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Hong Kong named top financial center for second year running

LONDON -- Hong Kong was named the world's top financial center for the second year running by the World Economic Forum (WEF), thanks to the strength of its business environment, infrastructure and a favorable tax regime.

The WEF's annual Financial Development Report considered a wide range of factors and underscored the rise of Asian trading centers and the influence of China as the world's second-largest economy.

Rival surveys based purely on the total value of transactions typically put New York or London in top place.

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