Hong Kong SAR as a Financial Center for Asia: Trends and Implications

By Olaf Unteroberdoerster, Cynthia Leung

March 1, 2008

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Olaf Unteroberdoerster, and Cynthia Leung. Hong Kong SAR as a Financial Center for Asia: Trends and Implications, (USA: International Monetary Fund, 2008) accessed September 24, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

We document Hong Kong SAR's evolving role as an international financial center in the Asia region, the importance of the growing special link with China as well as supply-side advantages, and outline the scope for future financial services growth. Hong Kong SAR has a long established track record as Asia's premier center for cross-border financial transactions. Further financial opening of China is likely to consolidate Hong Kong SAR's leading position as Asia's international financial center over the medium term. However, preserving Hong Kong SAR's first-mover advantage in the long-term calls for a development strategy that balances reaping the benefits from the special China role with the need to transcend into a truly international center in the long run.

Subject: Capital account, Capital flows, Financial services, Foreign direct investment, Portfolio investment

Keywords: Banking, BIS banking statistics, China, IMF staff estimate, WP

Publication Details

Pages:

18
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2008/057
Stock No:

WPIEA2008057
ISBN:

9781451869194
ISSN:

1018-5941

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