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  • The face of one of the world's biggest

  • financial centers is changing fast.

  • The banking scene here in Hong Kong has

  • traditionally been populated by locals and expats.

  • Now, mainland Chinese are

  • coming for those same jobs.

  • And succeeding.

  • In the past decade, investment banks saw the

  • largest increase in Chinese staff,

  • compared to other sectors.

  • 80% of firms saw at least a 20% increase in staff

  • coming from the mainland.

  • Even a typical expat pay package is changing.

  • It used to include expensive perks like free housing,

  • private school for kids and extensive time off.

  • On average, Hong Kong expat packages are

  • the 4th highest in Asia-Pacific after Japan,

  • mainland China and India.

  • But those expat pay packages are getting less cushy,

  • with Hong Kong recently falling to a 5-year low.

  • Hong Kong is known to be the

  • investment banking capital of Asia.

  • But slow growth has triggered a number of

  • layoffs at global banks.

  • And this is partially contributing to the exodus

  • of expats here in the city.

  • Just in the past year HSBC, Goldman Sachs,

  • Deutsche Bank and Standard Chartered have

  • announced a number of layoffs

  • in their Hong Kong operations.

  • All Western banks.

  • And as mainland China positions itself

  • to be more open to the world, it's actually putting

  • Hong Kong's significance into question.

  • After all, the population here of just about 7 million

  • is minuscule compared to China's population

  • of 1.3 billion.

  • Western companies used to see Hong Kong as

  • an entry point into the world's

  • most populous country.

  • But the question is increasingly being asked:

  • Why set up your company right outside

  • of mainland China, when instead you can

  • just, maybe go into China?

  • Of course, China has a number of restrictions

  • on the amount of business foreign banks are

  • allowed to do inside the mainland.

  • And consequently, the rules are good for China's

  • homegrown banks, like Bank of China which

  • is expanding not only in Hong Kong, but aggressively

  • abroad as well.

  • Let's look at the signs pointing to this shift in

  • Hong Kong's banking landscape.

  • China's government is easing up on its regulations.

  • It recently removed license requirements for foreign

  • and joint-venture lenders in a number

  • of financial services.

  • And in January, China said it would

  • open the country to foreign investment, including

  • easing limits on investment in

  • banks and other financial institutions.

  • The moves are taking place as President Xi Jinping

  • hopes to place China as the world leader

  • in defending globalization and saying repeatedly

  • he will keep the country wide open.

  • Last year, the Shenzhen-Hong Kong Connect

  • was launched which allow institutional investors

  • to buy Shenzhen-listed stocks, which

  • includes many prominent tech

  • and consumer names.

  • And in return, Chinese investors

  • will have access to shares listed in Hong Kong.

  • A similar model, the Shanghai-Hong Kong Stock

  • Connect was launched in late 2014.

  • Foreign investors are finding it easier than ever

  • before to invest in the mainland.

  • There's also been newly established free

  • trade zones identified in both Shanghai and

  • Shenzhen, which allows unprecedented economic

  • freedoms, similar to what can happen in Hong Kong.

  • The global financial system is starting to take China,

  • not necessarily, Hong Kong, more seriously.

  • Last year, China's currency, the Yuan, was added

  • to the IMF's global basket of currencies,

  • which are currencies deemed safe and reliable,

  • joining the dollar, euro, yen and the pound.

  • China has impacted many global assets lately

  • ranging from Manhattan real estate to

  • Australia's power grid.

  • And now, the expansion by China's mainland

  • banks could have a far greater impact

  • than just Hong Kong.

The face of one of the world's biggest

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中国はアジアの金融センターを脅かす?| 中国がアジアの金融センターを脅かす? (Is China threatening Asia's financial center? | CNBC Explains)

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    PENG に公開 2021 年 01 月 14 日
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