Press Release
Regarding Taipei’s GFCI ranking
2020-07-29
The FSC comments as follows on the ranking of Taipei in the Global Financial Centres Index 27 published in March 2020:
1. The Global Financial Centres Index (GFCI) is produced by Z/Yen, a consulting firm based in the UK, in collaboration with the China Development Institute (CDI) in Shenzhen, an official think tank. It combines instrumental factors (more than 100 competitive indexes grouped into the five broad areas of business environment, human capital, infrastructure, financial sector development and reputation) with a financial center assessment carried out by means of an online questionnaire. These methods are used to compare the competitiveness of 120 cities around the globe. The way data are collected and sampled may allow individual perceptions of online questionnaire respondents toward certain financial centers to have a significant influence over the results. Certain well established financial centers may be immune from ranking swings. For others, the rating and ranking can sometimes rise or fall a bit more sharply.
2. In GFCI 27 Taipei is classified as an international specialist, and ranks 75 (down 41 places). This result is in stark contrast to other surveys produced by professional institutions, including the World Economic Forum (WEF). In the WEF’s Global Competitiveness Report 2019, Taiwan ranked 6th in the Financial System category and 4th for Innovation Capability. In addition, the latest report from Business Environment Risk Intelligence (BERI) has rated Taiwan as the third best investment destination, while the World Bank has also placed Taiwan in the top fifteen for ease of doing business.
3. Given the current global situation and the state of our financial industry, the FSC has been working on a number of measures that can be expected to have a favorable impact. For example, in 2018, we launched fintech innovation initiatives, such as a regulatory sandbox system, to perfect our fintech ecosystem. In June 2018, the Financial Development Action Plan was launched to comprehensively raise the competitiveness of our financial industry. At the end of 2019, the FSC worked on a New Wealth Management Scheme to provide diversified financial products and satisfy the needs of high-net-worth customers. In May 2020, the FSC announced 6 projects to further strengthen the infrastructure of our financial system, covering corporate governance, green finance, fintech, insurers’ solvency, trust business, and financial sector cybersecurity. The FSC will continue deregulating with risk management in place and in alignment with international practices, in order to build a more resilient, innovative, sustainable, and inclusive financial ecosystem.
1. The Global Financial Centres Index (GFCI) is produced by Z/Yen, a consulting firm based in the UK, in collaboration with the China Development Institute (CDI) in Shenzhen, an official think tank. It combines instrumental factors (more than 100 competitive indexes grouped into the five broad areas of business environment, human capital, infrastructure, financial sector development and reputation) with a financial center assessment carried out by means of an online questionnaire. These methods are used to compare the competitiveness of 120 cities around the globe. The way data are collected and sampled may allow individual perceptions of online questionnaire respondents toward certain financial centers to have a significant influence over the results. Certain well established financial centers may be immune from ranking swings. For others, the rating and ranking can sometimes rise or fall a bit more sharply.
2. In GFCI 27 Taipei is classified as an international specialist, and ranks 75 (down 41 places). This result is in stark contrast to other surveys produced by professional institutions, including the World Economic Forum (WEF). In the WEF’s Global Competitiveness Report 2019, Taiwan ranked 6th in the Financial System category and 4th for Innovation Capability. In addition, the latest report from Business Environment Risk Intelligence (BERI) has rated Taiwan as the third best investment destination, while the World Bank has also placed Taiwan in the top fifteen for ease of doing business.
3. Given the current global situation and the state of our financial industry, the FSC has been working on a number of measures that can be expected to have a favorable impact. For example, in 2018, we launched fintech innovation initiatives, such as a regulatory sandbox system, to perfect our fintech ecosystem. In June 2018, the Financial Development Action Plan was launched to comprehensively raise the competitiveness of our financial industry. At the end of 2019, the FSC worked on a New Wealth Management Scheme to provide diversified financial products and satisfy the needs of high-net-worth customers. In May 2020, the FSC announced 6 projects to further strengthen the infrastructure of our financial system, covering corporate governance, green finance, fintech, insurers’ solvency, trust business, and financial sector cybersecurity. The FSC will continue deregulating with risk management in place and in alignment with international practices, in order to build a more resilient, innovative, sustainable, and inclusive financial ecosystem.
- Visitor： 1062
- Update： 2020-07-29
