Save time by listening to our audio articles as you multitaskHong Kong is widely seen as the third-most-important city for global finance and business, after New York and London, and ahead of Shanghai and Singapore. Most historians trace its rise as a financial centre to the early 1970s, when it became a hub for Asian offshore financing. Its importance then increased dramatically after China began to open up under Deng Xiaoping in 1978.
Start with where business is. Hong Kong’s status as a regional base for global firms was always tied to China, but that relationship has become more intimate still in recent years. The number of Chinese firms with regional headquarters in the territory has doubled since 2015, even as the number of American firms using the city as a base for their Asian or greater China operations has steadily declined .
Shanghai had attracted Western outposts before the pandemic. Some firms, such as Coca-Cola, had moved their Asia headquarters there from Hong Kong. Regulatory changes in 2020 allowed foreign investment banks to run majority-controlled businesses in China. Several have consequently expanded their operations in Beijing and Shanghai. Foreign asset managers including Amundi and BlackRock have also scaled up their onshore presence.
A second gauge of the cities’ relative dominance is wealth management. It is here that the competition between Hong Kong and Singapore has been fiercest. By one measure, Hong Kong’s pot of assets under management and fund advisory rose from nearly $1.3trn in 2010 to more than $3trn in 2020. But a comparable measure for Singapore shot up from around $1trn to $3.4trn, with the city overtaking Hong Kong as long ago as 2017.
its already like the 10th nail into the coffin.
That is the goal🙄
Sure it could. And it would not even be bad as all things change.
WAS seen. Just dragging yet.
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