Schemes linking stock exchanges in Hong Kong, Shanghai and Shenzhen provide the main gateway for foreigners to buy mainland stocks. A planned opening up of Chinese capital flows only increases the importance of these channels, and ultimately, Hong Kong, Fidelity said in a post this week. … [Read more...] about Explainer: How important is Hong Kong to China as a free finance hub?
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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?
Trump’s top economic adviser, Larry Kudlow, warned that Hong Kong, which has enjoyed special privileges under U.S. law on the basis of its high degree of autonomy from Beijing, may now need to be treated like China on trade and other financial matters. … [Read more...] about Hong Kong warns removing U.S. special status is a ‘double-edged sword’
Elsa Li, 48, a marketing executive and mother of one, said as soon as the news of the national security law came out, she converted most of the family savings into US dollars, sold her Hong Kong and China shares and bought US stocks. She also immediately started filling in forms to apply for emigration. … [Read more...] about ‘No cards left’: Hong Kong residents sell up and search for way out as China cements grip
The five demands of last-year’s pro-democracy protest movement included universal suffrage and an independent inquiry into police handling of the protests, but not independence. A minority of protesters waved “Hong Kong independence” flags. … [Read more...] about Hong Kong govt warns removing US special status is “double-edged sword”