(Bloomberg) -- Hong Kong just passed its local security law at record speed, placating Beijing and antagonizing Western governments. It now has the...
-- Hong Kong just passed its local security law at record speed, placating Beijing and antagonizing Western governments. It now has the challenging task of bolstering the city’s position as an international finance center.What Happens If Trump Can’t Post His $454 Million Bond
While companies are increasingly choosing Singapore as their Asian base, Hong Kong’s role as a financial center dwarfs that of its rival. The city continues to be home to the Asian headquarters of Wall Street banks and its $4.8 trillion stock market is the world’s fourth largest.Yet Hong Kong’s challenges are mounting. Borrowing costs have surged due to a currency peg with the greenback.
“The mainland regime wants foreign investment and free trade,” said Carsten Holz, professor of economics at Hong Kong University of Science and Technology. “The last thing it needs is for unfavorable Hong Kong news to keep flashing over Western viewers’ television screens.” Paul Chan, the city’s financial chief, vowed last month to make the city more appealing to businesses and talent. Speaking at the annual budget, he said the Middle East and Southeast Asia are potential new sources of capital, adding that the city’s stock exchange will work to attract issuers from countries in those regions. Chan last year led trade groups to Europe and the US to boost Hong Kong’s attractiveness as the city reopened from Covid Zero.
The 212-page bill was approved unanimously late Tuesday by a legislature cleansed of opposition, 11 days after it was introduced. It was the fastest passing of a bill since the city’s return to Chinese control. The law will become effective on Saturday after Lee signs it.
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