HONG KONG: 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. If it gets to that stage, Beijing's move will come at a cost for China's economy. WHY DOES CHINA NEED HONG KONG AS IT IS? China still has extensive capital controls and often intervenes in its financial markets and banking system. Hong Kong is one of the world's most open economies and one of the biggest channels for equity and debt financing. The size of Hong Kong's economy may only be the equivalent of 2.7% of mainland China's, down from 18.4% in 1997 when it reverted to Chinese rule, but the territory punches above its weight due to world-class financial and legal systems. As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities. HOW IS THAT CHANGING? Under the 'one country, two systems' formula agreed as part of Britain's handover of the territory … [Read more...] about How important is Hong Kong to China as a free finance hub?
Bank of china hong kong ltd
“The market was worried he was going to announce something substantial, something detrimental to the US economy. Then as he spoke it became clear the actions being taken were not going to be as dramatic as originally feared,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina. … [Read more...] about Global stocks rebound on relief at Trump’s response to China over Hong Kong
Meanwhile, a group of 457 parliamentarians and policymakers from 32 countries, led by the last British governor of Hong Kong, Chris Patten, have called on governments around the world to act against the “flagrant breach of the Sino-British Joint Declaration”. … [Read more...] about Exclusive: ‘Freedom and Autonomy in Hong Kong is Dead’ Says HK Watch Founder
"Many people seem to be in a hurry. They are not even asking what they need to invest for Taiwan and what the agency fees are. This is unusual for business-minded Hong Kong residents," she told DW. "Many of them wanted to sign a contract immediately, to start the process as quickly as possible." … [Read more...] about Hong Kong residents leave, if they can
“Hong Kong is riskier than it used to be,” said Tara Joseph, president of AmCham Hong Kong. “There is a big worry that there are two buses careening towards each other, and that’s the U.S. and China, and that this could have a profound impact in Hong Kong,” Joseph said. … [Read more...] about Hong Kong’s business hub status imperiled by security law