A Paradigm Shift Towards a Green and Sustainable Finance Center

Hong Kong in Transition: A Paradigm Shift Towards a Green and Sustainable Finance Center 17 The decline in ranking is an aggregated result of weakening in different attributes. The GFCI lists these dimensions as business environment, human capital, infrastructure financial sector development and reputation, and ranks them separately based on assessment scores. Over the past five years or so (Figure 9), Hong Kong’s rankings across all five areas showed a downward trend. Its business environment was ranked 3 rd in 2018, but it declined to 6 th place in March 2024. Human capital was perceived as the top worldwide in 2018, but it stood in 6 th place in March 2024, having dropped as low as 11 th place in March 2023. Infrastructure dropped from 3 rd place in March 2018 to 6 th in March 2024. Financial sector development remained in 3 rd place in 2018 and 2019, but it went down to 11 th in March 2023 and a year later it stood in 8 th place. Lastly, Hong Kong’s reputation as an IFC decreased from 3 rd place in March 2018 to the 7 th in March 2024. Figure 9: Hong Kong’s Ranking in the GFCI with Dimensions’ Breakdown (Source: Based on data from the GFCI) 0 2 4 6 Rank 8 10 12 Business Environment Mar 2018 Sep 2018 Mar 2019 Sep 2019 Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Human Capital Infrastructure Reputation Financial Sector Development