But it won't be a global financial center, where most of the players are global players.". Read about our approach to external linking. Romaine Bostick breaks down the day's top stories and trading action leading into the close. At the same time, proposed changes to the education system mean many parents want their children educated elsewhere, free from the shackles of patriotic curriculums spouting Communist Party propaganda. "It seems likely for the US to revoke the act as it only requires an executive order from the White House," Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, an investment bank, and a senior research fellow at Bruegel, told DW. Still, at least 10 companies with Chinese founders including OKX, Bybit, Huobi have announced or are planning to announce their bid for licenses in Hong Kong, according to the firms and media reports. In its latest move to clamp down on Hong Kong, which has been a centre of resistance against the ruling Chinese Communist party, the mainland government last month introduced a sweeping national security law that criminalises protest and dissent. In a poll by the American Chamber of Commerce of 180 US companies, 53.5% said they were "very concerned" while 30% were "moderately concerned" about the new national security legislation. Hong Kong owes its status as a flourishing financial hub to a number of factors, like the region's rule of law, independent judiciary, relatively low taxes and lack of capital controls as well as huge concentration of financial and legal service providers, among other things. Hong Kong's Reopening Brings Scant Gains for Financial Hub You dont want to give that up. "Hong Kong's history, dating back to before the mainland began to open up in the late 1970s, is as a regional hub for businesses with interests around Asia. Is Hong Kong's future as Asia's financial hub at risk? Hong Kong will stay a key financial hub say experts - BBC News Bankers say business is booming and the exodus of talent does not include those making a bundle from the huge amounts of capital still moving in and out of the city, which is still seen as the international gateway into China. The city is expected to maintain strict border controls, which include three weeks of hotel quarantine for those from many countries, in the short term as it pursues a zero-case strategy. Wong realised he had to leave. Edward Wong cannot forget the moment when he no longer felt safe in the city where he grew up. "Hopefully one day, we will have such events in Shanghai and Beijing," Sun said. Chan Long Hei | SOPA Images | LightRocket | Getty Images, Talent loss in Hong Kong may not have impact on occupancy rates: Sunlight REIT, Medicare will allow pharmaceutical companies to publicly discuss drug price negotiations, Hepatitis C cure isn't reaching patients due to financial barriers, CDC recommends RSV vaccines from Pfizer, GSK for adults 60 and older. Mr Gollob says the strength of the wording of Asifma's letter was unexpected: "It was a surprise to us that even the financial institutions need to be heard publicly" he says. I will probably have to self-censor some of what I might have said because of the new laws., Australia drafting plan to offer safe haven to Hong Kong residents, Scott Morrison says, More Hongkongers apply to be refugees in Australia as security law passes, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. Hong Kong's reopening brings scant gains for financial hub, Global As China industrialised, its similarly minimalist approach to corporate taxation, coupled with the use of English common law to govern contracts, helped turn it into the worlds sixth-biggest financial centre, thrusting a series of office towers into the skies above the island. Hong Kong Monetary Authority - International Financial Centre Students discuss how the city's strict Covid-19 strategy - such as its '3+4'. Labor force is near a decade-low amid population outflow, Economy may contract in 2022 for third time in four years. These firms, which have exited countries like Canada and Britain, are among the sponsors of the glitziest Hong Kong parties this week. So they do need that and I dont think the mainland government appreciates how much these markets depend on free exchange of information and expressions of opinions, good or bad, about how the government is running the country.. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". It shrank by a little more than 6,000 people between the middle of last year and the end of the year, leaving a little more than 7.5m people living in the territory, according to Hong Kongs census and statistics department. Video, See inside Jenin refugee camp after Israeli assault, of the controversial National Security Law, Singapore, for instance, is opening quarantine-free travel to 11 countries, Australia allowed vaccinated citizens and residents to re-enter without quarantine from Monday, Disney star and pop singer Coco Lee dies at 48, Canadian charged with terror over far-right videos, Actor released from prison in sex-trafficking case, Man dies after device detonated at Kyiv court, Canada stops advertising with Facebook in news row, Adele issues warning to fans throwing objects, US judge faces investigation over TikTok videos, Just Stop Oil protests interrupt Wimbledon twice, Kevin Spacey grabbed man like a cobra, court hears. Last week, Hong Kong doubled down on its Covid-19 restrictions - already among the strictest in the world. They do want to have a international capital market on Chinese soil in Hong Kong because of course the mainland capital markets are behind a wall of capital controls, that you cant freely move money in and out of the mainland, he said. Is Hong Kong still a financial hub after 25 years of Chinese rule That's why some shops have cleared out their material to avoid being accused of violating the law," Gordon Lam Sui-wa, convenor of the Hong Kong Small and Middle Restaurant Federation, told the South China Morning Post. VideoSee inside Jenin refugee camp after Israeli assault, Philadelphia shooting suspect charged with murder, Cuba turns to old ally Russia to tackle fuel crisis, 'For the politicians of France, we are nothing', The battalion of black women erased from history. Hong Kong is their only option for that right now unless you were to set up a stockmarket in Macau. Shares of Hong Kongs exchange operator have doubled since the start of 2020, reflecting confidence in the citys ability to lure Chinese listings. The loss of Hong Kong's trade privileges could also mean Hong Kong identity card holders might lose their ability to visit the United States without applying for a visa in advance. As for Hong Kong, EuroCham's Mr Gollob says it's "crystal clear that the China border comes first.". Home Affairs data shows the total number of Hong Kongers who made a lodgement for protection visas was relatively low at 12 in June this year and 23 in May. Government data shows more than 89,000 residents have left in the past year, making up 1.2 per cent of the citys population that is now estimated at 7.4 million. UK vows to defend exiled Hong Kong activists after arrest warrants Border closures threaten Hong Kong's financial hub status 3 November 2021 Getty Images Rival financial hub Singapore has opened quarantine-free travel to 11 countries while Hong. But COVID, yes, this is the dilemma.. That is the key.. Regional rival Singapore is expanding quarantine-free travel to nearly a dozen countries, but authorities are grappling with how to do so while averting a surge of Covid-19 cases among older people and those with weak immune systems. The Asia Securities Industry and Financial Markets Association (ASIFMA) said a survey of members, including some of the world's largest banks and asset managers, showed 48% were contemplating moving staff or functions away fromHongKongdue to operational challenges, which included uncertainty regarding when and how travel and quarantine restrictions will be lifted. A Hong Kong Police Force guard of honour raises the flags of China, front, and the Hong Kong Special Administrative Region. At least you have the right to say what you think and what you feel. HONG KONG - Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asia's premier finance and tourism hub. who obtained refugee status in the UK two years ago . Hong Kong, led by . "US decertification of Hong Kong SAR's special economic status could pose a further potential negative shock to the Hong Kong economic outlook.". (26.05.2020), Security chiefs in Hong Kong have given their backing to a bill that pro-democracy activists say will end the territory's "one county, two systems" model. Riot police after the passing of the national security law in Hong Kong. Hong Kong's national security police arrested four men who had been members of now-disbanded political group Demosisto, South China Morning Post reported Wednesday, citing a person familiar with . On Wednesday, the US State Department declared that Hong Kong was no longer sufficiently autonomous from mainland China. Diplomats, business leaders and some mainlanders with Hong Kong resident cards have been able to skip quarantine, or isolate at home. Wong says he had been thinking about moving since the protests started in June 2019 as he realised Hong Kong was changing dramatically under Chinese rule but had been reluctant to leave his elderly parents. The British authorities say almost 65,000 people have applied for a BNO visa. However, there is no sign of Australian companies headquartered there moving offshore. Six months after Hong Kong reopened to the world, the city still faces a steep climb to reclaim its place as Asia's premier finance and tourism hub. Tam is hopeful that she will be able to secure employment in the financial sector just as quickly as her friends who moved to the Australian city. China clearly wants to keep the one country, two systems as it is. Longer term, there could also be issues with ethical investment. "Hong Kong's history, dating back to before the mainland began to open up in the late 1970s, is as a regional hub for businesses with interests around Asia. The city's leader, Carrie Lam, announced that almost all exemptions from quarantine for overseas and mainland travellers would now end. If Hong Kong's special trade privileges under US law were revoked, it would erode the city's competitiveness as an export hub and an international financial center, say experts. Local leaders say their focus is removing restrictions on travel fromHongKongto mainland China, which also has strict entry restrictions. Can the New Wave of Restaurants Make NYC a Late-Night Dining Town Again? How Senegal's president defused a political timebomb, Celebrating Pride in the midst of a culture war. Border closures threaten Hong Kong's financial hub status 3 November 2021 Getty Images Rival financial hub Singapore has opened quarantine-free travel to 11 countries while Hong. The 53-year-old businessman from Hong Kong was stopped and searched by the. Hong Kong late last month launched an international talent attraction program in a bid to improve the citys image after years of political upheaval and lure global talent back to the city. Bloomberg. Jefferies Taps SMBC Banker Josh Maio for Consumer Dealmaking, Rio de Janeiro Firm Plans to Raise $400 Million for Brazil Distressed Fund, Uruguays Inflation Advances at Slowest Pace Since 2017 in June, Fed Minutes Reveal Divisions Over Decision to Pause in June, Lula Puts an Ally on Track to Lead the Central Bank Hes Fought, Commercial Property Fears Create Opportunities, Blackstone Real Estate Co-Head Says, Alibaba Gets Home-Province Backing for AI, Digital Economy Plans, Vimeo CEO Sud to Step Down; Adam Gross Named Interim Chief, HSBC Tests Quantum Tech in London to Guard Against Future Hacks, Zuckerberg Under Fire in China After Report of Quest Sale Talks, US to Curb China Access to Cloud Services Like Amazon, WSJ Says, Will AI Take My Job? A financial industry group warned thatHongKong's zero-Covid policy and strict quarantine requirements for international travelers threatens to undermine the city's status as a financial hub. Wong could not work out what he had done wrong. Hong Kong's reopening brings scant gains after pandemic and crackdown That should be a very strong signal to the HK government. The eight are wanted under a Beijing-imposed law enacted in 2020 after the financial hub was rocked by anti-China protests the year before. Hong Kong's exodus shrinks workforce in threat to financial hub status Global Business and Financial News, Stock Quotes, and Market Data and Analysis. John Lee Photographer: Paul Yeung/Bloomberg But there's no denying that it has lost ground, in particular to Singapore where money and talent is pouring in. He was never directly involved in the mass protests in Hong Kong that year, although he once spoke to a journalist from the sidelines of one of the citys mass protests that year, which he suspects tweaked Beijings interest. Hong Kong's resilience is legendary. That included a body search. Hong Kong is transformed from Asia's financial hub to Xi's 'wallet' - Nikkei Asia Hong Kong's importance as a conduit for capital flowing into and out of China has increased, but its. Small business owners have had a particularly hard time. "No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground," US Secretary of State Mike Pompeo said. HK's role as major global financial hub is on firmer footing, 25 years The national security law has made very little dent to Hong Kongs status. A seasoned professional, Mr Tung says Hong Kong's financial hub status is still healthy despite many local and expatriates having left. What Investors Are Discussing atSummer Parties, Biden Throws Weight Behind Swedens NATO Bid as Summit Nears, Top State Department Official Expected to Join Bidens 2024 Campaign, International School Worth Close to $1 Billion Turns CEO Into Multimillionaire, Billionaire Mike Ashley Adds 150 Million to London Property Bet. Hong Kong's Freedoms: What China Promised and How It's Cracking Down Within hours of President Xi Jinping signing the national security law, backed unanimously by the standing committee of the ruling Communist Party in Beijing, there were dozens of arrests in Hong Kong. "What we hear from our community is even echoed by the strongest institutions, which are the banks. According to Xiao, many in the crypto industry thought Hong Kong would inevitably adopt the same regulations as mainland China. HONG KONG, Jan 24 (Reuters) - Late last year, Tania Sibree quit her well-paid job as a financial services lawyer in Hong Kong and returned to Australia rather than live a moment longer with the . We have no pipeline anymore, that's really worrying. A Division of NBCUniversal. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In my adult life, I remember at least three rounds of a so-called brain drain, and Hong Kong survives after each one. This month, Nasdaq-listed Chinese e-commerce retailer JD.com raised nearly $4 billion in its Hong Kong IPO, while online gaming firm NetEase raised $2.7 billion in its secondary listing in Hong Kong. From 2009 to 2018, the US trade surplus of $297 billion (266.7 billion) with Hong Kong was the biggest among all of Washington's trading partners, and 1,300 US firms were based in the city, it said. Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asia's premier finance and tourism hub. Chan says the present biggest threat to Hong Kongs finance hub status is not China but COVID-19. "We can talk about flowers and cooking, that's fine, but if we want to criticize our current setup that's not allowed. The association's request for an exit plan comes as other countries in the region shift from a zero-Covid strategy - meaning a policy to bring cases down to zero - to instead living with the virus, with many nations reopening their borders. She said this was to speed up China reopening to the region, but for some businesses, it's pushing them over the edge. Hong Kong's M+ art museum to cut ticket prices by 25 per cent over In the first quarter of 2020, Hong Kong's economy shrank as much as 8.9%, after it entered a technical recession in 2019 as a result of the US-China trade dispute and months of anti-government protests. Hong Kong owes its status as a flourishing financial hub to a number of factors, like the region's rule of law, independent judiciary, relatively low taxes and lack of capital . HONG KONG, April 13 (Reuters) - After years of bankers quitting Hong Kong amid a China security crackdown and tight COVID curbs, the city is rolling out the red carpet to a finance sector tarnished by events elsewhere in a bid to bolster its status as a finance hub - cryptocurrencies. given they believe China is unlikely to change. All quotes delayed a minimum of 15 minutes. Bond Yields Higher as Another Rate Hike Signaled: Markets Wrap, China Restricts Export of Chipmaking Metals in Clash With US, Hedge Fund King Street Raising Funds for Slow-Motion Car Crash in Credit, Odeys Hedge Fund Empire Is Disintegrating Bit by Bit, Why Meta Is Launching Twitter Rival Threads. Updated Last updated May 19, 2022 9:45 am (EST) Summary Before the British government handed over Hong Kong in 1997, China agreed to allow the region considerable political autonomy for fifty. Major global banks and financial institutions including BlackRock Inc. and Citigroup Inc. have maintained or grown their presence in the city. YP Discover Your Voice Opinion Face Off: Is Hong Kong losing its status as an international financial hub? The Chinese governments increasingly tight grip on Hong Kong is undermining the former British colonys position as a regional financial hub, analysts and investors say. Australians living in Hong Kong are frustrated with the tight border controls and some are concerned about the political mood. But Hong Kong's status has been undermined. Ms Joseph adds it's not clear if restrictions are causing the city brain drain just yet - primarily because this trend takes some time to emerge. The city manages the lion's share of alternative assets within APAC, with 740 . A Year After Security Law, Hong Kong Finance Hub Status Endures While the Morrison government has offered Hong Kongers already in Australia extended visas, there is no plan to go down the UK route and offer a residency path to thousands. The Hong Kong government "is very serious about building an international virtual asset centre", said Xiao Feng, chairman of Hong Kong crypto exchange HashKey, which saw 13,000 people attend the first day of its Hong Kong Web3 Festival, the biggest conference of the month, on Wednesday. HashKey received a license to operate in Hong Kong last November, making it one of two licensed crypto exchanges in the city besides rival exchange OSL. Yahoo fa parte della famiglia di brand di Yahoo. Speaking to the. "There is definitely a sense that people are considering, or thinking about leaving - and it's not just one organisation that's saying that," she says. How Hong Kong's Loss of 'Special Status' Could Hit Business - TIME Exclusive news, data and analytics for financial market professionals, Reporting by Josh Ye in Hong Kong; Editing by Brenda Goh and Kenneth Maxwell, ChatGPT's explosive growth shows first decline in traffic since launch, Exclusive: PwC Australia ties Google to tax leak scandal, sources say, German industry urges reduced dependency after China export controls, Canada's Quebecor to pull its ads from Facebook, Instagram, Apple loses London appeal in 4G patent dispute with Optis, EU concerned over China export controls on metals used in chips, Meta loses as top EU court backs antitrust regulators over privacy breach checks, Alibaba exploring options for video platforms Youku, Tudou, Bloomberg reports, U.S. Big Tech says it meets EU gatekeeper status, TikTok criticises label. PHOTO: AFP. He said the communist party did not understand the damage that theyre doing. We want to hear from you. Key financial hub. The territory has seen security crackdowns and severe COVID restrictions, and many residents have left in recent years.. It warned that for Hong Kongs rating to remain higher than Chinas, the territorys distinctive institutional framework would need to remain in place. "First, business sentiment about not being able to freely move about the world - which is crucial if you're an international business. US Commerce Secretary Wilbur Ross suspended regulations allowing special treatment to Hong Kong, halting defense exports and restricting the territory's access to high technology products. May 29, 2020 2:44 AM EDT S ecretary of State Mike Pompeo announced on Wednesday that Hong Kong was no longer sufficiently autonomous from mainland China an assessment that could threaten the. The law is sending ripples of fear through small business owners. "If Hong Kong can suddenly say that it is crypto-friendly as if it's a switch, that switch can be just as suddenly turned off should things get difficult," he said. A financial industry group warned on Monday thatHongKong's zero-Covid policy and strict quarantine requirements for international travelers threatens to undermine the city's status as a financial hub. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. The Asifma declined the BBC's request for an interview. With good previous experience living overseas and being eligible for Britains BNO (British Nationals Overseas) passport scheme, he was one of the lucky ones. Per maggiori informazioni sulle modalit di utilizzo dei dati sensibili, consulta la nostra Informativa sulla privacy e la nostra Informativa sui cookie. Chinas overhaul of Hong Kongs political institutions has crushed the pro-democracy movement and fueled warnings of an end to the citys status as an international financial hub. "I don't expect to see any abrupt shifts capital flight etc. Hong Kong's Liberties Are Dying but Business Lives On The territory's. Beijing Needs Hong Kong's Financial Status, Not Its Freedoms Argument An expert's point of view on a current event. The news has been met with dismay by Hong Kong's business community, who have already felt the strain of more than 18 months of closed borders. Jul 5, 2023. Face Off: Is Hong Kong losing its status as an international financial hub? (modern).

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