1 4 Milan 51 688 55 689 4 1 GIFT City-Gujarat 52 687 57 687 5 0 Stuttgart 53 686 44 700 9 14 Mumbai 54 685 58 686 4 1 Reykjavik 55 684 49 695 6 11 Isle of Man 56 683 68 676 12 7 Casablanca 57 682 56 6

37、88 1 6 Oslo 58 681 53 691 5 10 Kuala Lumpur 59 680 77 667 18 13 Mauritius 60 679 61 683 1 4 Brussels 61 678 60 684 1 6 Global Financial Centres Index 36 5 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating Astana 62 677 66 678 4 1 Riyadh 63 676 84 660 21 16 Doha 64 675 88

38、 656 24 19 Dalian 65 674 59 685 6 11 Stockholm 66 673 50 694 16 21 Kigali 67 672 67 677 0 5 New Delhi 68 671 75 669 7 2 Kuwait City 69 670 80 664 11 6 Malta 70 669 70 674 0 5 Helsinki 71 668 62 682 9 14 Hangzhou 72 667 71 673 1 6 Taipei 73 666 73 671 0 5 Liechtenstein 74 665 64 680 10 15 Johannesbur

39、g 75 664 82 662 7 2 Rome 76 663 54 690 22 27 Nanjing 77 662 63 681 14 19 Tianjin 78 661 65 679 13 18 Bermuda 79 660 106 626 27 34 Bahrain 80 659 76 668 4 9 Cayman Islands 81 658 79 665 2 7 Wuhan 82 657 91 653 9 4 Vienna 83 656 72 672 11 16 Cape Town 84 655 83 661 1 6 Sao Paulo 85 654 85 659 0 5 Alma

40、ty 86 653 98 634 12 19 Lisbon 87 652 74 670 13 18 Gibraltar 88 651 78 666 10 15 Barbados 89 650 87 657 2 7 Rio de Janeiro 90 649 94 646 4 3 Tallinn 91 648 81 663 10 15 Cyprus 92 647 97 638 5 9 Prague 93 646 86 658 7 12 Xian 94 645 90 654 4 9 Bangkok 95 644 93 648 2 4 Santiago 96 643 92 649 4 6 Jakar

41、ta 97 642 102 630 5 12 Monaco 98 641 89 655 9 14 Warsaw 99 640 96 639 3 1 Lagos 100 638 100 632 0 6 Riga 101 637 99 633 2 4 Nairobi 102 636 95 641 7 5 Bahamas 103 635 111 617 8 18 Istanbul 104 632 110 619 6 13 Ho Chi Minh City 105 629 108 623 3 6 Vilnius 106 627 103 629 3 2 Mexico City 107 626 109 6

42、20 2 6 Sofia 108 618 104 628 4 10 British Virgin Islands 109 617 107 624 2 7 Manila 110 616 101 631 9 15 Athens 111 615 105 627 6 12 Panama 112 614 115 608 3 6 Tehran 113 610 112 616 1 6 Budapest 114 609 113 614 1 5 Trinidad and Tobago 115 608 114 609 1 1 Bratislava 116 607 116 607 0 0 Bogota 117 60

43、4 117 599 0 5 St Petersburg 118 597 120 587 2 10 Moscow 119 590 118 596 1 6 Baku 120 589 119 595 1 6 Buenos Aires 121 586 121 572 0 14 Table 1(continued)|GFCI 36 Ranks And Ratings Global Financial Centres Index 36 6 Associate Centres We track centres that have yet to achieve the number of assessment

44、s required to be listed in the main GFCI index.Twelve centres fall into this associate centres category,with Labuan,Philadelphia,Turks and Caicos,and Karachi closest to receiving the 150 assessments required to be listed in the index.Table 2|GFCI 36 Associate Centres Centre Number Of Assessments In

45、The Last 24 Months Mean Of Assessments Labuan(Malaysia)123 734 Philadelphia 78 703 Turks and Caicos 53 591 Karachi 51 645 Abuja 35 497 Tashkent 35 531 Chisinau 30 567 Bishkek 27 556 Gothenburg 26 635 Kaunas 21 581 Fukuoka 20 725 Andorra 19 642 Regional Performance The mean rating of the top five Nor

46、th American centres remains slightly ahead of the same measure for the leading Asia/Pacific centres in GFCI 36.Leading Western European centres follow close behind.Chart 1|Average Ratings Of The Top Five Centres In Each Region Global Financial Centres Index 36 7 The Top Five Centres New York continu

47、es to have a clear lead over second place London in the index.Hong Kong has returned to third position,overtaking Singapore,with 2 rating points between them.San Francisco remained in fifth place.Chart 2|The Top Five Centres-GFCI Ratings Over Time“Quality of life factors,such as housing,healthcare,e

48、ducation,and recreation facilities influence the ability of financial centres to attract and retain talent.Financial centres benefit from partnerships with educational institutions for research,innovation,and professional development.”CHAIRMAN,FINANCE FIRM,KUALA LUMPUR Global Financial Centres Index

49、 36 8 Future Prospects The GFCI questionnaire asks respondents which centres they consider will become more significant over the next two to three years.Six of the top 15 centres in this group are in the Asia/Pacific region and a further six are in the Middle East&Africa.Table 3|The 15 Centres Likel

50、y To Become More Significant Centre Mentions in last 24 months Seoul 88 Dubai 64 Singapore 59 London 30 Hong Kong 28 Kigali 28 Abu Dhabi 25 Casablanca 23 Shenzhen 22 Shanghai 20 Mauritius 19 Riyadh 19 New York 18 Beijing 17 Paris 14“Kigali supports fintechs in many ways,especially via the regulatory

51、 sandbox program.Kigali International Financial Centre has been extremely helpful in facilitating introductions and providing support since our first meeting.”EXECUTIVE VICE PRESIDENT,FINTECH FIRM,KIGALI Global Financial Centres Index 36 9 Areas Of Competitiveness The instrumental factors used in th

52、e GFCI model are grouped into five 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“Our finan

53、cial centre is well protected with the common law implemented by our judiciary system,and with proper regulations about the conduct of business to maintain compliance with the AML/CFT measures introduced by the EU&FATF over the years.Investors feel more comfortable to send their proceeds to Mauritiu

54、s given the security of our banking sector.We have a strong regulatory system in the form of FSC,FIU and MRA,which contributes to the well-being and safeguarding of our financial centre.”SENIOR MANAGER,ASSET MANAGEMENT,MAURITIUS Global Financial Centres Index 36 10 To assess how financial centres pe

55、rform in each of these areas,the GFCI factor assessment model is run separately for each of the five areas of competitiveness.New York takes the lead position in all five areas and Singapore and London share second places.Hong Kong,Shanghai,San Francisco,and Seoul feature in the top five in one or m

56、ore of the areas of competitiveness.Table 4|GFCI 36 Top 15 Centres 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

57、 Hong Kong London Shanghai Singapore 4 Hong Kong Singapore Hong Kong London Hong Kong 5 Shanghai San Francisco Seoul San Francisco San Francisco 6 San Francisco Los Angeles Los Angeles Los Angeles Shanghai 7 Chicago Chicago Shenzhen Chicago Chicago 8 Los Angeles Washington DC San Francisco Hong Kong

58、 Los Angeles 9 Seoul Shanghai Chicago Beijing Tokyo 10 Geneva Tokyo Shanghai Washington DC Dublin 11 Beijing Paris Frankfurt Shenzhen Beijing 12 San Diego Seoul Beijing Seoul Dubai 13 Frankfurt Zurich Luxembourg Geneva Boston 14 Toronto Dublin Dubai San Diego Shenzhen 15 Shenzhen San Diego Washingto

59、n DC Boston Frankfurt“There needs to be an experienced talent pool that is up to date with the latest developments.Without a large talent pool,efficiency is eroded.”PARTNER,INVESTMENT FIRM,CAPE TOWN Global Financial Centres Index 36 11 Industry Sectors We investigate the differing assessments for re

60、levant industry sectors by building the index separately using only 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.New York continues to

61、 rank first in almost all categories,aside from Investment Management,where Hong Kong scores highest,and Finance,where Shenzhen takes first position.London,Hong Kong,and Singapore continue to perform well across the board.Shanghai,Seoul,and San Francisco also feature in the top five in one or more o

62、f the sectors.Table 5|GFCI 36 Top 15 Centres by Industry Sector Rank Banking Investment Management Insurance Professional Services Government&Regulatory Finance FinTech Trading 1 New York Hong Kong New York New York New York Shenzhen New York New York 2 Shenzhen New York London Singapore Singapore N

63、ew York Singapore Singapore 3 London Shenzhen Hong Kong London London Hong Kong London Shanghai 4 Hong Kong London Shenzhen Hong Kong Shanghai London Hong Kong Seoul 5 Shanghai Singapore Shanghai Seoul Hong Kong Shanghai San Francisco London 6 Chicago Shanghai Beijing San Francisco Chicago Chicago D

64、ubai Los Angeles 7 Singapore Dublin Singapore Los Angeles Zurich San Francisco Frankfurt Chicago 8 Beijing San Francisco San Francisco Chicago Luxembourg Singapore Seoul Beijing 9 San Francisco Frankfurt Sydney Zurich Seoul Beijing Los Angeles San Francisco 10 Los Angeles Los Angeles Los Angeles Lux

65、embourg Beijing Washington DC San Diego Hong Kong 11 Frankfurt Beijing Tokyo Dubai Frankfurt Tokyo Chicago Paris 12 Washington DC Tokyo Zurich Frankfurt Washington DC Los Angeles Toronto Washington DC 13 Geneva Geneva Chicago Dublin Tokyo Dubai Geneva Frankfurt 14 Boston Paris Washington DC Shanghai

66、 San Francisco Seoul Zurich Tokyo 15 Paris Chicago Geneva Shenzhen Los Angeles Frankfurt Busan Geneva Global Financial Centres Index 36 12 Size Of Organisation We have analysed how the leading centres in the index are viewed by respondents working for organisations of different sizes.Among the top f

67、ive centres,New York leads across respondents from all but one size of organisation,with Singapore just beating New York in the 100 to 500 group.London and Hong Kong take second place in two groups each and Singapore and San Francisco are second in the Fewer Than 50 and the 2,000 to 5,000 groups res

68、pectively.Chart 4|GFCI 36 Average Assessments By Respondents Organisation Size(Number Of Employees)“Competitive financial centres require regulatory efficiency and stability along with strong safeguards against corruption to foster ethical,inclusive,and innovative business environments.Rules must be

69、 clear and enforced to ensure a level playing field.These factors impact the willingness of firms to operate in a given financial hub.”PROJECT MANAGER-FINANCIAL SECTOR STRATEGY,REGULATORY BODY,DOHA Global Financial Centres Index 36 13 Factors Affecting Competitiveness The GFCI questionnaire asks res

70、pondents 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 respondents are shown in Table 6.Table 6|GFCI 36 Main Areas Of Competitiveness Area Of Competitiveness Number Of Mentions

71、Main Issues Business Environment 205 Clarity and ease of navigation is crucial for good regulation.Stability,strong rule of law and absence of corruption gives confidence to business and investors.It is vital that regulation balances oversight and innovation.Human Capital 200 The depth of the talent

72、 pool,skill reserves,educational brand strength,and labour market flexibility allow financial firms to access,mobilise,transform and retain human capital.Bringing skilled workers from other countries alongside developing local talent are the key strategies.Upskilling and reskilling have become more

73、important as competition for talent increases.Infrastructure 192 Infrastructure is a foundational element that supports the operations of financial centres.It affects the efficiency,security,and innovation capacity of the financial sector.Financial centres with superior infrastructure are better pos

74、itioned to attract business,talent,and investment,reinforcing their role in the global financial ecosystem.IT infrastructure has to be secure,resilient,and provide flexibility.Taxation 200 Taxation should be transparent,predictable and set at reasonable rates to support business activity.Corporate t

75、ax rates,tax incentives,credits,and exemptions as well as Double Taxation Treaties can be used to attract specific types of financial activities or institutions seeking to maximize after-tax returns.Tax harmonisation has a part to play to avoid unfair tax competition.Reputation 183 Reputation includ

76、es consideration of more subjective aspects such as innovation,brand appeal,cultural diversity,and competitive positioning.The performance and competitiveness of the financial centre can itself enable a good reputation.A positive reputation builds trust and attracts businesses and investors.Effectiv

77、e branding communicates strengths and unique offerings,distinguishing the city from competitors.Financial Sector Development 187 Easy access to clients is important in growing business.Clients are increasingly global in all financial centres and it helps to have local suppliers of high quality.“ICT

78、infrastructure has a pivotal role as an enabler for globalised financial services in financial centres.More should be done to integrate ICT infrastructures at the global level but security should not be compromised.”DEPUTY DIRECTOR,REGULATORY BODY,MADRID Global Financial Centres Index 36 14 Corrupti

79、on Perception Index And Economic Freedom Business Environment measures have a significant correlation with financial centre competitiveness.Chart 5 plots GFCI ratings against the Government Effectiveness Index and Chart 6 plots GFCI ratings against the Political Stability And Absence of Violence/Ter

80、rorism Index,both from the World Bank.These charts demonstrate the correlation of these factors with the GFCI 36 ratings(the size of the bubble indicates the relative GDP of each centre).Chart 5|GFCI 36 Rating Against The Government Effectiveness Index(Supplied by The World Bank)Chart 6|GFCI 36 Rati

81、ng Against the Political Stability/Absence Of Violence/Terrorism Index(Supplied by the World Bank)Global Financial Centres Index 36 15 Connectivity Financial centres thrive when they develop deep connections with other centres.The GFCI allows us to measure connectivity by investigating the number of

82、 assessments given to and received from other financial centres.Charts 7 and 8 show the different levels of connectivity enjoyed by New York and Chicago to illustrate the differences.New York has wide connections with other financial centres,including other leading centres,whereas Chicago has fewer

83、connections to other centres.Chart 7|GFCI 36 Connectivity-New York Chart 8|GFCI 36 Connectivity-Chicago Global Financial Centres Index 36 16 Financial Centre Profiles Using clustering and correlation analysis we have identified three measures(axes)that determine a financial centres profile along dif

84、ferent 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 centre from professionals based in other centres.A centres connectivity is assessed using a combination of inbound assess

85、ment 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 a particular centre).If the weighted assessments for a centre are provided by 44%or more respondents from other centre

86、s,this centre is deemed to be Global.If the ratings are provided by over 22.5%of other centres,this centre is deemed to be International.Diversity the instrumental factors used in the GFCI model give an indication of a range of factors that influence the richness and evenness of areas of competitive

87、ness 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 combination of calculations based on existing biodiversity measures(calculated on the instrumental factors)to assess a centr

88、es 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 that centres scores.A high score means that a centre is well diversified;a low diversity score reflects a less rich

89、business environment.Speciality the depth within a financial centre of the following industry sectors:investment management,banking,insurance,professional services,and the government and regulatory sector.A centres speciality performance is calculated from the difference between the GFCI rating and

90、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 in GFCI 36 are assigned a profile on the basis of a set of rules for the three measures:how well connected a centre is

91、,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 many other financial centres.This list includes four of the top 10 global financial centres in GFCI 36,with the remai

92、nder mostly in the top 20 centres.Chart 9|GFCI 36 Profile Elements Global Financial Centres Index 36 17 Table 7|GFCI 36 Financial Centre Profiles Broad&Deep Relatively Broad Relatively Deep Emerging Global Leaders Global Diversified Global Specialists Global Contenders Global London Singapore*Dubai

93、Beijing*New York Seoul Abu Dhabi Istanbul*Washington DC Kuala Lumpur Casablanca*Shanghai*Paris Brussels Mauritius Los Angeles Hong Kong Tokyo Luxembourg Zurich Amsterdam Dublin*Frankfurt International Established International International Diversified International Specialists International Contend

94、ers Boston Bangkok Mumbai*Moscow Chicago*Vienna*GIFT City-Gujarat*Mexico City Busan Madrid*Riyadh*Panama*Edinburgh Stockholm Bermuda*Bahamas Berlin San Francisco*Qingdao Nairobi Rome Athens Shenzhen Bahrain Milan Copenhagen*Tel Aviv Jakarta Geneva Astana Doha Montreal Jersey Lagos Toronto New Delhi

95、Munich Johannesburg Sydney Cape Town Osaka Guangzhou*Hamburg Sao Paulo Melbourne Kigali*Miami British Virgin Islands Vancouver Cayman Islands Stuttgart Taipei*Liechtenstein*Local Established Players Local Diversified Local Specialists Evolving Centres Oslo*Santiago Rio de Janeiro*Baku San Diego Lisb

96、on Tallinn*Manila*Glasgow Warsaw Malta Buenos Aires Calgary*Prague Ho Chi Minh City*Sofia Minneapolis/St Paul Atlanta*Chengdu*Riga Wellington Helsinki*Lugano Cyprus Xian*St Petersburg Hangzhou*Budapest*Wuhan*Tehran Tianjin*Bogota*Reykjavik Guernsey*Monaco Bratislava Nanjing Vilnius Gibraltar Almaty

97、Dalian Trinidad and Tobago Barbados Isle of Man*Kuwait City An asterisk denotes centres that have moved between categories between GFCI 35 and GFCI 36 Global Financial Centres Index 36 18 The GFCI 36 World See Detailed Map Below The numbers on the map indicate the GFCI 36 rankings.Broad and Deep Rel

98、atively Broad Relatively Deep Emerging Global Leaders Global Diversified Global Specialists Global Contenders Established International International Diversified International Specialists International Contenders Established Players Local Diversified Local Specialists Evolving Centres Associate Cent

99、re 1 38 42 109 57 81 79 103 107 84 112 55 5 12 90 85 121 22 24 96 100 7 23 21 117 89 115 41 33 36 23 Global Financial Centres Index 36 19 See Detailed Map Below 70 9 92 104 13 74 2 3 4 20 16 78 18 27 14 53 59 17 80 64 29 66 75 40 86 114 93 44 87 71 58 56 98 108 97 102 118 49 30 46 10 50 45 11 15 111

100、 95 76 83 37 99 25 72 52 60 69 88 39 63 35 91 101 54 68 73 65 110 8 77 31 19 62 119 32 48 61 47 51 28 106 113 120 116 94 82 34 43 67 105 26 Global Financial Centres Index 36 20 Regional Analysis In our analysis of the GFCI data,we look at six regions of the world to explore the competitiveness of th

101、eir 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 which show:the mean assessment provided to that region or

102、 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 10 and 11 show examples of these analyses.Coloured bars

103、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 assessments given to a centre by people based in that cen

104、tre 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 assessments that are from that region.“The need for net

105、neutrality and a robust internet infrastructure is fundamental.Government controls and firewalls prevent us from even considering various countries or even parts of countries;for example we will not consider huge swathes of Canada or the Rocky Mountain areas of the U.S.because of the lack of interne

106、t.Africa requires 10-15 years of upgrades before we consider it.And infrastructure includes airports,roads,hotels and the like.Some places require significant upgrades.”SENIOR MANAGING DIRECTOR AND PRESIDENT,INVESTMENT FIRM,NEW YORK Global Financial Centres Index 36 21 Chart 10|Example 1:Assessments

107、 Compared With The Mean For Region 4 Chart 11|Example 2:Assessments Compared With The Mean For An Individual Centre Global Financial Centres Index 36 22 Western Europe London leads the region,with Frankfurt also in the top 10.Five other Western European centres are in the top 20.Assessments provided

108、 by people in other regions were lowest from those in Latin America&The Caribbean.Respondents from Western Europe and Latin America&The Caribbean scored Western European centres below average.Table 8|Western European Top 15 Centres In GFCI 36 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Ra

109、nk Rating Rank Rating London 2 750 2 747 0 3 Frankfurt 10 730 13 732 3 2 Geneva 13 726 7 738 6 12 Dublin 14 725 25 719 11 6 Paris 15 724 14 731 1 7 Zurich 17 722 16 729 1 7 Luxembourg 19 720 17 728 2 8 Lugano 26 713 35 709 9 4 Amsterdam 27 712 24 720 3 8 Edinburgh 29 710 33 711 4 1 Jersey 30 709 40

110、704 10 5 Glasgow 37 702 42 702 5 0 Copenhagen 40 699 39 705 1 6 Berlin 43 696 32 712 11 16 Munich 45 694 36 708 9 14 Chart 12|Top Five Western European Centres Over Time Global Financial Centres Index 36 23 Chart 14|Assessments By Region For London-Difference From The Overall Mean Chart 15|Assessmen

111、ts By Region For Frankfurt-Difference From The Overall Mean Chart 13|Assessments By Region For Western Europe Difference From The Overall Mean Chart 16|Assessments By Region For Geneva-Difference From The Overall Mean Global Financial Centres Index 36 24 Asia/Pacific Hong Kong has overtaken Singapor

112、e in GFCI 36 to lead the Asia/Pacific region,with Shanghai and Shenzhen also in the top 10;and Seoul,Beijing,and Tokyo in the top 20.People in Western Europe and North America rated Asia/Pacific centres above the world average along with those with a multi-regional presence.Table 9|Asia/Pacific Top

113、15 Centres In GFCI 36 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating Hong Kong 3 749 4 741 1 8 Singapore 4 747 3 742 1 5 Shanghai 8 738 6 739 2 1 Shenzhen 9 732 11 734 2 2 Seoul 11 729 10 735 1 6 Beijing 18 721 15 730 3 9 Tokyo 20 719 19 725 1 6 Busan 25 714 27 717 2

114、3 Sydney 28 711 18 726 10 15 Qingdao 31 708 31 713 0 5 Melbourne 32 707 28 716 4 9 Guangzhou 34 705 29 715 5 10 Chengdu 39 700 43 701 4 1 Osaka 44 695 47 697 3 2 Wellington 46 693 41 703 5 10 Chart 17|Top Five Asia/Pacific Centres Over Time Global Financial Centres Index 36 25 Chart 19|Assessments B

115、y Region For Hong Kong-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 Singapore-Difference From The Overall Mean Global F

116、inancial Centres Index 36 26 North America New York continues to lead the index and San Francisco,Chicago,and Los Angeles also feature in the top 10.Most centres fell in the ratings,although Montreal gained 6 rank places.Assessments of North American centres from people in the Asia/Pacific and North

117、 American regions,and from those with a multi regional presence were above the global average,while assessments from other regions were lower.Table 10|North American Centres In GFCI 36 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating New York 1 763 1 764 0 1 San Francis

118、co 5 742 5 740 0 2 Chicago 6 740 9 736 3 4 Los Angeles 7 739 8 737 1 2 Washington DC 12 728 12 733 0 5 San Diego 21 718 21 723 0 5 Boston 22 717 22 722 0 5 Toronto 23 716 23 721 0 5 Montreal 24 715 30 714 6 1 Minneapolis/St Paul 33 706 26 718 7 12 Miami 36 703 38 706 2 3 Calgary 38 701 34 710 4 9 At

119、lanta 41 698 45 699 4 1 Vancouver 42 697 46 698 4 1 Chart 22|Top Five North American Centres Over Time Global Financial Centres Index 36 27 Chart 25|Assessments By Region for San Francisco-Difference From The Overall Mean Chart 26|Assessments By Region For Chicago-Difference From The Overall Mean Ch

120、art 23|Assessments By Region For North America Difference From The Overall Mean Chart 24|Assessments By Region For New York-Difference From The Overall Mean Global Financial Centres Index 36 28 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating Astana 62 677 66 678 4 1 Al

121、maty 86 653 98 634 12 19 Tallinn 91 648 81 663 10 15 Cyprus 92 647 97 638 5 9 Prague 93 646 86 658 7 12 Warsaw 99 640 96 639 3 1 Riga 101 637 99 633 2 4 Istanbul 104 632 110 619 6 13 Vilnius 106 627 103 629 3 2 Sofia 108 618 104 628 4 10 Athens 111 615 105 627 6 12 Budapest 114 609 113 614 1 5 Brati

122、slava 116 607 116 607 0 0 St Petersburg 118 597 120 587 2 10 Moscow 119 590 118 596 1 6 Baku 120 589 119 595 1 6 Eastern Europe&Central Asia Most centres in this region fell in the rankings in GFCI 36.Astana,Almaty,and Tallinn lead the region.Survey respondents from the home region,and from the Midd

123、le East&Africa and North America rated centres in this region higher than the global average.Table 11|Eastern European&Central Asian Centres In GFCI 36 Chart 27|Top Five Eastern European&Central Asian Centres Over Time Global Financial Centres Index 36 29 Chart 29|Assessments By Region For Astana-Di

124、fference From The Overall Mean Chart 30|Assessments By Region For Almaty-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 Centr

125、es Index 36 30 Chart 32|Top Five Middle East&African Centres Over Time The Middle East&Africa Dubai and Abu Dhabi continue to take the lead in the region,followed by Tel Aviv,and Casablanca,which remains the leading centre in Africa.Riyadh,Doha,and Kuwait City each rose more than 10 rank places.Asse

126、ssments from the local region,Western Europe,North America,and from Eastern Europe&Central Asia were above the global average.Table 12|Middle Eastern&African Centres In GFCI 36 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating Dubai 16 723 20 724 4 1 Abu Dhabi 35 704 37

127、707 2 3 Tel Aviv 48 691 48 696 0 5 Casablanca 57 682 56 688 1 6 Mauritius 60 679 61 683 1 4 Riyadh 63 676 84 660 21 16 Doha 64 675 88 656 24 19 Kigali 67 672 67 677 0 5 Kuwait City 69 670 80 664 11 6 Johannesburg 75 664 82 662 7 2 Bahrain 80 659 76 668 4 9 Cape Town 84 655 83 661 1 6 Lagos 100 638 1

128、00 632 0 6 Nairobi 102 636 95 641 7 5 Tehran 113 610 112 616 1 6 Global Financial Centres Index 36 31 Chart 35|Assessments By Region For Abu Dhabi-Difference From The Overall Mean Chart 36|Assessments By Region For Tel Aviv-Difference From The Overall Mean Chart 33|Assessments By Region For The Midd

129、le East&Africa Difference From The Overall Chart 34|Assessments By Region For Dubai-Difference From The Overall Mean Global Financial Centres Index 36 32 Centre GFCI 36 GFCI 35 Change In Change In Rank Rating Rank Rating Rank Rating Bermuda 79 660 106 626 27 34 Cayman Islands 81 658 79 665 2 7 Sao P

130、aulo 85 654 85 659 0 5 Barbados 89 650 87 657 2 7 Rio de Janeiro 90 649 94 646 4 3 Santiago 96 643 92 649 4 6 Bahamas 103 635 111 617 8 18 Mexico City 107 626 109 620 2 6 British Virgin Islands 109 617 107 624 2 7 Panama 112 614 115 608 3 6 Trinidad and Tobago 115 608 114 609 1 1 Bogota 117 604 117

131、599 0 5 Buenos Aires 121 586 121 572 0 14 Latin America&The Caribbean Bermuda saw the highest increase out of the centres in Latin America&The Caribbean,rising 27 rank places to take the lead in the region,with Cayman Islands and Sao Paul taking second and third places respectively.Rio de Janeiro,Ba

132、hamas,and Panama also improved their rank position.Assessments of centres in the region from respondents in the local region,Asia/Pacific,and Eastern Europe&Central Asia were below average.Table 13|Latin American&Caribbean Centres In GFCI 36 Chart 37|Top Five Latin American&Caribbean Centres Over Ti

133、me Global Financial Centres Index 36 33 Chart 39|Assessments By Region For Bermuda-Difference From The Overall Mean Chart 40|Assessments By Region For Cayman Islands-Difference From The Overall Mean Chart 41|Assessments By Region For Sao Paulo-Difference From The Overall Mean Chart 38|Assessments By

134、 Region For Latin America&The Caribbean Difference From The Overall Global Financial Centres Index 36 34 Home Centre Prospects While the GFCI is calculated using only assessments from people based in other centres,we ask survey respondents about the prospects of the centre in which they are based,an

135、d 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 London,compared with other leading centres,there is both a high proportion of people who consider that the centr

136、e 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 and Singapore are most confident about the future competitiveness of their centre.Chart 42|Home Centre Prospects-New York Chart

137、 43|Home Centre Prospects-London Chart 44|Home Centre Prospects-Hong Kong Chart 45|Home Centre Prospects-Singapore Global Financial Centres Index 36 35 Stability Chart 46 contrasts the spread or variance of the individual assessments given to each of the top 40 centres with the sensitivity to change

138、s 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 variance of assessments.These centres have the highest potential for future movement in the index.None

139、 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 top 40 centres(for clarity)but it is worth noting that most of the centres lower in the index wo

140、uld be in the dynamic and unpredictable areas of the chart if plotted.Chart 46|Stability Of The Top 40 Centres In GFCI 36“Dubai International Financial Centre provides a streamlined business setup,world-class infrastructure with extensive facilities,and diverse office spaces for businesses.”FOUNDER,

141、FINTECH FIRM,DUBAI Global Financial Centres Index 36 36 In addition,we look at the stability of rankings 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 recen

142、t analysis in Chart 47 move into the dynamic or unpredictable area when their rankings and assessments are considered over time.Chart 47|Standard Deviation In Index Rankings And Assessments Over Time“Infrastructure development is a key challenge in many African Financial Centres,as opposed to Centre

143、s in developed countries.”CONSULTANT IN ECONOMIC DEVELOPMENT,INVESTMENT INDUSTRY,ROME Global Financial Centres Index 36 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

144、index.The first measure reflects the average score a centre receives from financial professionals across 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 ta

145、ke account of the instrumental factors.If a centre has a higher average assessment than its GFCI rating,this 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 bet

146、ween the average assessment and the GFCI rating.Eight of the top 15 centres in terms of reputational advantage are in the Asia/Pacific region.Leading centres New York,London,Hong Kong,Singapore,and San Francisco also feature in the list.A high reputational advantage may be due to strong marketing,or

147、 awareness of a centres existing or emerging strengths.Reputational advantage can become a weakness.Centres with a high reputational advantage need to support their successful marketing with genuine improvements in their underlying competitiveness.Table 14|GFCI 36 Top 15 Centres Assessments And Rati

148、ngs Reputational Advantage Centre Weighted Average Assessment GFCI 36 Rating GFCI 36 Reputational Advantage Chengdu 872 700 172 GIFT City-Gujarat 854 687 167 Shenzhen 872 732 140 Qingdao 823 708 115 Guangzhou 812 705 107 Mauritius 750 679 71 New York 826 763 63 London 810 750 60 Vilnius 685 627 58 S

149、ingapore 797 747 50 Washington DC 778 728 50 San Francisco 790 742 48 Hong Kong 797 749 48 Xian 690 645 45 Monaco 683 641 42 Global Financial Centres Index 36 38 Table 15 shows the 15 centres with the greatest reputational disadvantage.This indicates that respondents perceptions of a centre are less

150、 favourable than the quantitative measures alone would suggest.The centres featured might benefit from a stronger marketing effort as well as tackling some core issues relating to the centre.Table 15|GFCI 36 Bottom 15 Centres Assessments And Ratings Reputational Disadvantage Centre Weighted Average

151、Assessment GFCI 36 Rating GFCI 36 Reputational Advantage San Diego 657 718-61 Edinburgh 648 710-62 Atlanta 636 698-62 Moscow 527 590-63 Budapest 544 609-65 Rio de Janeiro 581 649-68 Calgary 631 701-70 Warsaw 569 640-71 Bratislava 534 607-73 Beijing 636 721-85 Buenos Aires 495 586-91 Almaty 562 653-9

152、1 Lagos 541 638-97 Baku 483 589-106 Minneapolis/St Paul 588 706-118“City reputation and branding are powerful tools that can influence perceptions and decisions about where to do business,invest,and work.Financial centres that actively manage and promote their brand,highlighting their unique advanta

153、ges and strengths,can enhance their competitiveness in the global marketplace.A positive reputation can create a virtuous cycle,attracting more talent,business,and investment,which in turn reinforces the citys status as a leading financial centre.”COMPLIANCE OFFICER,INVESTMENT FIRM,MAURITIUS Global

154、Financial Centres Index 36 39 Financial Centre Challenges We researched the key challenges facing international financial centres in the medium term for this report.Geo-Political Challenges are clearly seen as the most important risk,followed by Competition From Other Centres,and Regulatory Requirem

155、ents.Chart 48|Most Important Financial Centre Challenges Other challenges identified by respondents were:Blockchain/DLT/Tokenizationthat is Web 3.0.Cross-border payment platforms.International Tax Developments,e.g.BEPS 2.0.Technological Disruption.Global Financial Centres Index 36 40 FinTech Alongsi

156、de 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 35.Chinese and US centres continue to feature s

157、trongly,with six US centres and six 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 Shenzhen overtaking San Francisco to take third place.Washington DC and Los Angeles maintained their

158、 positions at fifth and sixth respectively.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 That Encourages Innovation

159、,and ICT Infrastructure remaining the leading elements.Demand and Availability Of Skilled Staff followed the leaders.Chart 49|Most Important Elements In Generating A Competitive Environment For FinTech Providers Global Financial Centres Index 36 41 Table 16|GFCI 36 FinTech Ranks And Ratings Centre G

160、FCI 36 GFCI 35 FinTech Rank FinTech Rating FinTech Rank FinTech Rating Change In Rank Change In Rating New York 1 737 1 739 0 2 London 2 725 2 730 0 5 Shenzhen 3 722 4 728 1 6 San Francisco 4 721 3 729 1 8 Washington DC 5 720 5 723 0 3 Los Angeles 6 719 6 721 0 2 Chicago 7 718 9 716 2 2 Singapore 8

161、717 7 720 1 3 Hong Kong 9 716 14 707 5 9 Seoul 10 707 10 715 0 8 Beijing 11 706 11 713 0 7 Boston 12 705 12 712 0 7 Zurich 13 704 16 705 3 1 Guangzhou 14 701 20 701 6 0 Shanghai 15 699 8 717 7 18 Geneva 16 697 15 706 1 9 Chengdu 17 696 19 702 2 6 Toronto 18 695 27 694 9 1 Montreal 19 694 28 693 9 1

162、Sydney 20 693 13 708 7 15 Dubai 21 692 30 691 9 1 Paris 22 691 17 704 5 13 Qingdao 23 690 22 699 1 9 San Diego 24 689 26 695 2 6 Frankfurt 25 686 18 703 7 17 Busan 26 685 25 696 1 11 Luxembourg 27 684 24 697 3 13 Minneapolis/St Paul 28 683 21 700 7 17 Berlin 29 682 36 683 7 1 Atlanta 30 681 33 687 3

163、 6 Stuttgart 31 680 32 688 1 8 Lugano 32 679 40 679 8 0 Wellington 33 678 23 698 10 20 Edinburgh 34 677 44 675 10 2 Miami 35 676 34 685 1 9 Tokyo 36 675 37 682 1 7 Munich 37 674 51 668 14 6 Mumbai 38 673 42 677 4 4 Helsinki 39 672 31 689 8 17 Melbourne 40 671 29 692 11 21 Vancouver 41 670 35 684 6 1

164、4 Abu Dhabi 42 669 41 678 1 9 Tallinn 43 668 53 666 10 2 Madrid 44 667 38 681 6 14 GIFT City-Gujarat 45 666 49 670 4 4 New Delhi 46 664 56 663 10 1 Amsterdam 47 662 48 671 1 9 Tel Aviv 48 661 45 674 3 13 Dalian 49 660 39 680 10 20 Calgary 50 659 54 665 4 6 Hamburg 51 658 47 672 4 14 Casablanca 52 65

165、7 58 661 6 4 Dublin 53 656 64 655 11 1 Milan 54 655 46 673 8 18 Hangzhou 55 654 50 669 5 15 Stockholm 56 653 61 658 5 5 Astana 57 652 63 656 6 4 Taipei 58 651 66 653 8 2 Global Financial Centres Index 36 42 Table 16(Continued)|GFCI 36 FinTech Ranks And Ratings Centre GFCI 36 GFCI 35 Change In Rank C

166、hange In Rating Rank Rating Rank Rating Lisbon 59 650 59 660 0 10 Tianjin 60 649 43 676 17 27 Kigali 61 648 62 657 1 9 Copenhagen 62 647 60 659 2 12 Rome 63 646 57 662 6 16 Xian 64 645 55 664 9 19 Kuwait City 65 644 73 642 8 2 Prague 66 643 72 643 6 0 Nanjing 67 642 52 667 15 25 Osaka 68 641 65 654

167、3 13 Vilnius 69 640 78 637 9 3 Monaco 70 639 79 636 9 3 Oslo 71 638 81 634 10 4 Kuala Lumpur 72 637 75 640 3 3 Liechtenstein 73 636 69 646 4 10 Wuhan 74 635 67 650 7 15 Mauritius 75 634 87 628 12 6 Jersey 76 633 85 630 9 3 Nairobi 77 632 68 647 9 15 Tehran 78 631 90 625 12 6 Johannesburg 79 630 86 6

168、29 7 1 Vienna 80 629 82 633 2 4 Riga 81 628 89 626 8 2 Isle of Man 82 627 76 639 6 12 Riyadh 83 626 92 623 9 3 Sao Paulo 84 625 95 620 11 5 Mexico City 85 624 70 645 15 21 Brussels 86 623 71 644 15 21 Doha 87 622 94 621 7 1 Istanbul 88 621 74 641 14 20 Cape Town 89 620 83 632 6 12 Gibraltar 90 619 8

169、0 635 10 16 Rio de Janeiro 91 618 96 619 5 1 Almaty 92 617 91 624 1 7 Bahrain 93 616 100 613 7 3 Jakarta 94 615 103 607 9 8 Guernsey 95 614 84 631 11 17 Lagos 96 613 77 638 19 25 Malta 97 612 88 627 9 15 Cyprus 98 611 105 602 7 9 Santiago 99 610 98 617 1 7 Ho Chi Minh City 100 609 104 603 4 6 Manila

170、 101 608 97 618 4 10 Bangkok 102 607 102 608 0 1 Athens 103 606 99 616 4 10 Sofia 104 605 93 622 11 17 Warsaw 105 604 101 610 4 6 Moscow 106 603 112 593 6 10 Panama 107 602 107 599 0 3 Bermuda 108 601 111 595 3 6 St Petersburg 109 600 116 582 7 18 Bogota 110 599 114 588 4 11 Cayman Islands 111 598 1

171、10 596 1 2 Buenos Aires 112 596 113 589 1 7 Budapest 113 595 108 598 5 3 Baku 114 591 106 601 8 10 Bahamas 114 591 115 583 1 8 British Virgin Islands 116 590 109 597 7 7 Global Financial Centres Index 36 43 As well as asking survey respondents about the most important elements in generating a compet

172、itive environment for FinTech providers,we also ask them about the most important areas of current FinTech activity.Chart 50 shows the response.Cyber Security,Payment Transaction Systems,and Big Data Analytics were identified as the most important areas of Fintech activity,with Cyber Security taking

173、 the lead over from Payment Transaction Systems compared with GFCI 35.Chart 50|Most Important Areas Of FinTech Activity“City reputation and branding are critical for financial centre competitiveness.A positive reputation builds trust and attracts businesses and investors.Effective branding communica

174、tes strengths and unique offerings,distinguishing the city from competitors.This fosters confidence,drives economic growth,and establishes the city as a premier financial hub.”CUSTOMS TECHNICAL OFFICER,GOVERNMENT AUTHORITY,KIGALI Global Financial Centres Index 36 44 Appendix 1:Assessment Details Tab

175、le 17|GFCI 36 Details Of Assessments By Centre Centre GFCI 36 Assessments Rank Rating Number Average St.Dev New York 1 763 1,785 823 200 London 2 750 1,134 804 187 Hong Kong 3 749 1,276 777 215 Singapore 4 747 1,029 799 166 San Francisco 5 742 333 789 189 Chicago 6 740 393 758 190 Los Angeles 7 739

176、502 752 203 Shanghai 8 738 817 706 165 Shenzhen 9 732 1,267 869 95 Frankfurt 10 730 336 705 222 Seoul 11 729 350 744 166 Washington DC 12 728 485 776 210 Geneva 13 726 246 738 198 Dublin 14 725 186 684 235 Paris 15 724 620 714 191 Dubai 16 723 963 733 196 Zurich 17 722 505 754 164 Beijing 18 721 475

177、 632 231 Luxembourg 19 720 468 728 146 Tokyo 20 719 1,214 706 189 San Diego 21 718 119 659 261 Boston 22 717 314 721 216 Toronto 23 716 274 721 200 Montreal 24 715 118 718 202 Busan 25 714 1,041 705 210 Lugano 26 713 61 733 161 Amsterdam 27 712 246 716 202 Sydney 28 711 685 704 118 Edinburgh 29 710

178、90 643 191 Jersey 30 709 122 730 200 Qingdao 31 708 907 820 102 Melbourne 32 707 115 703 181 Minneapolis/St Paul 33 706 75 608 295 Guangzhou 34 705 691 811 126 Abu Dhabi 35 704 450 679 218 Miami 36 703 141 682 201 Glasgow 37 702 62 647 201 Calgary 38 701 69 626 191 Chengdu 39 700 1,118 871 98 Copenh

179、agen 40 699 86 635 190 Atlanta 41 698 110 628 214 Vancouver 42 697 163 697 185 Berlin 43 696 291 673 208 Osaka 44 695 299 658 215 Munich 45 694 280 702 116 Wellington 46 693 212 715 101 Madrid 47 692 254 691 140 Tel Aviv 48 691 111 638 240 Guernsey 49 690 109 670 204 Hamburg 50 689 103 654 224 Milan

180、 51 688 568 687 103 GIFT City-Gujarat 52 687 195 854 215 Stuttgart 53 686 794 690 53 Mumbai 54 685 199 675 197 Reykjavik 55 684 58 681 110 Isle of Man 56 683 94 677 211 Casablanca 57 682 198 695 225 Oslo 58 681 231 691 78 Kuala Lumpur 59 680 176 680 189 Mauritius 60 679 207 743 227 Brussels 61 678 1

181、47 646 202 Centre GFCI 36 Assessments Rank Rating Number Average St.Dev Astana 62 677 163 706 184 Riyadh 63 676 145 637 204 Doha 64 675 281 642 209 Dalian 65 674 112 627 181 Stockholm 66 673 812 686 55 Kigali 67 672 141 632 254 New Delhi 68 671 172 704 204 Kuwait City 69 670 62 660 221 Malta 70 669

182、165 638 161 Helsinki 71 668 68 638 186 Hangzhou 72 667 99 652 145 Taipei 73 666 616 681 98 Liechtenstein 74 665 52 638 238 Johannesburg 75 664 174 635 222 Rome 76 663 800 687 96 Nanjing 77 662 104 653 111 Tianjin 78 661 640 682 56 Bermuda 79 660 134 598 223 Bahrain 80 659 126 621 213 Cayman Islands

183、81 658 211 636 216 Wuhan 82 657 431 689 47 Vienna 83 656 801 688 84 Cape Town 84 655 172 611 207 Sao Paulo 85 654 216 626 234 Almaty 86 653 51 551 248 Lisbon 87 652 83 628 165 Gibraltar 88 651 44 648 156 Barbados 89 650 59 602 229 Rio de Janeiro 90 649 113 576 193 Tallinn 91 648 51 635 241 Cyprus 92

184、 647 105 594 210 Prague 93 646 115 606 211 Xian 94 645 444 687 80 Bangkok 95 644 220 610 208 Santiago 96 643 165 624 205 Jakarta 97 642 120 605 191 Monaco 98 641 274 680 128 Warsaw 99 640 78 564 195 Lagos 100 638 108 544 213 Riga 101 637 65 600 200 Nairobi 102 636 119 597 206 Bahamas 103 635 143 601

185、 226 Istanbul 104 632 262 606 212 Ho Chi Minh City 105 629 79 572 221 Vilnius 106 627 28 661 201 Mexico City 107 626 260 573 220 Sofia 108 618 84 585 183 British Virgin Islands 109 617 230 589 205 Manila 110 616 122 578 202 Athens 111 615 117 558 207 Panama 112 614 165 582 223 Tehran 113 610 99 556

186、223 Budapest 114 609 136 544 190 Trinidad and Tobago 115 608 36 558 225 Bratislava 116 607 37 530 232 Bogota 117 604 126 548 193 St Petersburg 118 597 79 589 234 Moscow 119 590 233 522 247 Baku 120 589 73 489 205 Buenos Aires 121 586 125 498 210 Global Financial Centres Index 36 45 Appendix 2:Respon

187、dents Details Table 18|GFCI 36 Respondents By Industry Sector Table 19|GFCI 36 Respondents By Region Table 20|GFCI 36 Respondents By Size Of Organisation Industry Sector Number Of Respondents%Of Respondents Banking 953 15%Finance 463 7%FinTech 221 4%Government&Regulatory 390 6%Insurance 256 4%Invest

188、ment Management 732 12%Knowledge 587 9%Professional Services 1,272 21%Trade Association 193 3%Trading 246 4%Not Specified 875 14%Total 6,188 100%Region Number Of Respondents%Of Respondents Western Europe 1,612 26%China 343 6%Asia/Pacific 3,197 52%North America 249 4%Middle East&Africa 580 9%Eastern

189、Europe&Central Asia 88 1%Latin America&The Caribbean 44 1%Multi-Regional 75 1%Total 6,188 100%Size Of Organisation Number Of Respondents%Of Respondents Fewer than 50 1,655 27%50 to 100 759 12%100 to 500 786 13%500 to 1,000 403 7%1,000 to 2,000 573 9%2,000 to 5,000 481 8%More than 5,000 1,531 25%Tota

190、l 6,188 100%Note:Percentages may not add to 100%due to rounding.Global Financial Centres Index 36 46 Appendix 3:Methodology The GFCI provides ratings for financial centres using a factor assessment model.The process involves taking two sets of ratings one from survey respondents and one generated by

191、 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 scale ranging from very poor to excellent.Responses are sought

192、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 learning algorithm to investigate the correlation between the financ

193、ial 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 81 different sources and cover business environment,human capital,infrastructure,financial sector development,and

194、reputational 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 table to produce the ranking.Factors Affecting The Inclusion Of Centres In

195、The GFCI The GFCI questionnaire lists a total of 133 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 in response to the question:Are there any financial centres that might be

196、come 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 that do not receive 50 assessments in a 24 month period are removed and

197、added to the associate list until the number of assessments increases.Global Financial Centres Index 36 47 Financial Centre Assessments The GFCI questionnaire has been running continuously since 2007.A link to the questionnaire is emailed to a target list of respondents at regular intervals.Other in

198、terested 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 centre,are excluded from the model this is designed to prevent home bias

199、;financial centre assessments are included in the GFCI model for 24 months after they have been received we consider this is a period during which assessments maintain their validity;respondents rating fewer than three,or more than half of the centres,are excluded from the model;and financial centre

200、 assessments from the month when the GFCI is created are 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 valid,are less likely to be up-to-date.Chart 51|Reduction In Weighting As Assessme

201、nts Get Older Global Financial Centres Index 36 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 methodology;and indices should be readily available(ideally in the public domain)and be

202、 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 entered into the GFCI model as directly as possible,whether this is a rank,a deriv

203、ed 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 financial centre(city)based factors are available;if an index has multiple values for a

204、 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 judging relevance is noted);and if an index does not contain a value for a particular cit

205、y,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 Centres Index 36 49 Appendix 4:Instrumental Factors Table 21|Top 30 Instrumental

206、Factors By Correlation With GFCI 36 Instrumental Factor R-squared The Global Green Finance Index 0.665 Global Innovation Index 0.531 Average Wages 0.510 Global Competitiveness Index 0.497 Household Net Financial Wealth 0.483 World Talent Rankings 0.480 Government Effectiveness 0.473 Logistics Perfor

207、mance Index 0.471 World Competitiveness Scoreboard 0.468 Quality Of Roads 0.465 Best Countries 0.462 Urban Mobility Readiness Index 0.462 Fintech Activity Index 0.457 International IP Index 0.452 Safe Cities 0.444 Travel&Tourism Development Index 0.442 IESE Cities In Motion Index 0.424 Purchasing Po

208、wer Index 0.423 Cost of Living City Rankings 0.414 Adjusted Net National Income Per Capita 0.403 Rule Of Law 0.403 Quality of Domestic Transport Network 0.403 JLL Real Estate Transparency Index 0.396 Control Of Corruption 0.389 Domestic Credit To Private Sector(%Of GDP)0.388 Agility Emerging Markets

209、 Logistics Index 0.381 Corruption Perception Index 0.361 Global Power City Index 0.358 Financial Secrecy Index 0.355 Innovation Cities Global Index 0.350 Global Financial Centres Index 36 50 Table 22|Top 30 Instrumental Factors By Correlation With FinTech Rankings In GFCI 36 Instrumental Factor R-sq

210、uared The Global Green Finance Index 0.658 Agility Emerging Markets Logistics Index 0.537 Fintech Activity Index 0.529 Global Innovation Index 0.489 Household Net Financial Wealth 0.488 Urban Mobility Readiness Index 0.487 Average Wages 0.469 Travel&Tourism Development Index 0.468 Cost Of Living Cit

211、y Rankings 0.467 Quality of Domestic Transport Network 0.450 IESE Cities In Motion Index 0.430 Quality Of Roads 0.419 Safe Cities 0.407 Domestic Credit To Private Sector(%Of GDP)0.400 International IP Index 0.398 Logistics Performance Index 0.393 World Talent Rankings 0.388 Financial Secrecy Index 0

212、.375 World Competitiveness Scoreboard 0.375 Number Of International Association Meetings 0.369 JLL Real Estate Transparency Index 0.354 Government Effectiveness 0.352 Global Competitiveness Index 0.345 OECD Country Risk Classification 0.320 Adjusted Net National Income Per Capita 0.316 Global Power

213、City Index 0.315 Innovation Cities Global Index 0.311 Capitalisation Of Stock Exchanges 0.308 Smart City Index 0.305 Best Countries 0.304 Global Financial Centres Index 36 51 Table 23|GFCI 36 Business Environment Factors Instrumental Factor Source Website Change Since GFCI 35 Real Interest Rate The

214、World Bank https:/databank.worldbank.org/reports.aspx?source=world-development-indicators&series=FR.INR.RINR Y Global Services Location AT Kearney https:/ Y Corruption Perception Index Transparency International https:/www.transparency.org/en/cpi/2023 Y Average Wages OECD https:/data.oecd.org/earnwa

215、ge/average-wages.htm N Corporate Tax Rates PWC https:/ New Individual Income Tax Rates PWC https:/ New Personal Tax Rates OECD https:/stats.oecd.org/index.aspx?DataSetCode=TABLE_I6 N Tax Revenue As Percentage Of GDP The World Bank https:/databank.worldbank.org/reports.aspx?source=2&series=GC.TAX.TOT

216、L.GD.ZS&country=#N Number Of Tax Treaties ICTD https:/www.treaties.tax/en/data/New Economic Freedom Of The World Fraser Institute https:/www.fraserinstitute.org/economic-freedom/map?geozone=world&page=map&year=2021 N Government Debt As%Of GDP IMF https:/www.imf.org/external/datamapper/GG_DEBT_GDPGDD

217、/SWE N OECD Country Risk Classification OECD https:/www.oecd.org/content/dam/oecd/en/topics/policy-sub-issues/country-risk-classification/cre-crc-current-english.pdf N Global Peace Index Institute for Economics&Peace https:/www.visionofhumanity.org/maps/#/N Financial Secrecy Index Tax Justice Networ

218、k http:/ Government Effectiveness 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 Report

219、ers Without Borders(RSF)https:/rsf.org/en/index?year=2024 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

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

221、ttp:/info.worldbank.org/governance/wgi/Y Control Of Corruption The World Bank http:/info.worldbank.org/governance/wgi/Y Global Cybersecurity Index ITU http:/www.itu.int/en/ITU-D/Cybersecurity/Pages/GCI.aspx N Open Budget Survey International Budget Partnership http:/survey.internationalbudget.org/#d

222、ownload Y Democracy Index The Economist https:/ FATF AML Effectiveness FATF http:/www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html N Global Business Complexity Index TMF Group https:/www.tmf- Fintech Activity Index World Bank https:/documents.worldbank.org/en/public

223、ation/documents-reports/documentdetail/099735504212234006/p1730060695b370090908c0bf80ed27eba6 N World Risk Report Bundis Entwicklung Hilft https:/weltrisikobericht.de/en/Y GINI Index The World Bank https:/data.worldbank.org/indicator/SI.POV.GINI New Global Financial Centres Index 36 52 Table 24|GFCI

224、 36 Human Capital Factors Instrumental Factor Source Website Change Since GFCI 35 Gross Tertiary Graduation Ratio The World Bank https:/liveprod.worldbank.org/en/indicator/se-ter-cmpl-zs?gender=total Y Henley Passport Index Henley Partners https:/ Y Human Development Index UN Development Programme h

225、ttps:/www.undp.org/arab-states/publications/human-development-report-2023-24 Y 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/dp-intentional-homicide-victims Y Top Tourism Destinations Eur

226、omonitor https:/ Average Precipitation In Depth(mm Per Year)The World Bank http:/databank.worldbank.org/data/reports.aspx?source=world-development-indicators&series=AG.LND.PRCP.MM Y Quality Of Living City Rankings Mercer https:/ Y Health Care Index Numbeo https:/ Y Global Skills Index Coursera https

227、:/www.coursera.org/skills-reports/global Y Global Terrorism Index Institute for Economics&Peace https:/www.visionofhumanity.org/maps/global-terrorism-index/#/Y World Talent Rankings IMD https:/www.imd.org/centers/world-competitiveness-Y Cost Of Living City Rankings Mercer https:/ Y Quality Of Life I

228、ndex Numbeo https:/ Y Crime Index Numbeo https:/ Y 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 Educational Attainment,At Least Bachelors Or Equiva

229、lent,Population 25+,Total(%)The World Bank https:/data.worldbank.org/indicator/SE.TER.CUAT.BA.ZS Y Life Expectancy At Birth,Total The World Bank https:/data.worldbank.org/indicator/SP.DYN.LE00.IN Y Employees Working Very Long Hours OECD https:/stats.oecd.org/Index.aspx?DataSetCode=BLI N Human Freedo

230、m 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 https:/data.worldbank.org/indicator/IP.PAT.RESD

231、?end=2020&start=1980 Y 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/global-gender-gap-report-2023 N Ratio Of Female

232、 To Male Labour Force Participation Rate The World Bank https:/data.worldbank.org/indicator/SL.TLF.CACT.FM.ZS New Proportion Of Seats Held By Women In National Parliament The World Bank https:/data.worldbank.org/indicator/SG.GEN.PARL.ZS New Global Financial Centres Index 36 53 Table 25|GFCI 36 Infra

233、structure Factors Instrumental Factor Source Website Change Since GFCI 35 Prime International Residential Index Knight Frank https:/ Y JLL Real Estate Transparency Index Jones Lang LaSalle https:/www.jll.co.uk/en/trends-and-insights/research/global-real-estate-transparency-index N Telecommunication

234、Infrastructure Index United Nations https:/publicadministration.un.org/egovkb/en-us/Data-Center N Quality Of Domestic Transport Network World Economic Forum https:/www.weforum.org/publications/the-travel-tourism-competitiveness-report-2019/#series=TRSPEFFICY N Quality Of Roads World Economic Forum h

235、ttp:/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/field/roadways/country-comparison Y Railways per Land Area CIA https:/www.cia.gov/the-world-factbook/field/railways/country-comparison N

236、 Agility Emerging Markets Logistics Index Agility https:/ Energy Sustainability Index World Energy Council https:/trilemma.worldenergy.org/Y Metro Network Length Metro Bits http:/mic- Y Environmental Performance Index Yale University https:/epi.yale.edu/Y Global Sustainable Competitiveness Index Sol

237、ability http:/ N Logistics Performance Index The World Bank http:/lpi.worldbank.org/international/global N TomTom Traffic Index TomTom https:/ Proportion Of Population Using Safely-Managed Drinking-Water Services(%)WHO https:/www.who.int/data/gho/publications/world-health-statistics N INRIX Traffic

238、Scorecard INRIX http:/ Forestry Area World Bank http:/databank.worldbank.org/data/reports.aspx?source=2&series=AG.LND.FRST.ZS&country=Y CO2 Emissions Per Capita World Bank https:/databank.worldbank.org/reports.aspx?source=2&series=EN.ATM.CO2E.PC&country=#Y Buildings Energy Efficiency Policies Databa

239、se(Y/N)IEA https:/www.iea.org/policies N 4G Availability Open Signal https:/ N Worldwide Broadband Speed League Cable https:/www.cable.co.uk/broadband/speed/worldwide-speed-league/N People Near Services ITDP https:/pedestriansfirst.itdp.org/N Pollution Index Numbeo https:/ Y Smart City Index IMD htt

240、ps:/www.imd.org/smart-city-observatory/smart-city-index/Y Share Of Wind And Solar In Electricity Production Enerdata Statistical Yearbook https:/ Energy Intensity Of GDP Enerdata Statistical Yearbook https:/ Share Of Renewables In Electricity Production Enerdata Statistical Yearbook https:/ City Com

241、mitment to Carbon Reduction(Cooperative Action)UNFCCC https:/climateaction.unfccc.int/Actors Y Energy Transition Index World Economic Forum https:/www.weforum.org/reports/1edb4488-deb4-4151-9d4f-ff355eec499a/in-full/rankings N Urban Mobility Readiness Index Oliver Wyman https:/ N The Green Future In

242、dex MIT Technology Review https:/ International Construction Costs Index Arcadis https:/ Y Global Financial Centres Index 36 54 Table 26|GFCI 36 Financial Sector Development Factors Instrumental Factor Source Website Change Since GFCI 35 Capitalisation Of Stock Exchanges The World Federation of Stoc

243、k Exchanges https:/focus.world-exchanges.org/issue/june-2024/market-statistics Y Value Of Share Trading The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/june-2024/market-statistics Y Volume Of Share Trading The World Federation of Stock Exchanges https:/statistics.world

244、-exchanges.org/ReportGenerator/Generator#Y Broad Stock Index Levels The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/june-2024/market-statistics Y Value Of Bond Trading The World Federation of Stock Exchanges https:/statistics.world-exchanges.org/ReportGenerator/Generat

245、or#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/reports.aspx?source=world-development-indicators&s

246、eries=IC.FRM.BNKS.ZS Y Total Net Assets Of Regulated Open-End Funds Investment Company Institute http:/www.icifactbook.org/Y Islamic Finance Country Index Cambridge GIFR https:/gifr.cambridge- Net External Positions Of Banks The Bank for International Settlements https:/data.bis.org/topics/LBS/table

247、s-and-dashboards/BIS,LBS_A3,1.0 Y External Positions Of Central Banks As A Share Of GDP The Bank for International Settlements https:/data.bis.org/topics/LBS/tables-and-dashboards/BIS,LBS_A2,1.0 Y Liner Shipping Connectivity Index The World Bank http:/databank.worldbank.org/data/reports.aspx?source=

248、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/exchanges-filt

249、er-search/N 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:/ Sovereign Green Bond(Y/N)Climate Bonds Initiative https:/ N Global Financial Centres Index 36 55 Table 27|GFCI 36 Reputat

250、ion Factors Instrumental Factor Source Website Change Since GFCI 35 World Competitiveness Scoreboard IMD https:/www.imd.org/centers/wcc/world-competitiveness-center/rankings/world-competitiveness-ranking/rankings/wcr-rankings/#_tab_List Y Global Competitiveness Index World Economic Forum http:/repor

251、ts.weforum.org/global-competitiveness-report-2019/competitiveness-rankings/N Foreign Direct Investment Inflows UNCTAD http:/unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740 N GDP Per Person Employed(Constant 2021 PPP$)The World Bank https:/databank.worldbank.org/reports.aspx?sourc

252、e=world-development-indicators&series=SL.GDP.PCAP.EM.KD N Global Innovation Index WIPO https:/www.wipo.int/global_innovation_index/en/N International IP Index U.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=63

253、087884 Y Number Of International Association Meetings World Economic Forum http:/reports.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#series=NRFAIREX N Innovation Cities Global Index 2ThinkNow Innovation Cities https:/innovation- Big Mac Index The Economist https:/ Y Sustaina

254、ble Economic Development Boston Consulting Group https:/ N Level Of Internet Freedom Freedom House https:/freedomhouse.org/countries/freedom-net/scores N Good Country Index Good Country Party https:/www.goodcountry.org/index/results N Legatum Prosperity Index Legatum Institute http:/ N IESE Cities I

255、n Motion Index IESE http:/citiesinmotion.iese.edu/indicecim/?lang=en Y FDI Inward Stock(In Million Dollars)UNCTAD https:/unctad.org/publication/world-investment-report-2024 Y Sustainable Cities Index Arcadis https:/ Global Cities Index AT Kearney https:/ N Best Countries U.S.News https:/ N Global Po

256、wer City Index The Mori Memorial Foundation http:/mori-m-foundation.or.jp/english/ius2/gpci2/index.shtml N TRACE Bribery Risk Matrix Trace International https:/matrixbrowser.traceinternational.org/N Jurisdictions Participating In The Convention On Mutual Administrative Assistance In Tax Matters OECD

257、 https:/www.oecd.org/ctp/exchange-of-tax-information/Status_of_convention.pdf N Safe Cities Economist https:/ 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:/ggindex-simtool.ggg

258、i.org/Y Country Brand Ranking Bloom Consulting https:/www.bloom- Y Travel&Tourism Development Index World Economic Forum https:/www3.weforum.org/docs/WEF_Travel_Tourism_Development_2021.pdf Y Global Financial Centres Index 36 56 Vantage Financial Centres is an exclusive network of financial centres

259、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,marketing opportunities,and training for centres seeking to enhance their profile and reputation.The Astana International Finan

260、cial Centre(AIFC)serves as a leading financial hub in the Central Asian and Eastern European region,integrating advanced capabilities and best practices from prominent financial centres around the world.It is the first in the region to establish a comprehensive legal framework designed to attract,pr

261、otect,and facilitate investment,grounded in business-friendly laws that reflect the principles,norms,and precedents of the law of England and Wales,as well as the standards of the worlds leading financial centres.The AIFC offers its participants and investors exceptional conditions and opportunities

262、,including an independent judiciary,an IOSCO-recognised regulatory framework,a diverse range of financial services and instruments,streamlined visa and employment procedures,and a zero corporate tax rate for licensed companies.The AIFC is currently home to over 3,000 companies from 82 countries,incl

263、uding the US,UK,EU,China,Turkey,Hong Kong,Singapore and the Middle East.Since its inception,investments facilitated through the AIFC platform have exceeded$12 billion,highlighting its key role in driving economic growth and development in Kazakhstan.www.aifc.kz Dubai International Financial Centre(D

264、IFC)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 track record of facilitating trade and investment flows across MEASA,the Centre connects these fas

265、t-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 framework,as well as the regions largest financial ecosystem of almost 30,000 professionals working ac

266、ross 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,innovation,and partnerships.The global FoF and Innovation Hub offers one of the regions most comprehensi

267、ve 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 The Long Finance initiative grew out of the London Accord,a 2005 agreement among investment researche

268、rs to share environmental,social and governance research 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

269、building a more sustainable financial system.In so doing,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 Since 2009 Busan Metropolitan City has been d

270、eveloping 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 Northeast Asia.Busan Finance Ce

271、nter(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.These efforts will enable BFC to p

272、lay 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 Finance Center will support yo

273、u to identify opportunities in Busan,one of the fastest developing cities in Asia.infokbfc.or.kr www.kbfc.or.kr/eng/Global Financial Centres Index 36 57 Please find out more at: or by contacting Mike Wardle at mike_ Seoul is a rising star among the financial cities of the world.It is already one of

274、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.There are many incentives provided to global financial companies that enter int

275、o 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 financial hubs in the near future!Pay close attention to Seouls potentials and pre-

276、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 Approved by Chinas State Council,China Development Institute(CDI)was founded in 1989 with 116 representatives from the governme

277、nt,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.After years of development,CDI has become one of the leading think tanks in China.CDI focuses on the studies of op

278、en economy and innovation-driven development,regional economy and regional development,industrial policies and industrial development,urbanization and urban development,business strategies and investment decision-making.Via conducting research,CDI provides policy recommendations for the Chinese gove

279、rnments 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 officials,business people and civil society members around the globe.Based in Shenzhen,Southern China,CDI has one hund

280、red and sixty staff,with an affiliated network that consists of renowned experts from different fields.Carol Feng at Casablanca Finance City is an African financial and business hub located at the crossroads of continents.Recognized as the lead-ing financial center in Africa,and partner of the large

281、st 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 its members an attractive value proposition and a premium“Doing Business”supp

282、ort 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 partnership synergies through its networking platform.Manal Bernoussi at ma

283、nal.bernoussicfca.ma 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 par

284、tner with multinational 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

285、Chinas political and 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 Wan

286、g at Global Financial Centres Index 36 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 understanding of financial centre competitiveness.Members receive enhanced access to GFCI data,marketing oppo

287、rtunities,and training for centres seeking to enhance their profile and reputation.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 to promote the

288、 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,FSDC also carri

289、es 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 Established in 2001,the Fina

290、ncial Services Commission,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

291、 internationally recognised 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 malp

292、ractices so as to provide 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 Z/Yens FS Club is the premier global executive knowledge network for techno

293、logy and finance professionals.News:Access FS Clubs global information service:daily news,bulletins,and the new virtual FS Clubroom providing member only access to exclusive data from the Global Financial Centres Index,Global Green Finance Index,and the Smart Centres Index,and other tailored content

294、.Events:Access over 300 annual events on the most topical developments affecting technology and finance;providing education,networking opportunities,and exposure to high profile speakers,Partnerships:Access an international community of technology,economics and finance professionals,allowing you to

295、network with key futurists,exchange views with peers,and meet potential clients.Find out more here:https:/ by contacting Charlotte Dawber-Ashley at charlotte_dawber- Z/Yen helps organisations make better choices our clients consider us a commercial think-tank that spots,solves and acts.Our name comb

296、ines 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 the Global Financial Centres Index.

297、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,which tracks commercial and financi

298、al 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 Green Finance Index and other resea

299、rch 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,China Development Institute(CDI)was f

300、ounded 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.After years of development,CDI has be

301、come 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 strategies and investment decision-making.Via

302、 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 officials,business people and civil socie

303、ty 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.