Posted 3/11/2024, 9:26:55 AM
Hong Kong's global standing as a financial hub falters amid political turmoil and crackdowns
- COVID, protests, and trade wars have damaged Hong Kong's reputation as a global financial hub, sparking an exodus of foreign firms
- A new national security law and looming legislation are restricting freedoms and worrying investors
- Hong Kong dropped 17 spots on the annual Human Freedom Index and is no longer top of the Economic Freedom Index
- Singapore has attracted many firms leaving Hong Kong, benefiting from US "friendshoring"
- While its stock market lags, other pillars of HK's financial sector remain strong; the city is morphing into an offshore hub for Chinese businesses