Hong Kong's future as Asia's financial centre | FT Film
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- Опубликовано: 29 июн 2022
- The city's reputation as Asia's top international financial centre has been shaken by three years of protests, a political crackdown and a zero-Covid policy. The FT's Asia financial correspondent Tabby Kinder examines whether the city can remain the prime place to do business in Asia. Read more at on.ft.com/3I0ZpZH
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FT seems to think capitalists/bankers/investors care about the welfare of the citizens that inhabit a place. If that was the case, there wouldn't be billions pumped into Saudi Arabia with their enslaved workers, or in Bangladesh for similar reasons, or in US arms trading. Profit is the key goal under capitalism, it's not free speech or healthcare or anything of the sort.
and theres zero profit in hongkong.
Maybe, but, times has changed, China's handling of covid, Ukraine war,...it's now, the "west" against the authoritarian regimes, particularly Putin and Xi.
No one even thought that more than 1,000 western capitalist brands would have stopped operations in Russia, sacrificing their billion dollar revenues in protest of Putin's war of aggression.
Anything can happen.
You need to get yourself a proper education. I am no fan of Capitalism, especially the Neoliberalism of today and know it all boils down to greed. Hong Kong itself was the product of the British forcing opium onto China for 137 years (1770-1907) which brought in 1/7 of UK's export earnings. But billions are not pumped into Saudi - it is Saudi which pumps billions of petrodollars into other countries! Indeed, after the quadrupling of oil prices by OPEC in the 1970s, the USA and UK made a deal with Saudi [whose barbaric ISIS-like Wahhabi fundamentalist kingdom had been established with the help of Colonial Secretary Winston Churchill] , to keep protecting the feudal dictatorship from its enemies as long as the petrodollars were invested in the USA and UK.
I mentioned above that Hong Kong was based on the opium peddling starting in 1770 - the opium was grown by the East India Co. in India [including kidnapping Indian children to work on the plantations]. 1770 was significant as it was the year of the Ruin of Bengal [now largely Bangladesh] in the Great Famine caused by British looting which killed up to a third of the population. Bengal had been the richest province in the world's largest economy before British occupation. Investing in Bangladesh is a very good thing as is the special trade deal with the EU etc. and its population is not enslaved!
I am copying below some historical text relating to Bangladesh and how the Capitalist Global system arose through Crimes Against Humanity by the British.
Robert Clive returned from Bengal with his 'loot' [the Hindi word for plunder] as the richest [non-monarch] man in Europe (Open University online estimates his 'loot' at £100 million at today's rates). His East India Co. mafiosi henchmen became the new super-rich 'nobs' (from nawabs/'nabobs') and often bought up parliamentary seats - the Pitt family made their fortune looting India. Meanwhile, 1/3 of the population of Bengal Province [inc. modern Orissa and Bihar] - some 10 million died in the Great Bengal Famine of 1770 due to the rapacity of the Brits. Richard Becher [relative of William M. Thackeray] had predicted this 'Ruin of Bengal' which had been the richest province in Mughal India [which had 27% of global GDP before British occupation]. The Ruin of Bengal also led to economic crisis in Europe as dozens of banks collapsed in days as looted Indian wealth dried up for a while and Adam Smith had to delay his 'Wealth of Nations'.
As research published by Columbia UP showed in 2018, the British stole some US$45 Trillion from India over two centuries which financed the Industrial Revolution and much else in Britain and its white settler colonies [see Jason Hickel's article on Al Jazeera online which also discusses how Britain lies about this history]. They also killed tens of millions of Indians by exporting India's foodgrains for British Food Security and profit including the setting up of Death Camps which gave less starvation rations than Buchenwald for hard labour to victims of the 1877 Madras Famine killing 94% of inmates - 7 million in total died [whilst record amounts of exports of Indian foodgrains lowered prices for Westerners]. George Orwell wrote (The Road to Wigan Pier) that 100 million Indians must be forced to the edge of starvation so that the British can live the way that they do. The last of these famines were due to the war crimes of Winston Churchill in Bengal in 1942-3 [including stopping Food Aid from other countries reaching Bengal after British cover-ups were blown -- even Nazis allowed such food aid in Greece in 1941]. Yet the British [including Churchill worshipping historian and journalist Dominic Sandbrook points to Stalin's famine in Ukraine [causing death by starvation] as an outrage - as if the British never did the same and many times over 200 years].
The British also deindustrialized India which had dominated manufacturing exports in textiles. H.H. Wilson wrote in 1853 that Manchester and Paisley could not have risen, even with steam power without the systematic elimination of competition from cheaper and superior Indian handloom cottons. This included the breaking of weavers' fingers and the cutting off of thumbs of weavers of Dhaka Muslin [a highly-prized elite cloth which which cost many times the price of silk] as well as tariff barriers and creating a Captive Market for British goods. Governor General William Bentinck wrote that the plains of India are bleached with the bones of her weavers. In the 1790s English experts declared Indian Wootz the best steel in the world and Sheffield copied its techniques but Indian steelmaking was stifled to suppress competition. India had been a major shipbuilder and continued to be in the early British-rule - the oldest seaworthy ship in the Royal Navy is HMS Trincomalee built in 1817 by an Indian company in Bombay of superior Indian teak. But soon afterwards, British shipbuilders stopped shipbuilding competition in India. As Shashi Tharoor tells us in Inglorious Empire, Indian engineers showed that they could design and build locomotives and thus the Brits stopped such manufacturing as well. Even during the 1939-45 war [when British Empire admirer Hitler wanted to make Ukraine and Russia Germany's 'India'], the British refused US plans to make aircraft factories in India (to fight Japan) as they did not want an independent India postwar to compete. [I recently came across the website for a 2018 book by Stanford Prof. Priya Satia (search 'Guns and the British Empire) ] about how the EIC and Raj suppressed gun and cannon manufacturing in India not just to suppress resistance but because they viewed arms manufacturing as central to industrial development. She notes that colonial British and French observers noted that Indians were making muskets and cannon as good as the best in Europe].
After the 1939-45 war, the British [and the postwar USA - following George Kennan's strategy of holding Asia down as poor compared to the West - whilst giving Marshall Aid to redevelop Europe] refused to help India build a steelmill at Bhilai saying stick to your traditional raw materials! The Brits created the First World/Third World schism and tried to maintain it. It was the USSR that stepped in and helped build Bhilai. They also helped build India's first Institute of Technology at Kharagpur and an antibiotic factory etc. This - not arms sales is what led to the strong Indo-Soviet and then Indo-Russian partnership and friendship! In 1971 the USA and UK sent warships to support the Pakistani dictator perpetrating the largest genocide since 1945, killing 3 million in East Bengal. It was the Soviet Navy that warned off the USS Enterprise and Soviet threats to attack China stopped Mao from attacking India in support of Pakistan as Kissinger had even urged him to do..
@@CannibaLouiST which part of the video said anything like that?
@@canto_v12 I said that.
Lovely how the FT and the interviewed bankers glossed over the Nickel market "incident", where the London Metal Exchange (in fact owned by the Hong Kong Exchange), reverted trades to prevent a Chinese billionaire from getting bankrupted by a short squeeze.
If you think all the wealthiest nations don't do this... You are naive. Covid was a great example of how the wealthy nations supported businesses while those in 3rd worlds suffered the consequences in a far harsher manner.
@@mikonou I'd rather be naïve than to perpetuate evil. No thank you. One evil does not justify another evil, let alone a lesser evil.
At least cite GameStop or something as a counterargument. You sounded delusional when you mentioned COVID instead. Wonder why the WHO made ridiculous claims like COVID was not contagious, masks were useless, and travel restrictions were racist? Did "wealthy nations" do that?
You are saying as if China's billionaires have any power, what an ignorant view. If they do, Jack Ma would still be CEO of Alibaba.
@@deep.space.12 You seem to have missed the point. So let me make this easy.
The point is wealthy nations can and will always have the capacity to bail out their citizens, whereas 3rd worlds cant. So citing gamestop which is in a 1st world country makes no sense.
1st world nations got ahead because they could fork out more "money" for their citizens, while 3rd world nations could not causing crisis - e.g. sri lanka.
China in that case, was simply behaving like a 1st world nation. However, China"s internal interest is also vastly different from that of other 1st world nations. Just like how the US, Canada and EU have had multiple trade disputes in the last 3 decades - Steel, grain, etc...
Again, Gamestop was not cited because the point is to compare the capacity of a 1st world and their ability in global economics vs. that of 3rd worlds. And in the case, of china intervening with Nickel, this is an international situation. One that most 1st world nations have engaged in as well.
You mean choosing to stay on topic instead of veering off to some completely irrelevant subject (but which suits your vacuous agenda) is ‘glossing over’? Hilarious.
If anything, SG is the alternative to HK, but the ties can be built. Just see how many home offices of Chinese Billionaires have been set up. No one can replace HK, rather it's going to be dissipated between Shanghai and SG.
that makes no sense. If Singapore was an alternative, then Tokyo would be too. Tokyo's $5.6 trillion vs Singapore's 700billion...you must be high
@@iamsheep Tokyo's exchange is for its own domestic economy and whatever trade ties. Singapore on the otherhand has a great deal many trade ties with China. There are minimal language barriers as oppose to dealing with the Japanese Furthermore, the Chinese billionaires are moving their money and family offices to Singapore, not any where else. To add, if there are listed businesses in the region say from Thailand and Malaysia, they do consider a listing in this perplexing city state. I wouldn't say we are taking over everything. But it will dissipate between Shanghai and Singapore.
@@MrBoliao98 no idea what you’re talking about mate. As impressive as Singapore society and economy is, the stock market there is shrinking and companies are moving to the Hong Kong exchange. There isn’t this huge exodus from China as the media makes you believe it is. If Chinese businessmen are moving money and families overseas then they’re mostly small to medium ones or they got busted by the anti corruption campaigns. There have been an increase in unicorns in China, not a decrease. I wish Singapore the best but there is no chance of it topping the Hong Kong stock market. Geography alone will guarantee this.
@@iamsheep I did not say SG will top HK, read, do not assume. I said the HKs prominence will dissipate between Shanghai and Singapore, so read. And if you speak of a shrinking stock market, please read more. It isn't a mass Exodus, rather that drop of people leaving is like having a lump sum dumped on your table and financing. Ultimately with rule of law, it is an attractive proposition.
@@MrBoliao98 lol you have no evidence for your claims and just going by feelings. Great job
Mini exodus from HK is an understatement
Right, 200000 out of 7400000 in 2 years, around 2.7%
That transition at 7:27 is amazing
How can you expect a place to be economically stable when even the the yearn of democracy is outlawed
How about the democracy of Singapore?
instead of Expatriates, call them immigrants.
In conclusion Hong Kong will be fine in the future.
As a Chinese city pooling in Chinese capital for Chinese investments, sure.
@@phoenix5054 everyone else is leaving
Depending on how you define "fine". Well would be a normal domestic city of china. Not international city
The entire Chinese economy is not fine, not to mention Hong Kong.
This is a really valuable production. Well done.
You have been listening to half the truth, the part that they want you to hear. It amounted to a lie. They did not tell you that extradition bills are fairly common practices between nations. They did not tell you that it was opposed by the person who is a legislative council member, Mr. Li, who is also a leading figure of the anti China group. It is precisely this person who proposed similar motion in the legislative council to get a criminal suspect back to HK for trial. They did not tell you that this Mr. Li is a lawyer, one of his main income derived from defending the offenders, frequently paid or subsidised by the HK government. This is how some people took advantage of HK's justice system and made money therefrom.
"worse than gotham...." oh man hong kong is really in big ruins. 😔
The real BIG question mark is not HK, it’s London…..will London still be able to maintain its position as one of the worlds financial centres after Brexit !!!! A lot of banks are planning to leave London!!!! Lol
That's my question too.. and I've been waiting for FT to do an analysis on that, assuming FT should know something about London.
Given London's links to the US and many other parts of the world and certain geographical and infrastructure advantages, London still seems secure in its position, but I can see Brexit hurting London and giving some of its strength to a city in the EU.
They wanna limiting China's ability to do international trade via Hongkong, that's why they trying everything to mess up Hongkong.
Hi, dear friend are you British? I had spent 7 years in UK. They are nice people. You might have learned what happened during the referendum for Brexit. British people had been conned. British people were like many of our HK people, they have not been told the true effect of Brexit. The Americans has worked so hard to break the tide between Britain and the rest of Europe to weakened their competition and to enforce their reliance on United States.
Somehow, the massive 'brain drain' that many anticipated after Brexit hasn't happened - Original predictions were that at least 200,000 jobs would be moved out of London, but today that number hasn't even hit 10,000 yet. I reckon that if HK's business sector is able to survive the massive upheaval going on there now, then London will be absolutely smooth sailing.
So, basically western bankers and finance people are telling that young political dissident from Hong Kong (and others like him) - sucks for you that you bought into the western "democracy" line, joined the protesters, destroyed parts of the city, maybe got jailed, ruined your record, had to leave your country - but we decide we will stay and do business in Hong Kong anyway. Thanks for your effort though.
The short presentation talked about "making money" in China a number of times. This is based on the idea of selling American products like Coca Cola to 1B Chinese people in the 1980s. When dealing with Chinese companies, their balance sheet is not as transparent. Companies often inflate their assets & profits to qualify for a listing on the NYSE & other foreign markets. In recent years, Chinese companies that can't come up with a satisfactory year-end report got booted out of the American stock exchanges. HK being a city within China would allow companies with questionable balance sheet to be listed in the Hang Seng. Even after the housing bubble and the collapse of real-estate giants like Evergrande, it's surprising people are still willing to invest in China as a high stake gamble.
Many Western companies continue to manufacture their products in China knowing that there is a high probability there would be knock-offs.
I assume you know that one of the reseller of Coca Cola in China is Swire Pacific, which is a UK company listed on Hong Kong Stock Exchange, and you can check their books that it's making real money from their Coca Colas.
Considering that there is still demand for products from free countries in China and that the money is available, and considering that the Asian market is more than just China, what city would you see as a good financial hub in Asia?
@@danjager6200 How about Tokyo?
Theres a reason western companies are still investing heavily in China. It’s the only country in the world that has a well-established supply chain system where u can get anything instantaneously with low costs. The labor is cheap compared to developed countries but as cheap as it used to be since rate of labor has increased over time as the country grows. Still the fact that China can produce anything with high efficiency and low costs makes it an ideal place for companies worldwide to put their money in. The stock market and companies are fraudulent yes, but that doesn’t deter global investors from pouring money in its just they have to take some additional risks and theres always risks in doing business.
@@honlamwang8618 sounds like now would be a good time to look toward a shift to India. Given that 85% of international ip theft is from China the risk is increasing just as the cost of living is also increasing.
If I had money in manufacturing, I would certainly look at shifting to India. For tech products the nations of Korea, Japan, and Taiwan are strong options.
Hong kong no longer deserves to be a global financial centre
South China Morning Post: "Expatriates fleeing Hong Kong frustrate Singapore peers as home rents climb at fastest pace in a decade.
Rents are rising at the fastest pace since 2011 when Singapore’s economy was rebounding from post-crisis years.
An influx of expatriates from Hong Kong has added to the usual migration trend in Singapore, increasing competition for private residences."
The closing of zhong Kong to tourists and non residents has caused too much capital flight that its already too late
Hogwash.
@@JKSelama No it's not, been living here 12 years, sitting in quarantine right now and I can confirm that they have killed the golden goose
@@JanikLitalien Anyone could see it coming though.
@@JKSelama I have lived in Hong Kong for a very long time. I have been outside since 29th March. I find it hard to go back for as long as they keep the stupid quarantine requirements.
@@harisadu8998 It is stupid only for people who think it is stupid. Doesn't mean it actually is.
I am interested in setting up a company in Hong Kong, because in addition to several tax advantages, Hong Kong is unsurpassed in terms of corporate networking, which is essential for a company to grow. In addition to being the city of my dreams to live in.
However, I unfortunately recognize Hong Kong's grim fate, and I probably no longer intend to maintain the company after 2049.
I'll probably move to Singapore or Tokyo.
grow up
I like how people only absorb the parts that they want-“uncertainty,” “freedom” blah blah, without watching all the way to the end. The video concludes that Hong Kong’s position is still unassailable and that international companies are willing to stay in Hong Kong because China’s ultimate control is both inevitable and not really a deal breaker.
Again: Business does not value some semblance of “western democracy,” otherwise they wouldn’t have employees in places like Shanghai or Singapore. Business values political stability and a reliable legal system.
An incorruptible legal system and (ironically perhaps) political stability - in the long term - are both, in our modern human experience, most readily guaranteed by ‘Western-style democracy’. This is not well enough understood by people in places like China, who think democracy is all about voting (but certainly well-understood in other places like Singapore, which like Hong Kong, has built its reputation on the inherited business-friendly common law system). While business will always be keen to engage with places like Shanghai, for their immense potential wealth, they will always be nervous of Xi’s government in Beijing re-writing the law on a whim.
Business is short sighted.
@@KW-hk2jd which big boys are you talking about?
@@canto_v12 Totalitarian regimes don't understand Western business. Business needs the confidence that it can take the government to court and have a great possibility at winning.
This is impossible in a dictatorship like China which has no separation of powers.
I think it depends on how long China continues to impose the Zero Covid policy on Hong Kong. If mandated quarantines on arrival and lockdowns continue to be the norm, companies will eventually get fed up and leave.
actually, Singapore is pretty good financial center in asia, much more stable. Singaporeans are mostly of chinese decent, so lots of similarities actually.
Noone is saying its not a good financial center, it just won't be a replacement for HK.
and no one would ask for democracy in Singapore....
@@karltkng true
@@karltkng mfs here can’t pass a dse paper but expect me to trust them with a vote that affects my life 💀ain’t no way
thanks for sharing
What people fail to see is despite the importance of a political and judiciary environment a city must provide to facilitate economic growth and business development, it always ultimately comes down to the money and profit in a capitalism-based society. If the city cannot provide revenue to the investor, doesn't matter how free the press is or how just the court is, the finance sector will not bend backward to serve politics.
So for those who look pessimistic on the future outlook of HK, go ahead and leave for somewhere you deem 'freer'. Time will tell.
It's pretty simple really, freeflow of information and freedom to travel are all good for business. Growth and development are never on the other side of the coin versus freedom, they are on the same side. USSR demonstrated centralized market didn't work, Mao era China also, why would anyone expect it to suddenly work now?
Capitalism could not sustain without freedom. Right now, lots of people in China who aren’t from first tier cities, are having trouble withdrawing money from banks, the system is not able to assist the victim, and they don’t have the right to protest either.
@@jj72rg that’s why China dropped the Maoist Communist system in 1979. For them it has been a spectacular success since then.
Hi Maple, thank you for your comments. I am happy to see differences in political preferences. But it is really sad in Hong Kong if you know during British rule, we as HK students, were deprived of the opportunity to learn modern history. We stopped at the opium war. Upon knowing HK will be returned to China, British government changed the education system, by telling the younger generation only the dark side of the communist party of China. As Hong Kong people have very little political sense, they could be easily moved by misleading information. A lot of young people today still told me that they don't want peace. I am really pitiful and sorry for them. They are in a sense very innocent.
@@kaimingraymondchoi9909 This is why we should gently correct the teaching of history, to fix an entire generation of subtle brainwashing--not overt indoctrination like in early Communist China, but gradual acceptance of a narrative that has only been verified by hearsay.
All of us HKers have been taught inaccurately to some extent, but only some of us have actually bothered to research and find out that history was not as simple as we were taught. I suppose every country has this problem. But where I am now (US/California), the culture of critical thinking is better taught and many of us grow up to instinctively reconsider what we were taught before. HK and Asia in general are a little behind with this culture but time will fix that.
In the business world the fall of a city means the rise of another.
2:56 the guy in blue was about to walk in to the camera, realized it and changed course immediately
Very nice fair interviews of both side views only time will tell who’s right and wrong
Jonathan Stone worked for Chinese Firms for years. He knows the CCP propaganda rule well.
What does Tara Joseph mean by "Asia-light" being "comfortable for people to be there" at 8:10?
Good and subjective analysis, thanks
Some contradictions in the opening of the video when the presenter points out political stability as a pre-requisite for a financial capital. The NSL in Hong Kong basically ensures that the city would become politically stable once again. Isn't that what the financial markets want? But then they go on to insinuate that HK's NSL will limit freedom of speech.
Funnily enough, the alternatives to Hong Kong cited (Singapore, Tokyo, and Shanghai), all would still have a lower freedom level compared to Hong Kong even after the institution of the NSL. Singapore has their own version of the NSL and the Monetary Authority of Singapore is seen as more controlling of the SGD than HK's Monetary Authority to the HKD. Japan itself has a strict state-secrets law that was instituted in 2014 that limits publications to report on government misdeeds and limits press freedom. And if the West is already fleeing HK, what more of Shanghai?
Thus the conclusion of the video seems to me that the West has no other option but continue to be in HK if they still want the access to China. The other alternatives are as imperfect in freedom of speech (because Singapore, Japan and China are all sovereign territories with their own laws). So my suggestion to FT and the expats in HK, when working in another country, just abide by that country's laws. How difficult is that?
It’s not hard to abide by Hong Kong’s laws, as Hong Kong’s vibrant business community is constantly demonstrating despite the constant sob stories from the sour remnants of the protest movement. The laws aren’t even unreasonable-it’s a fairly low bar and not too different from the security laws of any other modern country.
The stability of the NSL is problematic because the application if the law is a rather strange. It is badly defined and has a chilling effect because people aren't sure what goes and what doesn't go. Should have been much clearer but it was made in typical mainland style.
@@harisadu8998 I believe the NSL is worded in the same way as an NSL would be in say UK or even Singapore. Nothing ambiguous about it and unless you are someone who are inciting secession or acting against the Beijing government, then you have to be fearful. Otherwise you are unlikely to be bothered by it.
@@quirrow That's literally what the Chinese media parroted to you. I've heard this nonsensical claim again and again. I'm not interested with comparisons to unfree societies like Singapore.
While different countries have various forms of laws to protect national security, they are not as ambiguous as this one and they have the same due process as all other cases whereas jury trials can be tossed out in HK NSL cases.
Those other NSL cases may usually have maximum penalties but often not mandatory minimum penalties.
@@harisadu8998 Not sure if you have even read the draft of the HK NSL, because it practically has the same wording as the NSL in the US and UK. FWIW, remember the detainees in Guantanamo had no recourse to any jury trial either. And whatever law Singapore got, it was mostly from its past as British colony, so inherited from the UK. In Singapore the government has the right to detain suspected terrorists without trial either. And as far as I can remember, no one has spoken any word on how 'ambiguous' the law is.
So the bottom line is do not try to subvert against the CPC or Beijing, do not try to secede HK to be independent, do not collude with foreign governments in acting against the CPC or HK government. How is that ambiguous?
Singapore should follow suit.
Expats from HK who vow for Singapore because of political reason is pretty ill-informed. In Singapore, you are not allowed to critiqued the government
China's government model is pretty much based on Singapore's.
Singapore is loving this
what future as Asia's financial center?
Can South Korea emerge as the next financial empire in Asia.
If Taiwan remains resilient, it may also get a piece of the pie.
One thing you should do to be successful in life is having the mindset of the rich. Spend less and invest More. Don't give up on your dreams
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It was sad after receiving my first profit knowing I invested so low with fear
Macau? Taipei?
20 some years ago, Gordon Chang's infamous book, The Coming Collapse of China, was quite popular. The fact that he's still quite popular on TV tells something wrong with the western media.
People see only the truth that they want to see.
If you are saying a collapse isnt possible you aren't aware of the structural problems in China's economy. China's development is the result of it being the global manufacturing centre for developed economies. When that goes - and it is - so does any continued development
@@mandrakemalachite1061 You sounded like knowing China quite bit. But it seems you don’t understand these two words, adapt and change.
@@ylu7450 Lets hope they can, but change is very difficult to do in the midst of a demographic collapse, economic decoupling, excessive pandemic lockdowns, property market problems, a hostile geopolitical environment and the return to a revisionist communist style of governance
@@mandrakemalachite1061 people have been saying this for the last 20 or so years.
I love Hong Kong, my love is dying... 😢
Dear, people change, life move on. Get a grip
You are dying? 😂
sense of betrayal? Why not report on why the extradition bill was introduced in the first place? Does that guy murdering his pregnant GF not warrant a change in the laws so criminals cant use this as a loophole, while serving as a safe haven? Besides Hong Kong is more free than any western country today,. In no western country will their police officers not resort to violence if petrol bombs are being thrown at them for a year.
When you are in someone's else house, respect the host.
Yeah even the host is a psychopath
HK only really has two cards to play - legal infrastructure and preferential access to China. Those interviewed in the video who say the NSL isn't a threat are ignoring that it sets a precedent for allowing China to interfere in other ways such as business. Once 2047 comes around, HK will just be another Chinese city.
I am not sure HK will become another Chinese city, unless, HK continued to be used by the western countries as a political battle field with China. When PRC first formed, Mao overturned all treaties signed with the western countries during Ching Dynasty with the exception of Hong Kong and Macau. China needs to retain HK status quo to demonstrate to Taiwan how one country two systems works.
@@kaimingraymondchoi9909 Taiwan is a free independent country. Everyone knows that but everyone will keep pretending the "1 country 2 systems" applies to Taiwan and laugh behind the backs of CCP's China.
@@kaimingraymondchoi9909 Yeah demonstrating to Taiwan how untrustworthy Beijing is.
I guess you are not following what happened in Hongkong. This is just another Chinese city now. This is real and happening
@@545ian62b44 yup it'll be just another Chinese cesspool of a city once the people with sense either lose fighting back the CCP, or leave altogether.
The city will come complete with all the diverse varieties of corruption that uniquely make it the People's Republic is China.
Sad to see Britain not take blame for its actions
It's not Britain's fault though.
@@Lambyyy No. At same time, Britain never gave HK democracy until a few years before handover back to China.
take the blame? for starting a democracy there? China is the one taking their rights away.
@@Maplelust I am not for communist but a colony is not a democracy . From 1841 to 1997 under British rules, the election universal suffrage for “half” the Legislative Council only started in 1992. This is 5 years out of over 100 years. Yes, still had more freedom prior to handover but a not a democracy.
Singapore is the most likely new financial hub for Asia's other rising economies. HK is never going to be the same again ever--it will be a totalitarian domain and that will make investors/companies think long and hard about continuing to do business there. However, greed always wins out over morals.
Singapore is even more totalitarian than Hong Kong
Singapore is a total replica of Hong Kong albeit facade of democracy and freedom.
Why your program is so much alike the Economist.
Because it's the same class of angloids running the British media stratum.
The same discussion happened both during 1997 and 2003, business remained booming. If you’re in HK ur trying to do business in China, clearly people who are saying Singapore is becoming the new financial hub do not trade…the volume is simply not comparable.
Strangely, no one in Singapore talks about HK being in competition. It is the HK media and expats who are playing it up.
People are more in love with the idea of Hong Kong’s impending demise than the actual welfare of Hong Kong. Which is funny, because as a Hong Konger I want HK to excel and be a better place for its people. Singing sob stories about Hong Kong does nothing for me. Most problems are solved by optimists and realists, not pessimists and ideological academics.
@@canto_v12 Hongkong has no comprarable advantage among the cities in the delta region. Hongkongers need to embrace the truth that it's not the only fine place to do business, neither is it the economic center of the region, let along the entire asia.
@@vincentdesun no intrinsic advantage without competitive industries, yes. But they do have a competitive financial services environment and although declining, it is still a major shipping port.
“before 2019People live a happy life in Hong Kong. This is the most ridiculous argument I have ever seen. ”The high real estate prices and the tight pace cannot make most people happy. To be fair, the local real estate oligarchs should bear most of the responsibility.
An excellent jobs and report!
I lived in HK for 7 years. then riots destroyed city for reasons I never understood: local brats were going along w their wolf-in-sheep clothing Mainland CCCP army youth and then screamed and cried that they hate the CCCP.
the banking for Americans got really hard when I arrived in 2014 and now its pretty much impossible unless u show up w a stack of previous years taxes. And the bank examines ur signature like I've never seen anywhere... with a magnifying glass.
I was treated like crap by British for being American, ignored by every western man who were 100% engrossed in Yellow Fever, and pay is waaaay low as an ESL teacher.
In addition, ALL Chinese: whether Taiwan, HK or mainland have a super weapon you as an outsider WILL NEVER win against: complaining. CHINESE COMPLAIN ABOUT ABSOLUTELY EVERYTHING. which sux, because ur students are only treated as customers to keep money flowing and overly critical parents content.
Chinese do not complain. It is not a complain that expect a responsible action. They are cussing. Cussing, for their rights. And they are not respected and their rights are removed. And yes... some of the rights IS related to the city being a financial city as well. Cos some of the land should be private and passed onto them as next generation.. but some of the banks are often using those specific plots of land... to leverage for YOUR currency increases and rise... And what you are now finding in HK is that there is absolutely zero stabilities as well. People work in a gig economy way which is super unsustainable ? They don't even know what to do and how to be and what... Meanwhile.. lots of factory works everywhere else... and lots of mortgages that are not sustainable. HK should've had some of the factories to exist there.. but people got so swept away with the influx of foreigners to the extent that... well.. it isn't working out. So that is why the protest happened. And I quote... what I wrote elsewhere... "HK built around 10 high rises a year. UK only built one high rise in 2-3 years." DO you think that this is sustainable? Many businesses have already collapsed in the mainland already, cos of over-expansion and over-production.
It MIGHT help... if you understood cantonese.. but you don't. So you don't get what they are on about !!! It does not help !
more than 300k Hong Kong citizens already left and moved to Canada and other EU Countries.
We have the same initials? Your color is darker.
Im not expert nor im working in HK... You should know how future hold for you....be prepare either stay or leave asap...
The new Cold War era is likely to complicate the matter not only for Hong Kong but also Shanghai as far as US dollar, the world's dominant currency is concerned.
6:10 it's refering to shuting down Apple Daily, a newspaper supportive of the protests
Actually they didn't shut down Apple Daily. The newspaper had been making huge losses for years, their funds got frozen and simply couldn't operate anymore.
what about occupy wall street, how did NYPD deal with that, once again, we see double standard here.
To All Viewers,
Singapore 🇸🇬 has loosen All Travel Restrictions and tours Had Resume back Travellers to Singapore 🇸🇬 with Immediate effect since April 1st 2022 that open to the World 🌎.
You are not going to buy a house from agent if you know the agent is on the seller side.
But what would you do if you want to buy this house badly and it's the sole agent authorized to handle the transaction?
@@BalanceChen87 That's the point. You will only buy when you need it badly. The business opportunity need to be much more attractive to investors for the extra political risk they are taking. For example if you are hedge fund trying to short a state own company, you will think twice trying to setup a base in Hong Kong. An agent is much better if it can prove to both buyer and seller that, it has both parties interest covered. This was what makes Hong Kong stood out from other Chinese city.
Hong Kong is no longer Asia's financial centre. China caused this. Singapore is the new centre.
Because Hong Kong only gate way to China, after China join WTC, others don't need Hong Kong 😂
Clearly you haven’t watched the video lol
Tokyo.
0:25 immigrants, not expats. Rich Western immigrants are still immigrants, not expats
One thing FT failed to show, and all the foreigners seem to forget, after blaming the zero covid policy, is the human life cost of opening early after covid.
The one who hate Wall Street, feels sad that HK can’t keep as financial center. Why?
"civil rights are bad for my bottom line" - jonathan slone
Fantastic FT is always the best.
All I heard is that these investors missed the nonexistent taxes and tax laws Hong Kong had
Everyone is leaving Hong Kong
Clearly detailed and well-presented. Thank you for this informational video!
Living in an illusionary world lol. HSBC and Stanchart cannot survive without HK, they need HK more than HK needs them!!!!! Colonial days are long gone!!!
Hong Kong will always be the financial hub of Asia as long as it is backed by China, compared to cities in mainland China like Shanghai HK still remained more as a more international city and covid rules are definitely more relaxed than the mainland.
Hong Kong has a bright future!
Someone you-know-who attempted to make Hong Kong as a "cancer cell" (protest) in the China's body, hoping it would spread to the entire body. Their plan has been defeated.
in terms of covid rules, it's true only in the internal level, when it comes to the border, Hong Kong now takes the worst of both worlds
Nice chanel
wow, no one talk about freedom and democracy in Singapore... it sounds like only HK will have a big problem after having its own nationalsecurity law.
I mean Singapore is an elected dictatorship if I recall. Lots of controls on freedoms and politics. Might be because they care less about covid etc so people let it slide.
Singapore 🇸🇬 is a Possible Alternative Destinations for Business Financial hub and logistics hubs for Talents to work.
As always, good quality reporting by the FT. Easy to see why investors rate London so highly when compared to other options.
London is on top even after Brexit because of entrenched advantages in financial services, despite the efforts of Paris and Frankfurt to steal business. Hong Kong is similar as anyone who's there after 1997 is there to play the China market, without actually being inside China itself (with the capital controls etc.). Beijing will never let Singapore or Tokyo (Both staunch US allies) to play the China market, and Shanghai is forever caged inside the capital control and censorship bubble.
HK's future role will be to serve as a financial hub for the tech hub of Shenzhen, as well as manufacturing in the Greater Bay area, similar to how San Francisco (The top financial centre in the US West Coast) pivoted to service the Silicon Valley tech industry in the neighbouring San Jose area. If you're looking for real innovation you don't go to HK, you go to Shenzhen, because the network effect draws talent from all across China. Fintech + remote work will eventually take over and supplant the traditional banking industry, and all those expensive expat banker jobs will disappear.
@@Avantime Hong Kong is game over and a ticking time bomb. If you think it isn't safe to put your money directly in China, then it is equally unsafe to be in Hong Kong. We now know the handover does mean Hong Kong is Communist China.
@@nickm1727 No money is truly safe, not even in the US or Europe. Just ask the Afghan and Russian central bank after Biden froze their reserves, and now he wants to use the Afghan central bank money to pay 9/11 victims.
China has trillions in the US, but they know their money is no longer safe after seeing what happened to Russia. China's reserves dwarf whatever Western investors can put up.
British government’s just announced that
Hong Kong is a safe and prosper city.
Hong Kong tops the list in economic freedoms
ahead of Singapore and US(rank 15).
British expats stay in Hong Kong
not only because the city remains an attractive base
but it’s also their home.
The national security law has brought stability back to HK
people trust the system and the rule of law.
This law is no different than the ones around the world.
It should ensure that laws are put in place,
observed, and strictly enforced
and anyone who violates the law is held accountable.
People often mis-interpret stability with fear
but if you're a law abiding citizen
then you have nothing to be afraid of.
‘The prospects for HK remain incredibly positive.
There are still expats coming to HK
so they are not scared of the future of HK.
They want to be part of the journey of a new HK
because HK is going to be the best city in China.’
New York is still a larger financial hub when compared to London tho.
Kuala Lumpur can be the next Asia Financial Centre
Pourquoi?
“Asia-lite in the sense that it’s very comfortable to be there” ….. what?
didn't the british pass a "no protest" law? lol
I’d say invest in the Philippines, but the Philippines needs less dependence on China.
Less and less people go to HK now. The place is finished. Just another Tier 3 Chinese city.
I mean sun had set for the British empire a long time ago. The only king is USA. If Wall Street stays rooted in Hong Kong, then HK has a bright future. But the best financial center will still be NYC.
Wall street need to play in China rules in Hong Kong ,or else they will be kicked out from China
@@123321ps Do you even know who's the world order? Look at Wall Street's market cap for a hint? China is just Wall Street's sweat shop. Hong Kong is the middle man that sells cheap labor to Wall Street. There would be no economic activity
Singapore 🇸🇬 is one if Largest Trading partners of the United States 🇺🇸 and Strong Bilateral ties Military ties to United States 🇺🇸 that recently led to the United States 🇺🇸 Navy visited Singapore 🇸🇬 with the Aircraft Carrier USS George Washington and its battle group warships to Singapore 🇸🇬 Changi Naval Base.
HK will porsper as long is there is good opportumity to make good money , other factors will derive from those opportunity , Talent will be a byproduct , migration is a normal process
HK is going to be fine. Don’t worry.
❤️
At least a Chinese HK can slowly transform itself into an open international money laundering center now away from its previous financial center of Asia. It definitely is going to make Beijing officials a lot more happy with this new role in asset and finance management expertise. 🤵🤱
when taliking about money laundry it must be Switzerland … hongkong is just a transit station for money laundry from china mainland…
@@yanliu3940 : You do not understand what this term means, do you???
how would u invest $20k into yourself
content aside, the production quality is really off... it looks like something from the 90s. i mean, seriously? you need to catch up, financial times
Finance is not the loss here, the people who live here have faced terrible totalitarianism. Tell the capitalists to piss off with their “problems”.
Not anymore. HKG is now relegated behind Shanghai
Tokyo: “Am I a joke to you ?”
Japan's economy has been long ruined since the bubble popped in the 90s. Plus similar to Korea, Japan's economy relies on strong domestic eterprises rather than attracting foreign investments
London is going down after brexit.
Paris and Amsterdam up
No justification
Geographically there's just no replacement
End the Fed and all Central Banks! Return to a Sound Money Silver and Gold Standard like the Founding Fathers intended!
SAVE #FREEDOM 🙏🙏🙏🙏🙏🙏🙏🙏
These people obviously haven’t been listening to Peter Zeihan.
That lunatic resembling Gordon Chang. Thank God.
hk is like no other place... it survived red guards... boat people, vietnam refugges, brit colonial rule, opium trade n proved all pundits wrong every time... if u work hard, take chances n with a little bit of luck u will be rewarded.. if not quit n go to canada.
no question about that, as always you want to do business with China? then Hong Kong is your only choice of Financial hub, China rise HK rise, China fall HK fall
Strangely, HK still flushes toilets with sea water, and it goes back to the harbour from where it's drawn from.
Why China is a problem of Hong Kong? I am confused. Why western politicians is not a problem of Hong Kong? Hong Kong people would rather be a servant of Foreign country? It is interesting!
HK is done
If you go to New York, play by American rules or leave. Same case with China. Hong Kong is Chinese not British. Follow their rules or leave
Nathan Law is cute.
of course money doesn't care if its war or dictatorships.. these rich criminals just want to make money. in that case scenarios like this is good for them.
✋🖤4G🖤✋
Stability is the key for prosperity of a city and country. Most HK residents are glad that the security law helps to bring law and order to the city. it is obvious nowadays that some media is trying to promote its propaganda, but not to the benefits of Hong Kong !
Common sense new dog in town new season or am I lacking of it 🙄🤔🤐
No HK is not in trouble. In fact HK got better since the riot. It's the West that's crumbling. 😂😂👌