Shenzhen's challenge to Hong Kong

CHINA ADVISORY - Report 16 Oct 2020 by Andrew Collier

Beijing has just thrown its political and financial backing to Shenzhen in a clear slap in the face to Hong Kong. Xi Jinping gave a speech in Shenzhen this week promoting Shenzhen. As a result, Hong Kong Chief Executive Carrie Lam postponed her state of the union address, although later reporting suggested the delay was caused by the need for her to fly to Beijing to discuss the Belt and Road policy.

Overlooked in the press coverage was a document issued by the State Council for a development plan for Shenzhen. The document, publicized in the People’s Daily on October 11, shows Beijing’s strong backing for Shenzhen as a financial and economic center at the expense of Hong Kong. This policy change casts doubt on the future of Hong Kong and the viability of international banking and corporate activity there.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.