A Paradigm Shift Towards a Green and Sustainable Finance Center

Hong Kong in Transition: A Paradigm Shift Towards a Green and Sustainable Finance Center 15 Nonetheless, the roles of Hong Kong offices have evolved, which means that those who choose to stay may have redefined their business in Hong Kong. In 2022, respondents pointed out that most Hong Kong offices were headquarters on the global, Asia/ Asia Pacific and Greater China levels (Figure 7). Among them, Asia/ Asia Pacific headquarters took up 42%. In 2024, while global headquarters increased by 9%, from 19% in 2022 to 28% in 2024, regional offices such as Asia/ Asia Pacific headquarters shrank by 20%, from 42% in 2022 to 22% in 2024. Another trend is that increasingly offices in Hong Kong are set up as local offices, playing a supporting role for regional or global headquarters offices elsewhere. The interest in setting up Greater China headquarters in Hong Kong remains at a minimum, at 5% or below. Figure 7: Roles of Hong Kong Offices (Source: Surveys by the American Chamber of Commerce in Hong Kong. Note: Surveys by the American Chamber of Commerce in Hong Kong did not provide data for roles of Hong Kong offices in 2021.) 2.3 Status as an IFC Weakens The Global Financial Centers Index (GFCI), first launched in March 2007, is an international ranking of the competitiveness of the world’s major financial centers. These centers are ranked based on their scores, which are derived from the combination of quantitative data and qualitative assessments. In addition to the measurements data from statistical departments, the index takes into account the perceptions of professionals in the financial industry. Surveys are conducted to gauge the real standing and overall competitiveness of each financial center. The rankingsmay change significantly fromone edition to another, reflecting the dynamic nature of the global financial landscape. The GFCI is widely recognized and used by policymakers, financial industry professionals, and academics to understand the relative strengths and weaknesses of different financial centers. It is regarded as the most representative reference of its kind. 100% 80% 60% 40% 20% 0% 5% 19% 42% 34% 5% 28% 22% 45% 3% 19% 35% 43% 2022 2023 2024 As local offices Greater China headquarters Asia/Asia Pacific headquarters Global headquarters