[Asia Economy Reporter Changhwan Lee] Singapore was selected as the top financial hub country in Asia.
Bloomberg reported on the 23rd that Singapore ranked first in Asia and third in the world, surpassing Hong Kong, in the Global Financial Centres Index (GFCI), which measures the financial competitiveness of cities worldwide.
Hong Kong lost its top spot to Singapore in this evaluation due to the outflow of foreign skilled workers caused by strict COVID-19 regulations.
Hong Kong is evaluated to be struggling to maintain its status as a global financial hub while adhering to China's 'Zero COVID' policy.
In contrast, Singapore boldly lifted COVID restrictions and hosted various global events, with over 4 million tourists expected to visit this year.
Meanwhile, New York and London ranked first and second globally, respectively, and San Francisco rose two places from the previous survey to fifth.
Chinese cities Shanghai (6th), Beijing (8th), and Shenzhen (9th) maintained their positions in the 'Top 10' despite strict COVID lockdown policies by authorities.
Seoul, South Korea, rose one place from the previous survey to rank 11th.
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