The Erosion of Hong Kong’s Financial Dominance and Singapore’s Quiet Rise
<p>Businesses and financial firms that moved to Hong Kong years ago were sold on the promise of the city as a gateway to mainland China and a hub for Western institutions. Hong Kong was the ultimate blend, a place where East met West in a tangle of skyscrapers, sum dim, and stock exchanges. But that promise has eroded, and the rapid exodus of companies to Singapore reflects not just shifts in geopolitics but the emerging realities of doing business in a place that’s lost its edge.</p>
<p>Over the past few years, Hong Kong has become, to put it bluntly, a riskier proposition. What used to be a fairly risk-free matter is now fraught with uncertainty, from Beijing’s national security restrictions to its economic crackdowns. When you add to the mix China’s aggressive treatment of foreign businesses, the so-called ‘red lines’ are no longer clear. And in a city that used to pride itself on a separate legal system and Western-style freedoms, the lines between Hong Kong and mainland China are now so blurred that the distinction hardly seems relevant.</p>
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