Hong Kong's ability to remain competitive as an international financial center depends on perseverance
Hong Kong’s so-called international financial center achievements are actually not very outstanding. It still lags behind London and New York in many aspects. However, Hong Kong’s development is still “young” and there are not too many interest groups that dominate the economic sectors and there are many intricate and complex relationships. .
Author: GUDORDI | 2023-09-12
Over the past thirty years, Hong Kong’s international financial center may have developed at a speed never seen in human history. Is it luck? Or are there other factors? (Shutterstock)
But we cannot let resistance stop us from persisting. In fact, the only thing that can overcome resistance is perseverance. (But we should never let resistance stop us from being persistent. In fact, the only way to overcome resistance is to be persistent) – Anonymous
Last time, the author mentioned that Hong Kong can actually think a little bolder about its future as an international financial center. One of the reasons is that I believe that Hong Kong has the cultural genes to develop into an international financial center, and the relevant cultural genes are actually very rare.
In the last chapter, the author mentioned Lin Zexu’s famous saying: “The sea is open to all rivers, tolerance is great, a wall stands thousands of feet high, and no desire is strong.” and mentioned that these sixteen words may be the most important thing in building an international financial center and an international city. of quality. The author raises this point to point out that Hong Kong may already possess the most important cultural genes that make it an international financial center, or at least it can continue to develop and deepen in this direction.
Hong Kong’s financial industry has developed at a speed unprecedented in history
Suddenly looking back, over the past thirty years or so, Hong Kong’s international financial center and international city development have developed at a speed that may have never been seen in human history. Will this situation occur due to “sheer luck”? In addition, are there certain cultural factors to support it? In any case, in terms of professionalism and hard work and dedication, Hong Kong people should rank very high in the world, and they may not be inferior to London and New York. In many places, Among multinational companies, the working attitude and professionalism of the Hong Kong office are often no less than those of the London and New York offices. This seems to be the perception of many companies, people in the financial industry and other industries, as well as people who have worked in multinational companies. .
On the other hand, from the perspective of the overall structure of the entire financial center, one of the advantages of Hong Kong is that although it is small, it has “all the internal organs.” Don’t underestimate this “all-in-one” condition. Many cities in the world are not “all-in-one.” Hong Kong’s ability to possess this condition is due to its luck over the past few decades. At present, these “five internal organs” should still exist and have not yet experienced any major problems.
Undoubtedly, in the past, except for the listing of new stocks, Hong Kong’s so-called international financial center achievements were not really outstanding. Compared with London and New York, there is still a long way to go in many aspects. However, Hong Kong is better than “all-in-one” ”, and is still “young” and has not yet reached the situation where many interest groups are competing in many aspects and there are many intricate and complex relationships. Therefore, in order to improve the potential for progress or even innovation, it should be real. exist.
The economic status of Japan and Germany was once at its peak, but even when their real economies were at their peak, neither Tokyo nor Frankfurt could become true international financial centers. (Shutterstock)
Difficulties of varying degrees and forms may be the normal state of development in the world.
It is worth noting that international financial centers are actually a very special industry. Looking at all cities in the world, not many are qualified to develop into international financial centers. The economic status of Japan and Germany was once at its peak, but even when their real economies were at their peak, neither Tokyo nor Frankfurt could become true international financial centers. It is actually a rare opportunity for Hong Kong to have the opportunity to develop into an international financial center. In fact, most cities in the world have no possibility of embarking on this path. Hong Kong may have been lucky and certain cultural factors in the past. Only by cooperation can we be fortunate enough to develop into a truly international financial center. Opportunities are actually very rare. Most cities around the world are actually missing this opportunity. The current situation in Hong Kong is undoubtedly not as smooth as in the past, but would it be a great pity if Hong Kong gave up?
Of course, this does not mean that we can underestimate the challenges Hong Kong currently faces. After all, one can easily name a lot of the various hidden worries, internal and external troubles that Hong Kong is facing. However, if you think about it more deeply, which place’s development is always smooth sailing? As international financial centers, New York and London are not without their problems and challenges. From a certain perspective, difficulties of varying degrees and forms are the normal development of world affairs, and the question is how to face them. It should be noted that when it comes to the development of world affairs, it is often difficult to determine blessings and blessings. A certain degree of challenges and difficulties have their benign side, and progress often comes from overcoming one problem or another. .
To become an international financial center, it often takes decades of hard work.
As the author pointed out in the previous article, the capital market can be understood as a market composed of three major entities: enterprises, governments, and individuals, among which enterprises are the most important. However, the current situation of the global capital market seems to be At least for enterprises and the ultimate providers of capital, it is not the most ideal and reasonable. Since the current global financial system still has shortcomings, London and New York have not yet reached 100%, and Hong Kong is not without the conditions and cultural genes to develop into an international financial center, should Hong Kong at least try its best to face and solve its problems in developing other countries? Problems with the International Financial Center’s career? As the first sentence of this article points out, in matters in this world, the only thing that can overcome resistance is perseverance. Therefore, there is a saying of “persistence overcomes resistance.”
It is also worth noting that building a world-class international financial center can easily take dozens or hundreds of years, and the process should be able to tolerate adversity for several years. From this perspective, is it too early to conclude that Hong Kong’s future as a financial center is over?
“Hong Kong’s Legendary Future” Series 38
Contact the author: Gudordi@proton.me
