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International Financial Centres after the Global Financial Crisis and Brexit$
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Youssef Cassis and Dariusz Wójcik

Print publication date: 2018

Print ISBN-13: 9780198817314

Published to Oxford Scholarship Online: August 2018

DOI: 10.1093/oso/9780198817314.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 October 2020

Hong Kong, Shanghai, and Beijing

Hong Kong, Shanghai, and Beijing

China’s Contenders for Global Financial Centre Leadership

Chapter:
(p.126) 7 Hong Kong, Shanghai, and Beijing
Source:
International Financial Centres after the Global Financial Crisis and Brexit
Author(s):

David R. Meyer

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198817314.003.0007

China’s extraordinary economic growth over recent decades underpins the top global rank of its financial centres of Hong Kong, Shanghai, and Beijing. Hong Kong is China’s window to global capital, an Asia-Pacific leader, and one of the top three global financial centres, along with London and New York. Shanghai is the commercial-financial centre, and Beijing is the political-regulatory centre of China. Government policy supports stock- and bond-connect programmes among its exchanges, Fintech, internationalization of the renminbi, and its ‘Belt and Road’ initiative and associated Asian Infrastructure Investment Bank (AIIB). These directly and indirectly strengthen China’s internal financial centre networks and the centres’ global links. The government’s political and economic policies maintain Hong Kong as a premier global centre. China controls its banks, and its strength as a large economy will help mitigate the impacts of a global financial crisis.

Keywords:   Hong Kong, Shanghai, Beijing, stock-connect, bond-connect, fintech, internationalization of renminbi, Belt and Road, AIIB

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