Hong Kong ranked fifth in the latest Global Financial Centres Index (GFCI) Report, up by one place from the last index, the Government said today.

The GFCI Report, which assessed 111 financial hubs, was published by Z/Yen from the UK and the China Development Institute from Shenzhen.

In a statement, the Government said the overall ratings of financial centres that ranked from number three to seven in the report were very close, adding that Hong Kong was ranked top five in five areas of competitiveness, including financial sector development and infrastructure.

In particular, the city attained third place in the areas of business environment and human capital. 

Moreover, compared with two financial centres with a higher overall ranking, Hong Kong ranked above each of them in four areas of competitiveness.

The report said the average rating of all financial centres dropped visibly during a time of continuing uncertainty around international trade, the impact of the COVID-19 pandemic and geopolitical environment. Meanwhile, Hong Kong's overall rating and ranking improved from those in March, when the report was last released.

Noting that various parts of the world are facing a varying degree of challenges under the impact of the pandemic, the Government pointed out that Hong Kong's financial system remains resilient.