Singapore’s industrial structure is mainly based on manufacturing, with foreign trade, finance, transportation and communications, commerce, and service industries as the pillars of the diversified economy. Singapore’s good national credit, sound government regulatory mechanism and sound legal system make it the world’s leading international financial center. According to the 2020 Global Financial Centres Index (GFCI) ranking report, Singapore is the sixth largest international financial centre after New York, London, Tokyo, Shanghai and Hong Kong. In addition, according to the 2020 “Economic Freedom Index” report rankings of the Heritage Foundation and the Wall Street Journal, Singapore topped the list. Rating agencies S&P and Fitch maintain Singapore’s AAA credit ratings in 2020 with a stable outlook.