A Paradigm Shift Towards a Green and Sustainable Finance Center

16 An Inventory of Hong Kong’s Recent Economic Fluctuations Hong Kong, Singapore, and Shanghai are three important Asia-located players in the global financial market. Across the whole period from 2007 to 2024 (Figure 8), Hong Kong’s ranking fluctuated between the 3 rd and 4 th place, with a few instances where it dropped to the 5 th or 6 th place. Singapore maintained a position within the top five, primarily competing with Hong Kong for the 3 rd and 4 th spots. Over time, Shanghai’s ranking showed a more pronounced upward trend. It started from a position in the 30s and gradually improved, reaching the top 10 by 2009 and has constantly stayed within the top seven since 2018, moving into the top five between 2019 and 2020. It is noticeable that Hong Kong’s status as an IFC has weakened in recent years. Although the city’s ranking used to be just ahead of Singapore for many years, now Singapore has surpassed Hong Kong and become the world’s number three financial center. Figure 8: Hong Kong’s Ranking in the GFCI (Source: Based on data from the GFCI) 0 5 10 15 20 25 30 35 40 Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Rank Hong Kong Singapore Shanghai