Reportedly, if Hong Kong loses its position as one of Asia’s leading financial centers, it will be devastating for the Asian financial center, stated the chief executive officer and founder of Citic Capital. There is “no inadequacy competition for financial hubs,” stated Zhang Yichen, who is also chairman of the investment company. Financiers can turn to other cities such as Tokyo, Singapore, and Shanghai to access international capital markets, he said to CNBC during the Singapore Summit. He added, “I feel if Hong Kong does not mold, you should not have a sense of prerogative that it has to be the financial hub.” If the region loses that status, it “spreads disaster as that is the only sector these days that is competitive.”
The protests in Hong Kong blew up over 3 Months ago for a now-withdrawn controversial bill, which would have laid the groundwork for suspects in Hong Kong to be sent to China for trial. Whilst the pro-democracy protests began as comparatively peaceful in June, they have ever since turned ever more violent. In the last week, Hong Kong protestors trampled on a Chinese flag, damaged a subway station and set fire crossways a wide street, as reported by the Associated Press. Yichen said, “I don’t think Shanghai and other cities in China can really replace Hong Kong. If Hong Kong dissipates that on its own, it will be a disgrace.
On a similar note, recently, Edward Yau-wah—Hong Kong Commerce Chief—stated that American financiers are undaunted by protest crisis and the U.S. human rights bill might not impact the economy. The companies in the U.S. are still keen to spend in Hong Kong and are doubtful to be postponed by a bill that can set the stage for economic sanctions and diplomatic action against the city’s administration, commerce chief stated.
William holds Master of Business Administration in Finance Degree and leads the team of 7 writers at Packaging Industry Reports. He has deep knowledge of share market and has a long record of being a famous trading consultant in the Business industry from last 10 years. Although William has no family background of business, he demonstrated a keen interest in the business activities from his school days. While he can write news on any topic related to the Business field, he is more focused on the topics that show the impact of advanced technologies in this field. He always keeps himself updated with the latest computer skills.