{
  "title": "Hong Kong SAR as a Financial Center for Asia: Trends and Implications",
  "publication": "IMF Working Papers, 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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- Hong Kong SAR has a long established track record as Asia's premier center for cross-border financial transactions.\n- 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.\n- 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."
    },
    {
      "heading": "Major themes and findings",
      "content": "- Evolving role as an international financial center in Asia, with an emphasis on cross-border financial transactions.\n- Growing special link with China is a central driver of Hong Kong SAR's relevance and future prospects.\n- Supply-side advantages underpin Hong Kong SAR's established track record.\n- Medium-term consolidation of Hong Kong SAR's leading position is tied to further financial opening of China.\n- Long-term competitiveness requires strategic development beyond the special China relationship toward broader internationalization."
    },
    {
      "heading": "Policy implications and strategic recommendations",
      "content": "- Balance strategies that:\n  - Reap benefits from the special China role.\n  - Promote evolution into a truly international financial center over the long run.\n- Focus on sustaining supply-side advantages while adapting to changes in cross-border financial flows stemming from China's financial opening."
    },
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      "content": "- Authors: Olaf Unteroberdoerster, Cynthia Leung\n- Date: March 1, 2008\n- Series: Working Paper No. 2008/057\n- Issue: 057\n- Volume: 2008\n- Pages: 18\n- DOI: https://doi.org/10.5089/9781451869194.001\n- ISBN: 9781451869194\n- ISSN: 1018-5941\n- Subjects: Capital account, Capital flows, Financial services, Foreign direct investment, Portfolio investment\n- Keywords: banking, BIS banking statistics, China, IMF staff estimate, WP\n\nSummary derived from the IMF working paper landing page for \"Hong Kong SAR as a Financial Center for Asia: Trends and Implications\".\n\n---\n\n Content in this bundle\n\n- wp0857\n  - wp0857 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0857 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/hong-kong-sar-as-a-financial-center-for-asia-trends-and-implications-21755"
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    "Authors: Olaf Unteroberdoerster, Cynthia Leung",
    "Published: March 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451869194.001",
    "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.",
    "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.",
    "Evolving role as an international financial center in Asia, with an emphasis on cross-border financial transactions.",
    "Growing special link with China is a central driver of Hong Kong SAR's relevance and future prospects.",
    "Supply-side advantages underpin Hong Kong SAR's established track record.",
    "Medium-term consolidation of Hong Kong SAR's leading position is tied to further financial opening of China.",
    "Long-term competitiveness requires strategic development beyond the special China relationship toward broader internationalization.",
    "Balance strategies that:",
    "Focus on sustaining supply-side advantages while adapting to changes in cross-border financial flows stemming from China's financial opening.",
    "Authors: Olaf Unteroberdoerster, Cynthia Leung",
    "Date: March 1, 2008",
    "Series: Working Paper No. 2008/057",
    "Issue: 057",
    "Volume: 2008",
    "Pages: 18",
    "DOI: https://doi.org/10.5089/9781451869194.001",
    "ISBN: 9781451869194",
    "ISSN: 1018-5941",
    "Subjects: Capital account, Capital flows, Financial services, Foreign direct investment, Portfolio investment",
    "Keywords: banking, BIS banking statistics, China, IMF staff estimate, WP",
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