How Beijing Took Control of Hong Kong’s Financial Hub—and Left the West Behind

[becomjapanHK]

China and Chinese are of course influencing every economy more in the last 10 years than ever before.... ..... look at Japan and the tourist sector there......or ANZ/Canada/US housing markets, Chinese built electric cars everywhere etc......

HK is on the doorstep and closer to it all than anyone....of course the influence will be stronger and more pronounced........HK is lucky to be positioned as such I would think.

[ByeByeEngland]

Are you sure? You think the same path would not have been followed? Hong Kong was always going to get swallowed and controlled by Beijing

Yes it was inevitable and also inevitable that it would happen long before 2047 but the perfect excuse to accelerate the process of change was effectively handed on a plate after warning shots over the bows were ignored.

[Mirindix]

https://www.wsj.com/world/china/hong...d=hp_lead_pos7

Archive Link: https://archive.is/vDXq1

HONG KONG—With the golden gongs behind her waiting to be rung, Bonnie Chan, head of Hong Kong’s stock exchange, launched into a speech this spring. What she said, extolling Hong Kong’s position as an international financial hub, wasn’t remarkable. Rather, it was how she said it.


The Harvard-educated Chan spoke in Mandarin, a departure from the exchange’s past practice of speeches being given in English or Cantonese. The language was dictated by a 2-to-1 vote over English by the three Chinese asset managers launching new cryptocurrency funds at the exchange that day. The exchange hadn’t offered simultaneous translation in English or any other language.


Foreign banks played major roles in one-fifth of Hong Kong’s initial public offerings this year, compared with roughly half just two years ago. Chinese banks have taken the places of Western ones as top earners in the city’s debt-capital market.
Private bankers are increasingly catering to first-generation Chinese millionaires instead of the rich expatriates who made their fortunes in decades past. Corporate recruiters say conversational Mandarin is essential to get hired.

Have to go with trends and time, either adapt or weep
Where the money will be made, there will be the related skill demand

[Mirindix]

Until 5 years ago people thought at least China would uphold the 2 systems agreement though, and see where we are now. This is the very reason for the western business exodus as mentioned in the article as well.

Yes? Where are we now? Seems to be still quite "bearable" for those staying, or those actually returning from the "greener pastures" or the new comers (including snooker champs)

[Cheeky Kiwi]

I blame the British.

yeah, stupid fuckers should have gotten kowloon and NT in perpetuity just like the island and we wouldn't need to talk about this today

[hullexile]

China and Chinese are of course influencing every economy more in the last 10 years than ever before.... ..... look at Japan and the tourist sector there......or ANZ/Canada/US housing markets, Chinese built electric cars everywhere etc......

HK is on the doorstep and closer to it all than anyone....of course the influence will be stronger and more pronounced........HK is lucky to be positioned as such I would think.

I think it is a bit more than economic influence. It is mostly political influence or more accurately control.

[Elefant&Castle]

The Harvard-educated Chan spoke in Mandarin, a departure from the exchange's past practice of speeches being given in English or Cantonese. The language wasdictated by a 2-to-1 vote over English by the three Chinese asset managers launching new cryptocurrency funds at the exchange that day.

In this example it was the 3 asset managers who requested it - so I think not fair to blame BJ?

More interesting that they list in HK - while courting mainland customers. I guess they are not allowed to launch crypto funds on the mainland.

The previous CEO - Niccolas Aguzin - was Argentinian and didn't speak chinese. I assumed they took him because they wanted to court foreign money in general.

[Gatts]

Yes? Where are we now? Seems to be still quite "bearable" for those staying, or those actually returning from the "greener pastures" or the new comers (including snooker champs)

Someone hasn't read the article that points out the exact opposite it seems. But facts and truth are not really your strongest point as you also believe that Russia has not caused the war in Ukraine and other such propaganda tales fed to the lowest of common denominators.

[Gatts]

Have to go with trends and time, either adapt or weep
Where the money will be made, there will be the related skill demand

Unfortunately not much money more to be made when compared to the HK of old, as any visit to a mall, shopping center or nightlife district can tell you.
https://www.dw.com/en/hong-kongs-eco...own/a-68453085

[alexdown]

yeah, stupid fuckers should have gotten kowloon and NT in perpetuity just like the island and we wouldn't need to talk about this today

Kowloon was already ceded in perpetuity (well, south of boundary street)

https://en.m.wikipedia.org/wiki/Convention_of_Peking