HONG KONG (BLOOMBERG) - Hong Kong's leader said she told Chinese officials the city should be transformed into a global hub for private wealth and a more prominent offshore renminbi centre, even amid concerns about the former British colony's future as a financial centre.. Read more at straitstimes.com.
HONG KONG - Hong Kong's leader said she told Chinese officials the city should be transformed into a global hub for private wealth and a more prominent offshore renminbi centre, even amid concerns about the former British colony's future as a financial centre.
"There are other connectivities that we've been talking about, whether we could have an insurance connect, an IPO connect or private wealth connect. Her comments came as the US and other foreign governments mull over retaliatory measures in Beijing's plan to bypass the semi-autonomous city's legislature and impose sweeping new national security legislation barring subversion, secession and sedition in Hong Kong.
RENEWED TENSIONS Mrs Lam is facing renewed political tensions over the controversial security legislation, with protests that rocked the city last year returning after a coronavirus-induced halt. Mrs Lam, who was appointed by a committee stacked with Beijing loyalists, has taken China's side on the security legislation.
Even as the world was still digesting Beijing's surprise move to impose the new measures, Chinese leaders announced plans to build up a rival trading hub on Hainan, which is known more for its beaches and tourism than as a centre for financial services.
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