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

📆 11/3/2023 3:41 AM
📰 Reuters

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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.

A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File PhotoHONG KONG, Nov 3 -

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 thelast year. That meeting was billed as Hong Kong's comeback as a global financial hub following the disruptions of the COVID-19 pandemic.

"The structural slowdown in China's economy, the omnipresent risk that U.S.-China relations might take another leg down in the future, the questions about whether private mainland money now prefers Singapore, none of that has really changed," said Chris Beddor, Gavekal Dragonomics' deputy China research director based in Hong Kong.

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