Shanghai wants to rival New York and London in the next decade. “Shanghai is benchmarking itself aggressively toward New York in terms of being a financial capital”.
It is unlikely to be in that league a decade from now, but it sure means that HK and S’pore face a formidable rival.
Do not be surprised if S’pore becomes the hub for SE Asia while HK becomes a hub for Southern China, rather remain second tier global players. This is not to say that this is a bad thing. Think of places like Zurich and Sydney.
Some gd news for S’pore. FT reports,”Aureos Capital, the private equity group specialising in emerging markets, has said the UK’s high cost base and rising taxes were a factor in its decision to move several senior executives from London to Singapore.
‘The move by Aureos, which is opening a new Asian head office in Singapore, is an early indication that the UK’s increasing tax, regulation and cost burdens may be pushing private equity groups to move operations overseas.”