Thu, Sep 24, 2009 - Page 11 News List

Taipei financial center ranking rises

STAFF WRITER, WITH CNA

Taipei’s competitiveness as a financial center ranks 24th worldwide, up 17 notches from its ranking six months ago, the latest Global Financial Centers Index (GFCI) published on Tuesday shows.

Significant improvement was also seen among other Asian centers, which took five of the top 10 spots in the ranking, the report shows.

The index, launched in March 2007 by the UK-based Z/Yen Group for the City of London, is updated every six months.

This month’s edition provides ratings for 75 financial centers around the world, with 13 new entrants.

The ratings are calculated based on assessments of the financial centers in a continuously running online questionnaire and on 57 instrumental factors grouped under four categories: people, business environment, infrastructure and general competitiveness.

A total of 36,497 assessments from 1,802 financial services professionals are used to compute the latest index.

The report reveals that 59 of the centers rated have received higher scores than six months ago, demonstrating a return of confidence after the global financial crisis.

London remains the world’s most competitive financial center, followed by New York, the report said. Rounding out the top 10 are Hong Kong, Singapore, Shenzhen, Zurich, Tokyo, Chicago, Geneva and Shanghai.

Beijing’s ranking is up 29 places to 22nd, and Seoul is up 18 positions to rank 35th, the report said.

It notes that Asian centers have shown marked improvement since the previous ratings, reflecting the fact that they have been less affected by the recent crisis than many European and North American centers.

Shanghai, Beijing and Shenzhen were named among centers “likely to become more significant,” it said.

A spokesperson for the City of London Corporation said the speed and size of the surge of Asian centers is “a surprise” that deserves further research.

“An in-depth study of Chinese centers, in particular, is needed to see what factors are driving this perceived trend,” he said.

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