Hong Kong Financial Secretary Paul Chan Mo-po recently
said the city could rise to become the world’s No 2 financial centre in 10-15 years. That is the right kind of ambition. In a world being reshaped by geopolitical fragmentation, China’s growing global weight and rapid technological change, Hong Kong must think beyond remaining internationally competitive to exercising global leadership.
But ambition alone is not enough. Hong Kong has spent decades proving it can operate at the world’s highest standards, in financial regulation, legal infrastructure and institutional quality. Its next test is harder. To become the world’s No 2 financial centre and lead where finance, technology and geopolitics intersect, Hong Kong must become a rule maker. And the window is now, before others fill the space.
The good news is Hong Kong is not starting from scratch. On the Global Financial Centres Index, Hong Kong
remains third-ranked globally and Asia-Pacific’s clear leader – just one point behind London and two behind New York. London still stands out for its depth in banking, trading and professional services, while Hong Kong is top-ranked in areas such as insurance and has emerged as a leading offshore wealth management centre.
Closing that gap, however, will not come from doing more of the same. It will come from leading in domains where the rules have yet to be written.
Hong Kong is the most internationally trusted gateway into China’s capital markets, the leading offshore yuan centre, and a nexus for the cross-border flows of capital, people, goods and information. No other financial centre combines a common law system, direct China market access,
offshore yuan depth and global investor connectivity on the same scale.
As China’s global weight grows and its leadership among Global South economies deepens, Hong Kong’s role at this intersection does not merely reflect China’s rise – it amplifies its own irreplaceable value to the world.
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