Tokyo is Asia's leading center of commerce but London is No. 1 in the world, said a study released yesterday by MasterCard.
Three other Asian cities -- Hong Kong, Seoul and Singapore -- ranked among the world's top 10, the MasterCard Worldwide centers of Commerce Index showed.
In a press release, MasterCard called its index "the most comprehensive analysis to date of how major cities compare in performing critical functions that connect markets and commerce globally."
Tokyo earned its top Asia Pacific ranking for factors including its Aaa Moody's foreign currency government bond rating, ease in dealing with licenses, a stable inflation rate, high level of health, safety and other services, overall quality of life, aviation connectivity and number of patent applications, MasterCard said.
"I believe that these results were achieved by Tokyo possessing, among a spectrum of commercial attractions, an advanced urban infrastructure and one of the safest and most secure living environments in the world," the press release quoted Tokyo Governor Shintaro Ishihara as saying.
London topped the chart with an index value of 77.79 followed by New York with 73.80, Tokyo at 68.09, Chicago with 67.19, Hong Kong at 62.32, Singapore 61.95, Frankfurt 61.34, Paris 61.19, Seoul 60.70 and Los Angeles 59.05.
Other Asia Pacific cities in the top 50 were: Sydney, ranked 14th, Shanghai 32nd, Melbourne 34th, Bangkok 36th, Kuala Lumpur 38th, Mumbai 45th and Beijing 46th, the study said.
Dubai ranked 37th overall and was the top-placed Middle East city.
Eight independent experts on urban development, economics and social science compiled the index, which rated 63 cities according to their legal and political framework, economic stability, ease of doing business, financial flow, business center status and knowledge creation and information flow, the press release said.
The experts, mostly university professors, are based at institutions in China, Singapore, Canada, Britain and the US, it said.
Over four months, they evaluated data and criteria related to costs, quality of life, access to technology and other factors in a process which, MasterCard said, exceeds traditional measures used to gauge financial and business activity.
London's number-one rating came from its flexible business operating environment, strong global financial connections and exceptionally high levels of international trade, travel and conferences, it said.
Seoul scored high marks for its higher education system and patent output, while Hong Kong and Singapore boasted top rankings for the strength of their business climate and their prominence in the global financial network, MasterCard said.
"Singapore also rates high for government policies that favor international business and trade," it said.
In his National Day Rally speech on Sunday, Singaporean Prime Minister Lawrence Wong (黃循財) quoted the Taiwanese song One Small Umbrella (一支小雨傘) to describe his nation’s situation. Wong’s use of such a song shows Singapore’s familiarity with Taiwan’s culture and is a perfect reflection of exchanges between the two nations, Representative to Singapore Tung Chen-yuan (童振源) said yesterday in a post on Facebook. Wong quoted the song, saying: “As the rain gets heavier, I will take care of you, and you,” in Mandarin, using it as a metaphor for Singaporeans coming together to face challenges. Other Singaporean politicians have also used Taiwanese songs
NORTHERN STRIKE: Taiwanese military personnel have been training ‘in strategic and tactical battle operations’ in Michigan, a former US diplomat said More than 500 Taiwanese troops participated in this year’s Northern Strike military exercise held at Lake Michigan by the US, a Pentagon-run news outlet reported yesterday. The Michigan National Guard-sponsored drill involved 7,500 military personnel from 36 nations and territories around the world, the Stars and Stripes said. This year’s edition of Northern Strike, which concluded on Sunday, simulated a war in the Indo-Pacific region in a departure from its traditional European focus, it said. The change indicated a greater shift in the US armed forces’ attention to a potential conflict in Asia, it added. Citing a briefing by a Michigan National Guard senior
CHIPMAKING INVESTMENT: J.W. Kuo told legislators that Department of Investment Review approval would be needed were Washington to seek a TSMC board seat Minister of Economic Affairs J.W. Kuo (郭智輝) yesterday said he received information about a possible US government investment in Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and an assessment of the possible effect on the firm requires further discussion. If the US were to invest in TSMC, the plan would need to be reviewed by the Department of Investment Review, Kuo told reporters ahead of a hearing of the legislature’s Economics Committee. Kuo’s remarks came after US Secretary of Commerce Howard Lutnick on Tuesday said that the US government is looking into the federal government taking equity stakes in computer chip manufacturers that
CLAMPING DOWN: At the preliminary stage on Jan. 1 next year, only core personnel of the military, the civil service and public schools would be subject to inspections Regular checks are to be conducted from next year to clamp down on military personnel, civil servants and public-school teachers with Chinese citizenship or Chinese household registration, the Mainland Affairs Council (MAC) said yesterday. Article 9-1 of the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例) stipulates that Taiwanese who obtain Chinese household registration or a Chinese passport would be deprived of their Taiwanese citizenship and lose their right to work in the military, public service or public schools, it said. To identify and prevent the illegal employment of holders of Chinese ID cards or
RSS