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> as they gave up Hong Kong’s usefulness as a financial hub Did they though? Many banks are still based there - but relative to the rest of the PRC, HK became
by DaiPlusPlus 6y ago
> as they gave up Hong Kong’s usefulness as a financial hub
Did they though? Many banks are still based there - but relative to the rest of the PRC, HK became less important because the rest of the country developed at lightning pace.
- arcticbull 6y agoUp until a week ago, HK hadn't been abandoned as a financial hub. Things are moving fast, so let's keep a look out.
- dan-robertson 6y agoIt’s unclear. The usefulness of Hong Kong is supposed to stem from it being a bridge between China and the global financial system (allowing Chinese firms to raise foreign capital and Chinese citizens to get their money out of China), and secondarily as a place with stable legal institutions which are useful to businesses. It seems like the former advantage is being reduced through HK’s special treatment being reduced, and the latter may or may not go away for businesses but I think that remains to be seen.
- gruez 6y agoThere's this: https://www.bloomberg.com/news/articles/2020-05-27/pompeo-finds-hong-kong-is-no-longer-autonomous-from-china https://www.bloomberg.com/news/articles/2020-05-27/pompeo-fi... from a month ago.