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Global finance chiefs to face tougher China questions at Hong Kong summit

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HONG KONG : Global investment bank and asset manager chiefs are reuniting in Hong Kong next week amid geopolitical tensions and China's economic slowdown, seeking to redefine their position in the world's second-largest economy and its offshore financial hub.

FILE PHOTO: A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo

The executives are coming to Hong Kong as the city has shed hundreds of banking and asset management jobs because of the slowdown in China dealmaking and the tightened regulatory grip on the market since the inaugural summit last year. That meeting was billed as Hong Kong's comeback as a global financial hub following the disruptions of the COVID-19 pandemic.

Trading volumes have also slumped as foreign investors reduce exposure to a China they view as increasingly isolated by its opaque policies, struggling property sector and crackdowns on private enterprise. Goldman Sachs, Morgan Stanley and J.P. Morgan have trimmed dozens of bankers based in Hong Kong and mainland China this year, with key China dealmakers among those laid off.

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