He said Hong Kong is still an attractive financial hub, especially for U.S. firms focused on the Chinese market. Hong Kong's Reopening Brings Scant Gains for Financial Hub. City holds summit after years of turmoil and emigration, Hong Kong retains key role as center of wealth, equities. 3 likes, 0 comments - Debashis Ghosh (@cryptowithghosh) on Instagram: "News: DBS Group Holdings Ltd, a well-known banking institution, plans to apply for a crypto . As one of the leading international financial centres, Hong Kong is a prime location for financial services and home to many financial institutions. The decision of JD.com, Baidu, Ctrip and NetEase and Yum China for a secondary listing in Hong Kong is certainly incentivized by the successful move of Alibaba that with such a high-profile IPO opened gave an indirect message to other Chinese companies. Hong Kongs bid to lure back tourists has been disappointing. Why havent more game show prizes been adjusted for inflation. Debashis Ghosh on Instagram: "News: DBS Group Holdings Ltd, a well We were comfortable in China and in Hong Kong, he said. Patten, Hong Kong judicial independence fears threaten city's business case, Foreign cash flees China as investors shun autocracies, Japan's economic clout wanes in Southeast Asia, The acute care dilemma at Japan's hospitals, Boon or bane? The market is showing signs of weakness as interest rates rise. Hong Kong's financial hub is at a crossroads | Financial Times A tiger economy is a nickname given to several booming economies in Southeast Asia. We rely on your financial support to keep making that possible. How Senegal's president defused a political timebomb, Celebrating Pride in the midst of a culture war. On this week's episode of Idea Generation, designer Nicole McLaughlin takes us on a journey from her start as a graphic design intern to becoming a viral sensation on Instagram by crafting creative upcycled shoes. BYD Stock Gain Lags Behind Teslas 127% Jump Amid China EV Race, Thailands Parliament Sets July 13 Vote to Select Prime Minister, South Africa Is Tackling Its Second-Biggest Growth Problem, Fed Minutes to Offer Hints on Awkward Pause-and-Hike Message, Ukraine Inches Toward Lifting Wartime FX Limits to Spur Economy, German Commercial Property Deals Tumble 50% to Five-Year Low, Chinas BYD Joins Latin AmericaLithium Rush to Feed Electric-Car Switch, HSBC Tests Quantum Tech in London to Guard Against Future Hacks, Biden Administration Ordered to Limit Social Media Contacts, US to Curb China Access to Cloud Services Like Amazon, WSJ Says, Will AI Take My Job? The city's economy shrank faster in the third quarter, contracting 4.5% from the same period a year earlier, the third straight quarterly downturn, as geopolitical tensions, China's slowdown and lingering pandemic worries weighed. Now what? Last but not least, the various financial liberalisation measures carried out in the region will foster closer exchange among different stakeholders, including regulators and market participants, provide an appropriate market dynamic, and are in line with the longer-term national objectives of financial liberalisation and internationalisation. Mainland China firms dominate IPO fundraising, raising 97 per cent and 98 per cent of the total amounts in 2020 and 2021. Lam leads a cabinet, called the Executive Council, that is also approved by Beijing. 346.39. The restaurant operator Yum China is also reported to be in talks for a secondary listing. FIND OUT MORE Hong Kong Financial Service Sector at a Glance inSight Article (s) Speech (es) The outflow of bankers and other professionals is showing signs of starting to reverse. Hong Kong remained his transport, banking and social hub in Asia. "Hong Kongs Freedoms: What China Promised and How Its Cracking Down. He denies the accusations. Through capitalising on its unparalleled strengths, Hong Kong can play a unique role in driving the concerted development of the financial services industry, and in turn enjoy the growth momentum in the region. For more than 40 years, Hong Kong has been helping enterprises and investors in mainland China to "go global". Arrangement of Asian International Bond Issuance (USD bn), of which: private wealth management (USD bn), RMB deposits (incl. The newly launched Wealth Management Connect scheme will help diversify investment portfolios through exposure to overseas markets via retail funds domiciled and regulated in Hong Kong, while attracting offshore investments to onshore wealth management products in Mainland. Because of its colonial history, Hong Kong's legal system is based on English common law due. ", The New York Times. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. No. Patrick Jenkins. Our Standards: The Thomson Reuters Trust Principles. The papers used the fact that Vidlers firm was listed as the company secretary for the U.S. National Democratic Institute to suggest he was backed by Americans. Those measures have badly hit the economy and have resulted in an exodus of talent. Cornetto maker defends decision to stay in Russia, Anxiety and anger over Fukushima nuclear waste plan, Fiona Phillips reveals she has Alzheimer's at 62, Suspected cocaine sparked White House evacuation, US officials' contact with social media firms limited, Armed thugs beat up Russian journalist and lawyer, Brain disease found in female athlete for first time, Taliban order hair and beauty salons to shut. See here for a complete list of exchanges and delays. The deal represents just a first step in fixing the trade disputes between China and the U.S. and it cannot be denied that there are still ongoing tensions between the two countries that need to be addressed in phase two and phase three deals that are expected to follow. Is Hong Kong's unrest scaring businesses away? New visas issued to foreign workers in the financial sector plummeted by 49 per cent between 2018. According to a recent KPMG client note, Wealth Management Connect represents another significant development in the liberalisation of Mainland Chinas capital account following the launch of QFII/QDII, the Mainland-Hong Kong Mutual Recognition of Funds scheme and the Stock Connect and Bond Connect schemes. In 1990, Chinas de factor leader, Deng Xiaoping, met with Hong Kong tycoon Li Ka-shing and promised him that life in the territory would not change after the handover. Jao wrote that one of the reasons the emergence of Hong Kong as a financial center began between 1969 and 1970 (and not earlier) was because China began "groping toward a rapprochement with the West" during this time, which had a "stabilizing effect" on the region. "Pelosi Statement on Hong Kong Protests and Extradition Bill. Vidler said his office merely provided a local address for official correspondence. On the contrary, China's legal system is opaque, and it is not trusted by foreign executives. Considering the growing importance of Chinese companies on global markets and the world's highest number of unicorns that are created in mainland each year it is in the interest of Hong Kong to become an attracting hub for the most interesting unlisted Chinese companies such as Bytedance, the owner of the video-sharing app TikTok, that would represent a big win for the Hong Kong Stock Exchange. Get unlimited access to all stories at $0.99/month for the first 3 months. Speaking to the. The growth and gradual opening-up of China offer unmissable opportunities. Follow FSDC on Twitter or LinkedIn. Wealth Management is a major breakthrough in which retail investment funds domiciled in Hong Kong and authorised by the Securities and Futures Commission (SFC) are eligible for the scheme instead of the traditional product by product approval approach. Nikkei Inc. No reproduction without permission. Premier Business Hub in Asia. "But then there's the daily life of Hong Kong people and some of the issues Hong Kong people face have predated these protests, issues, such as inequality issues, such as that divide between rich and poor. The FSDC has made efforts in facilitating Hong Kongs financial services industry to capture market opportunities in the GBA. One of the citys main tactics in luring back visitors has been conferences. Hong Kongs new leader, John Lee, is hosting top bosses from all of the the biggest global banks, including Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and HSBC Holdings Plc. So long as businesses are not carrying out anything that is disrupting national security, then they will be able to run their business just like the previous 23 or 25 years, he said. Krystal Chia Hong Kong officials are pushing to convince the world that the Chinese territory remains the go-to place in Asia for finance after three years of strict Covid restrictions and. 2023 BBC. Why business is still optimistic about Hong Kong - BBC News He doesnt want his name published for fear that his firm could lose mainland Chinese clients. Hong Kong also has a simple and low-tax system, its own currency pegged to the U.S. dollar, very little internet censorship, and a strong regulatory framework. The UK still has it bad. Businessmen should understand that ultimately, the law for Martin Lee or for Jimmy Lai is sooner or later the law for them as well, Patten told reporters this week. Home prices have risen 6.3 per cent so far this year, but are far from recouping last years 16 per cent slump, data from Centaline Property Agency show. All rights reserved. After Chinas flag was raised, Schwall said his lighting business spanning Taiwan, mainland China and the U.S. continued as usual. The gift link for this subscriber-only article has expired. The amendment was seen as a threat to the region's independent judicial system and as a part of a larger movement to erode its democracy. Hong Kong is transformed from Asia's financial hub to Xi's 'wallet' had links to the Central Intelligence Agency, Xi Jinping promotes Macau as financial hub, potential alternative to Hong Kong, China passes national security law for governing Hong Kong, Furious, China summons US ambassador over Hong Kong bills, U.S. business lobby warns administration against ending Hong Kongs status, What U.S. businesses should know about Chinas anti-foreign sanctions law, Your donation today powers the independent journalism that you rely on, The past, present and future of Hard Bargain Tennessee. A string of mega events have returned, including Art Basel and the Rugby Sevens. Nov 1, 2021,12:59pm EDT Share to Facebook Share to Twitter Share to Linkedin Hong Kong is not only an international financial centre, it is the most important gateway to Mainland China - and. Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. EIN: 41-0953924. Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asia's premier finance and tourism hub. If it gets to that stage, Beijing's move will . On top of the traditional routes, there's also Top Talent Pass - a new visa programme to attract skilled workers. Marketplace 0% played A quarter-century after the handover, is Hong Kong still attractive as a business hub? Hong Kong also has a law-making body, called the Legislative Council, that is made up of 70 members; half are chosen through direct elections in geographical constituencies and half are elected by special interest groups representing various sectors of the economy. The top three global financial hubs also saw a decline in their ratings. read more. For much of its history, Hong Kong has functioned as a key East-West conduit for global finance and trade, thanks in large part to its independent judiciary and regulators that guarantee an. On the equities side, we launched the Hong Kong-Mainland Exchange Traded Funds (ETF) Cross-Listing Scheme in May 2022. Deborah D'Souza is the former news editor at Investopedia. ", Israel ends Jenin operation and trades fire with Gaza, Israel's Jenin operation reignites Palestinian anger, World sees hottest day since records began, Cuba turns to old ally Russia to tackle fuel crisis, 'For the politicians of France, we are nothing', The battalion of black women erased from history. A recent survey by the chamber found that nearly 40% of US companies were considering moving capital, assets or operations out of the city due to concerns about the new security laws. In the years leading up to the handover in 1997, Chinese media estimated that 600,000 people emigrated from Hong Kong, including some of my relatives. "We strongly believe that the proposed arrangements will reduce the appeal of Hong Kong to international companies considering Hong Kong as a base for regional operations. Hong Kong has long been the region's leading financial hub. ", Reuters. ", On June 13, 2019, legislation, called The Hong Kong Human Rights and Democracy Act, wasreintroduced by the Congressional-Executive Commission on China (CECC). Copyright 2023 SPH Media Limited. According to this week's report from Nikkei Asia, a total of four Chinese technology companies are considering a secondary listing on the Hong Kong Stock Exchange. "It is great for Hong Kong to open up and we are glad to be back," Anand Selvakesari, CEO of personal banking and wealth management of Citigroup told Reuters on the sidelines of the conference. HONG KONG - Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asia's premier finance and tourism hub. Sophisticated Financial Hub. Hong Kong is a major renmibi hub and financial centre but rivals such as Singapore, Sydney and other places have renmibi deals. While Hong Kongers elect leaders from among pro-Beijing candidates, certain fundamental rights and freedoms are still protected in the region. Your donation today powers the independent journalism that you rely on. The BBC is not responsible for the content of external sites. /Reuters Photo. Companies debuted a total of US$2.24 billion of shares as of June-end, down 17 per cent from a year earlier, data compiled by Bloomberg. Logo of Bond Connect at Hong Kong Exchanges in Hong Kong, China, July 3, 2017. "The flow of money that comes in and out of Hong Kong on a daily basis, that goes into mainland China and comes out, is very hard to replicate," she told the BBC's Asia Business Report. Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asias premier finance and tourism hub. China-US tensions put Hong Kong's status at risk But the Hong Kong of old self-proclaimed as Asias World City will be hard to resurrect. Inflation and a very quick tightening of monetary conditions after over a decade of relatively accommodative monetary policies make the world more volatile, and uncertain, said David Solomon, chief executive officer of Goldman Sachs (GS.N).
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