But there’s no denying that it has lost ground, in particular to Singapore where money and talent is pouring in. China’s economic slowdown, spurred by its Covid Zero approach and a crackdown on private enterprise, raises further risks. In the latest Global Financial Centres Index, Singapore was ranked as Asia’s top financial center, overtaking Hong Kong which slid to fourth globally.
Hong Kong officials are pushing to convince the world that the Chinese territory remains the go-to place in Asia for finance after three years of strict Covid restrictions and political upheaval.
The city’s advantage, officials say, is its super-connector role to mainland China. And looking at the guest list for a summit that kicked off Tuesday to tout its comeback, they could be right. Hong Kong’s new leader, John Lee, is hosting top bosses from all of the biggest global banks, including Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and HSBC Holdings Plc.
