Experts say Hong Kong will become a major financial center


According to business experts, Hong Kong will remain a key Asian financial center.

Experts say Hong Kong will become a major financial center


Speaking to the BBC, he said the new security rules and protests were unlikely to deter investors from moving to other countries.

In support of this, the Hong Kong Stock Exchange raised 11 billion from 59 new listings in the first half of 2020.

And the ant group's first blockbuster film is likely to see a significant increase later this month.

The Chinese financial technology group could raise more than 30bn (23bn) from its first stock market debut this year.

According to Tara Joseph of the US Chamber of Commerce in Hong Kong, such numbers make Hong Kong irreplaceable for many investors.

"The flow of money from Hong Kong on a daily basis, which goes in and out of mainland China, is very difficult to replicate," he told the BBC's Asia Business Report.

Critics have previously raised the possibility that security legislation and the ongoing trade war with China will put pressure on businesses and investors to look elsewhere.

But the overall ability to raise money outweighs many other factors, according to Drew Bernstein, co-chairman of an accountancy firm, Marcum, Bernstein and Pinchuk.

"These companies are basically going to do what they have to do to gain access to capital," he said.

Asian claimant
A recent Chamber of Commerce survey found that 40 percent of U.S. companies are considering moving assets, assets or works out of the city due to concerns about new security laws.

Other Asia-Pacific centers are trying to burn their credentials as financial hubs.

On Monday, Japanese Prime Minister Yoshihide Suga told financial correspondent Nikki that his government would consider lowering tax rates and promoting diversity in boardrooms to restore Tokyo as a global financial hub. In an effort to attract foreign talent.

Australian Liberal Senator Andrew Bragg is pushing his government to "take advantage of Hong Kong's proliferation as a financial hub, attracting businesses to Sydney."

Some have suggested that Singapore, a country with equal tax rates and a business-friendly environment, is Hong Kong's natural successor.

However, it lacks Hong Kong's proximity to the Chinese market and its stock exchange is much smaller.

Hard times
Despite the positive response to Hong Kong's future as a financial center, its economy has been hit’ by last year's protests as well as the Code 19 epidemic.

Before the epidemic began to bite, Hong Kong was in a recession, which has only deepened this year.

"In many ways, it's a story of two cities. One, this international treasure, is an amazing place for Hong Kong here," said Curtis Chen, a former U.S. ambassador to the Asian Development Bank.

"But then there is the daily life of the people of Hong Kong, and some of the problems that the people of Hong Kong face are issues such as inequality, the divide between rich and poor."


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