中国综合开发研究院-2017全球金融中心指数排名（英文）-2017.9-48页-6mb

GFCI 22 Summary

Core Content

The Global Financial Centres Index 22 (GFCI 22) is a comprehensive report assessing the competitiveness and rankings of global financial centres. Released in September 2017, it highlights the evolving landscape of financial hubs, with a focus on how they are performing in terms of business environment, human capital, infrastructure, financial sector development, and reputation. The report is a collaborative effort between the China Development Institute (CDI) and Z/Yen Partners, and it is updated every March and September.

Main Points

• GFCI 22 Methodology:

  • 108 financial centres were evaluated.
  • The number of main index centres increased from 88 to 92, with Wellington, Buenos Aires, Hamburg, and Chengdu added from the associate list.
  • 102 instrumental factors were used, sourced from third-party organizations like the World Bank, OECD, and the United Nations.
  • The index was based on 3,159 responses from the GFCI online questionnaire, with 23,812 valid assessments.

• Overall Trends:

  • Leading financial centres such as London, New York, and Hong Kong saw a drop in ratings.
  • New York had the largest decline in the top 15, falling by 24 points.
  • London only fell by 2 points, the smallest decline among the top 10.
  • Hong Kong overtook Singapore into third place.
  • Abu Dhabi improved significantly, rising from 28th to 25th place, reducing the gap with Dubai to just 9 points.
  • The Asia/Pacific region's top centres declined, while Eastern Europe and Latin America showed strong improvements.

• Regional Performance:

  • Western Europe: Frankfurt, Dublin, Paris, and Amsterdam rose, while Zurich, Geneva, and Luxembourg fell.
  • North America: All major centres fell, with New York and San Francisco experiencing significant drops.
  • Middle East and Africa: Dubai and Casablanca fell slightly, while Abu Dhabi, Bahrain, and Riyadh improved.
  • Latin America and the Caribbean: The British Virgin Islands and the Bahamas rose strongly, and Buenos Aires was added to the main index.
  • Eastern Europe and Central Asia: Several centres like Warsaw, Stockholm, and Copenhagen saw strong rises.
  • Europe's Island Centres: Jersey, Guernsey, and Gibraltar showed improvement.
  • The Asia/Pacific region now has a higher average rating than Western Europe and North America.

Key Financial Centres

Emerging Trends and Initiatives

• Abu Dhabi:

  • Ranked 25th, up 3 positions and with a 2-point increase in rating.
  • The Abu Dhabi Global Market (ADGM) is a key initiative, offering an independent legal system, financial regulation, and corporate framework based on English common law.
  • ADGM has introduced several "firsts" in the region, including a private REIT regime, a FinTech regulatory framework, and a sandbox.
  • Recognised as the Top MENA FinTech Hub by Deloitte in 2017 and the Financial Centre of the Year in the MENA region.

• GFCI 22 Highlights:

  • Top 15 Centres Likely to Become More Significant: Six are Asian, with Shanghai and Qingdao leading.
  • Connectivity is a key factor in financial centre success, with London and Frankfurt serving as examples of varying levels of connectivity.
  • Business Environment and Ease of Doing Business are closely correlated with GFCI ratings, as shown in Chart 5.
  • Human Capital and Reputation are also significant factors, with increasing emphasis on language skills, personal safety, and a good reputation.

Competitiveness Factors

The GFCI model groups competitiveness into five key areas:

1. Business Environment
2. Human Capital
3. Infrastructure
4. Financial Sector Development
5. Reputation

These factors are assessed separately, and the top 15 in each sub-index are listed in Table 4.

Quotes and Insights

• "The British Crown Dependencies are seen as a safe haven from the turmoil in UK and EU." – Investment banker based in London.
• "I think Brexit will lead to lower taxes in the UK but higher taxes in the EU." – Investment banker based in Frankfurt.

Conclusion

The GFCI 22 reflects a shift in the global financial landscape, with traditional powerhouses like London and New York facing challenges, while emerging and regional centres show promise. Abu Dhabi and ADGM are highlighted as significant contributors to the UAE's financial growth and innovation, especially in the FinTech sector. The report underscores the importance of a strong business environment, human capital, and reputation in maintaining and enhancing the competitiveness of financial centres.