Daily Busan
Busan’s steady ascent in global finance
finance: 금융
Busan now ranks 25th among 121 cities in the Global Financial Centres Index 36, a prominent ranking of the world’s financial hubs. Researched and produced by London-based commercial think-tank and venture firm Z/Yen, the GFCI is released each March and September. It is a key resource for global policy and investment decision-makers.
Busan’s 25th-place standing marks its highest position since its debut on the index in 2020. The city’s steady climb—from 51st in 2020, 36th in 2021, 30th in 2022, 33rd last year, and to 27th earlier this year—was highlighted in the latest GFCI update presented by Z/Yen on Sept. 24 at Nurimaru APEC House during an international symposium hosted by the Busan Finance Center.
This upward trajectory underscores Busan’s emerging role in the robust Asian financial landscape. Hong Kong, Singapore, and Shanghai secured the 3rd, 4th, and 8th positions, respectively, while Seoul, Dubai, Beijing, and Tokyo each placed in the top 20. Globally, New York and London remain the top-ranked financial hubs.
Busan’s rise reflects its potential as a financial center and its designation as a special financial opportunity development zone, a status aimed at promoting regional economic balance. Additionally, Congress's anticipated passage of the Special Act on the Establishment of Busan as a Global Hub City is expected to strengthen its standing as an innovative financial destination.
To solidify its financial competitiveness, Busan has prioritized initiatives like the third phase of the Busan International Finance Center project and co-hosting the Invest K-Finance: New York IR 2024 event with the Financial Supervisory Service and local governments. Investments in digital finance, notably the recent launch of the Busan Digital Asset Exchange, further underscore the city’s commitment to becoming a prominent global financial hub.
<Today's Vocabulary - 오늘의 단어>
prominent: 저명한 financial: 금융의 hub: 중심 commercial: 상업적인 highest: 가장 높은 highlight: 강조하다 trajectory: 궤도 emerging: 부상하는 role: 역할 robust: 탄탄한 respectively: 각각 potential: 잠재적인 designation: 지정 regional: 지역의 innovative: 혁신적인 competitiveness: 경쟁력
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