Towards the late 1970s, Hong Kong became established as a major entrepôt between the world and China. The city has developed into a major global trade hub and financial centre, and is regarded as a world city and one of the eight Alpha+ cities. It ranked fifth on the 2014 Global Cities Index after New York City, London, Tokyo and Paris.[18] The city has one of the highest per capita incomes in the world, and the most severe income inequality among the advanced economies.[6] It has a high Human Development Index and is ranked highly in the Global Competitiveness Report.[19] Hong Kong is the third most important financial centre after New York and London.[20] The service economy, characterised by low taxation and free trade, has been regarded as one of the world's most laissez-faire economic policies, and the currency, the Hong Kong dollar, is the 13th most traded currency in the world