Word: kong
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...Coping with Competition But that doesn't mean Hong Kong's future as Asia's preeminent financial center is assured. Singapore in recent years has boosted its banking sector. Shanghai is booming. And even Seoul aspires to be a financial hub. Faced with these long-term competitive threats, Hong Kong's leaders are laying the groundwork for even closer links with China. In August, a local think tank with ties to the city's top political leadership released a proposal for increasing economic integration with Shenzhen, the Chinese boomtown located next to Hong Kong. A mere fishing village when...
...Nowhere is it more important than in Hong Kong. China is on course to overtake Germany as the world's third largest economy. As the country prospers, it is looking beyond its borders for places to park its wealth. And Hong Kong, with its world-class financial-services sector and bustling stock market, is perfectly positioned to become China's Wall Street at the dawn of the Asian century. "We have clear advantages," says Franco Ngan, Value Partners CEO. "We're part of China. We understand the culture and speak the same language. There's a natural tendency for people...
...Even when it was a British colony, Hong Kong benefited mightily from a symbiotic relationship with the mainland. In the 1990s, the city prospered shipping goods manufactured in southern China by Hong Kong-owned companies. As south China's export-manufacturing economy exploded and the mainland's budding entrepreneurial class began seeking overseas investment, Hong Kong became a willing and able broker. This transition is reflected in the changing composition of the Hong Kong Stock Exchange. In 2003, Chinese companies accounted for only about 29% of Hong Kong's total market capitalization. By last September, that number had risen...
...Although the Chinese government is also trying to nurture stock markets in Shanghai and Shenzhen, Beijing still views Hong Kong as crucial because it offers an entrée to the outside world. China's capital markets, largely closed today, are being gradually opened, meaning ordinary citizens will eventually be free to invest some of their wealth outside the country - with Hong Kong, which is a Special Administrative Region of the mainland, as the likely first stop. Beijing last year proposed a new program, nicknamed "the through train to the Hong Kong stock exchange," that would allow individual Chinese...
...Among other measures, the proposal calls for smoothing immigration and customs procedures, coordinating airport and train facilities, and allowing money to flow more easily across the border. The proposal is rooted in a much grander vision than merely cutting bureaucratic red tape, however. The goal in melding Hong Kong and Shenzhen, the report said, is to create a megacity that, by 2020, would surpass London and Los Angeles as an international economic juggernaut. It's a quintessentially capitalist solution befitting a quintessentially capitalist city. Need to grow to keep pace with competitors? Find a merger partner. "I think a closer...