Are Hong Kong's Days As A Financial Hub For Asia Coming To An End?

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Business Standard: As China-US ties worsen, Hong Kong bankers fear for their careers 

The defiant tone President Xi Jinping took toward the US got those hardworking financiers scared. 

It was supposed to be a big celebration for Hong Kong. This week’s Global Financial Leaders' Investment Summit, organized by the city’s central bank, was meant to showcase the revival of Hong Kong as Asia’s financial hub, after years of isolation that resulted from stringent Covid controls. 

But the mood is all gloom and doom. Since China’s Communist Party congress last month, bankers and asset managers I have spoken to are worried. They wonder whether they have viable careers at all.  

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WNU Editor: Being one who has visited Hong Kong dozens of times since the 1980s, I know Hong Kong will always remain Hong Kong. But as a major financial hub for Asia .... under the rule of Xi I think those days are coming to an end. 

With the US and other countries now viewing Hong Kong as an extension of China, I expect financial restrictions and regulations are going to be imposed. 

What also does not help Hong Kong's future is that Beijing wants Shanghai to be the financial hub, and I think they are going to succeed at the expense of Hong Kong.