Hong Kong SAR as a Financial Center for Asia: Trends and Implications
March 1, 2008
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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
Pages:
18
Volume:
2008
DOI:
Issue:
057
Series:
Working Paper No. 2008/057
Stock No:
WPIEA2008057
ISBN:
9781451869194
ISSN:
1018-5941
