In recent years, there has been a persistent view: Hong Kong's financial position is declining, and Singapore is rising accordingly. But reality has proven this wrong—companies and capital that moved to Singapore are gradually returning, and by 2025, Hong Kong's stock market financing volume will reclaim the top spot globally, and the Global Financial Centres Index will also return to third place in the world, just behind London.

Why is the gap so large? The key lies in freedom.

**The stark contrast in capital freedom**

Singapore's anti-money laundering measures have become extremely strict. Non-local accounts are heavily regulated, transfers between different names carry high risks, and even transfers between the same name can be frozen—complaints of this nature are common on forums. More painfully, funds in offshore accounts, aside from savings and wealth management, are restricted in all other uses, especially for business purposes. Money can go in easily, but moving it around is fraught with difficulties—many business owners jokingly call Singapore a "Pixiu," meaning it only takes in money but doesn't let it out.

**Restrictions on personal freedom and speech**

Criticizing policies online? You could end up in jail. Singapore is one of the few secular countries that has adopted Sharia law (Islamic law), which means the law governs not only public behavior but also private life. Homosexuality is illegal, certain adult products are illegal, and being seen without clothes at home can be considered a crime... a host of behaviors involving personal privacy can constitute criminal offenses.

In contrast, Hong Kong's system is more inclusive, and capital flows are more flexible. This also explains why, according to data in 2025, Hong Kong will once again lead in the global financial center competition—freedom and liquidity are the key factors that determine the status of a financial center.