Hong Kong's Transformation as a Financial Center

Résumé du livre

"According to most analysts, Hong Kong's stature as an international financial center (IFC) increased during the first several decades after 1950. Even as this stature rose over the subsequent decades, many observers identified threats to that status. During the years leading up to Hong Kong's reversion to Chinese sovereignty in 1997, these threats seemingly became more evident as critics argued that China would not honor its pledge to maintain a discreet separation between itself and its new special administrative region. Even as these fears abated during the last few years prior to 1997, the Asian financial crisis of 1997 and the subsequent decline in Hong Kong's economy led to a shrinkage in financial activity that persisted for several years, raising anew the possibility that Hong Kong's status as a leading IFC rested on weak foundations. As financial activity expands, questions about the resilience of this recovery lurk behind many statements of financial officials and other observers."--Abstract.