Hong Kong has retained its position as the world's number three financial hub, closely trailing London and New York, according to the latest edition of the Global Financial Centres Index (GFCI). The twice-yearly report — which assesses 117 financial centres across the world — showed that the city scored 756 points on the index, just one point behind London's 757, and five points lower than New York's 761. Complied by Z/Yen Group and the China Development Institution, the index also showed that the SAR continued to be the top financial centre in Asia for the fourth year in a row. A government spokesperson noted that the report reaffirmed the city's leading position and strengths as a global financial centre, with high rankings in five major areas. "Among them, Hong Kong's ranking in 'financial sector development' rose to first place worldwide," the spokesperson said. "While remaining second in rank for the area of 'human capital', Hong Kong's ranking in 'business environment' and 'infrastructure' also rose to second place. "In addition, Hong Kong's ranking in the 'investment management' sector rose to first place worldwide." The city also continued to top the global ranking in terms of "fintech offerings" and "insurance", the statement read. The report came as Chief Executive John Lee unveiled the city's first-ever five-year plan, outlining major objectives including seeking new economic drivers and boosting the city's international competitiveness. Alongside the long-term blueprint, Lee also unveiled his annual Policy Address to set out specific measures to support the realisation of the blueprint. "On finance, we will adhere to the principle of seeking growth through stability and in turn reinforcing stability through growth to expand our existing financial advantages, including financing, risk management, asset management, etc," the spokesperson said. "Meanwhile, we will also take forward 'Finance+' to amplify the advantages and radiating capability of finance, thereby empowering the development of various sectors, serving the real economy, benefiting society and the public, and further consolidating Hong Kong's status as an international financial centre." Now in its 40th edition, the GFCI report has been released every March and September since 2007. It assesses five main categories: business environment, human capital, infrastructure, financial sector development and reputation. There are also separate reports on areas such as fintech. Edited by Tony Sabine