From Breakingviews - Hong Kong spreads its wings, and its bets
It’s not just investment flows that need rebuilding. Anti-government protests, pandemic and politics have all shrunk the economy. Hong Kong’s GDP contracted in three of the past four years. So did the population, whichin 2022, according to new official data. Social and financial factors are driving working-age people away, not helped by Beijing’s role in setting school curriculums, or the national security law of 2020 that punishes subversion with possible life imprisonment.
Hong Kong’s Connect programme is politically attractive to Beijing because it avoids unmanaged outflows. Sale proceeds go back to the mainland. The HK$29.1 billion of China-to-Hong-Kong average daily trading through the scheme in the September quarter was 11% of Hong Kong’s cash-equities turnover, roughly double the ratio in 2017.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong’s crypto ambition gets subtle nod from Beijing: ReportDespite a strict crypto ban on the Chinese mainland, officials in Beijing have not been openly opposed to Hong Kong's desire to become a crypto hub, according to people familiar with the matter.
Read more »
Hong Kong under pressure to cut spending in budget as deficit soarsHong Kong is under pressure to rein in spending when it unveils its annual budget on Wednesday, after racking up huge fiscal deficits during the COVID-19 pandemic and as it struggles to kick-start the economy and regain its financial lustre.
Read more »
Standard Chartered plans hiring spree in Hong Kong as city reopens to China | CNN BusinessStandard Chartered is going on a hiring spree in Hong Kong this year, in a sign of renewed confidence in its biggest market as the city reopens its border with mainland China.
Read more »