Financial centre

A screen showing the Hang Seng Index is seen outside Exchange Square, in Hong Kong, China, on 18 August 2023. (Tyrone Siu/Reuters)

Chinese netizens: Hong Kong now an international financial centre 'heritage site'

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.
Chinese President Xi Jinping pictured standing in front of the honour guard at the Great Hall of the People in Beijing, China, on 22 November 2023. (Florence Lo/Reuters)

President Xi's Shanghai visit: China yet to find a way out for its economy

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.
Web3.0's ultimate value lies in integrating with real-world finance, economy and society. (iStock)

Web 3.0 should be a network to create and maintain a global community of shared future

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.
People in Central, a financial hub in Hong Kong, China, on 3 July 2023. (May James/AFP)

Hong Kong no longer the 'East-meets-West' financial hub of yesteryear

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.
The business district in Hong Kong, 28 October 2022. (Isaac Lawrence/AFP)

Will an investment summit revive Hong Kong’s status as a financial hub?

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.
A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, US, 29 August 2022. (Reuters/Brendan McDermid)

Breaking the ice in the China-US audit standoff

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?
This photo taken on 8 July 2022, shows people passing a checkpoint with a flag of the Chinese Communist Party at a shopping mall in Shenzhen, in China's southern Guangdong province. (Jade Gao/AFP)

Countdown to CCP's 20th Party Congress: Financial technocrats in the post-1970s generation

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.
A sailboat with a slogan celebrating the 25th anniversary of Hong Kong’s handover from Britain to China sails at the Victoria Harbour in Hong Kong, 27 June 2022. (CNS)

To leave or not to leave: The cry of Hong Kong’s youth

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.
The skyline of Singapore's Central Business District, 1 December 2021. (SPH Media)

Wealthy Chinese setting up family offices in Singapore see it as springboard to ASEAN

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.