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HK ranks top in financial development
Source: Bloomberg News |
December 14, 2011, Wednesday
|
Print Edition
Print Edition
HONG Kong topped the World Economic Forum's 2011 index of financial market development, supplanting the United States and UK from the highest rankings for the first time.
The US and UK each dropped one place from last year to rank second and third respectively in the WEF's fourth annual Financial Development Report. Hong Kong jumped from fourth, making it the first Asian financial center to lead the 60- country index, helped by non-banking services such as initial public offerings and insurance, according to a WEF statement yesterday.
Fallout from the 2008 global financial crisis continues to hamper companies' ability to access capital, weighing on economic growth, the WEF said. About 90 percent of the countries surveyed have yet to return to levels before the crisis in terms of access to capital, it said, and financing through local equity markets remains challenging.
"While Western financial centers are understandably focused on short-term challenges, this report should serve as a wake-up call that their long-term leadership may be in jeopardy," Kevin Steinberg, chief operating officer of the WEF in the US, said in the statement.
Worldwide IPOs have plunged 35 percent annually this year to US$175 billion, according to data compiled by Bloomberg News. IPOs more than doubled to US$285 billion last year, the data show.
Singapore slipped one place to fourth this year.
The report defines "financial development" as "the factors, policies and institutions that lead to effective financial intermediation and markets, as well as deep and broad access to capital and financial services."
The US and UK each dropped one place from last year to rank second and third respectively in the WEF's fourth annual Financial Development Report. Hong Kong jumped from fourth, making it the first Asian financial center to lead the 60- country index, helped by non-banking services such as initial public offerings and insurance, according to a WEF statement yesterday.
Fallout from the 2008 global financial crisis continues to hamper companies' ability to access capital, weighing on economic growth, the WEF said. About 90 percent of the countries surveyed have yet to return to levels before the crisis in terms of access to capital, it said, and financing through local equity markets remains challenging.
"While Western financial centers are understandably focused on short-term challenges, this report should serve as a wake-up call that their long-term leadership may be in jeopardy," Kevin Steinberg, chief operating officer of the WEF in the US, said in the statement.
Worldwide IPOs have plunged 35 percent annually this year to US$175 billion, according to data compiled by Bloomberg News. IPOs more than doubled to US$285 billion last year, the data show.
Singapore slipped one place to fourth this year.
The report defines "financial development" as "the factors, policies and institutions that lead to effective financial intermediation and markets, as well as deep and broad access to capital and financial services."
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