Hong Kong’s position as an international financial centre is now a thing of the past as multinational corporations withdraw from the city and its stock market shows signs of foreign capital outflows. Lianhe Zaobao journalist Tai Hing Shing finds out if Hong Kong’s financial market is truly on its way down.
This week, Chinese President Xi Jinping’s visit to Shanghai, China’s largest financial centre, has sent strong signals of the leadership’s emphasis on the country’s economic development. And it is clear from the itinerary the importance the higher-ups are placing on the three areas of finance, technology and livelihood. Nonetheless, Lianhe Zaobao associate editor Han Yong Hong notes more research needs to be done before the introduction of more powerful policies that can turn the tide of the sluggish economy.
Hong Kong and Singapore can and should leverage their position as international financial and technological hubs to help build an inclusive and fair digital global network that brings people all over the world together for a more equitable and mutually-beneficial collaboration and development, says academic Pei Sai Fan.
Hong Kong’s stock market has taken a beating recently, with the number of IPOs and trade volumes in a slump. Amid the different factors causing the poor performance, including the economic situation in mainland China, analysts believe that the Hong Kong Stock Exchange’s long-running focus on the West and oversight of Southeast Asia needs to be addressed. Lianhe Zaobao journalist Liu Sha finds out more.
This week’s Global Financial Leaders' Investment Summit in Hong Kong was an effort by the Hong Kong government to restore its position as a financial hub, which has been somewhat weakened due to China’s pandemic measures and other global responses. But despite John Lee’s optimistic address at the summit, the actual situation appears to be less than rosy, with several adopting a wait-and-see attitude.
In a preliminary agreement, US officials will get their long-sought access to vet accounting companies based in mainland China and Hong Kong and review audit documents related to Chinese businesses. Will this stem the tide of Chinese companies being delisted from US stock exchanges?
Li Cheng, director of the John L. Thornton China Center of the Brookings Institution, notes that China’s emergence as an economic powerhouse has been accompanied by the rise to prominence of seasoned financial technocrats or self-taught experts. While these "new kids on the block" will most likely enter the new CCP Central Committee this fall for the first time, time will tell how they will respond to the many daunting economic and financial challenges at both the provincial and national levels.
As the 25th anniversary of Hong Kong’s handover draws near, Hong Konger Thomas Chan reflects on the changes that have taken place over the last few years and the real and pressing issue of residents, especially the young, drifting away. Most are seeking better prospects abroad in a wry turn of events from a time when the city was viewed as the land of opportunity. Now, amid dreary skies and Telegram alerts announcing yet another citizen-police chase, the city stands forlorn as it watches its people leave.
In the first of a seven-part Lianhe Zaobao-Business Times series on China and ASEAN, Zaobao business correspondent Lai Oi Lai gives an update on the trend of high-net-worth Chinese investors coming to Singapore to set up family offices and invest in start-ups.