Hong Kong 'world's top financial centre'
Wednesday 14 December 2011 - by Will.Henley@gfsnews.com
The US dropped down to second place in this year's rankings owing to a surge in the performance of the Asian jurisdiction's banking and insurance sectors and an increase in its initial public offerings.
Steinberg added: "While Western financial centres are understandably focused on short-term challenges, this report should serve as a wake-up call that their long-term leadership may be in jeopardy."
The report claims that the UK could improve its score by reducing government regulation, improving commercial access to capital, centralising its economic policymaking and improving trust in political leaders.
US authorities are meanwhile advised to examine a lack of efficiency in banking services by addressing high bank overhead costs and low profitability.
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