Hong Kong again takes world top spot in financial rankings
World Economic Forum says city's finance system still the best on the planet, while mainland slips to 23rd out of 62 countries
Hong Kong has been named the world's top financial centre for the second year running by the World Economic Forum.
The independent organisation gave the city top spot again because of its solid business infrastructure, abundant human capital and low-tax environment.
The ranking was based on performance in a range of categories, including legal environment and financial stability.
The mainland fell to 23rd place from 19th last year as its score dropped 0.12 points to 4, on a scale of 1 to 7. This is the first time the mainland has slid in its overall score since the forum started its Financial Development Index in 2008.
"The biggest drop China posted was in financial access," forum associate director Isabella Reuttner said.
The mainland's foreign direct investment, capital market liberalisation, access to credit, as well as equity financing all weakened, Reuttner said, adding that instability in its banking system also grew.
But the mainland scored high in non-banking financial services, with especially robust initial public offering and merger and acquisition activity. Business environment - which includes factors such as human capital, tax, infrastructure and cost of doing business - remains the biggest problem.
