Hong Kong: Challenges and Prospects as an International Financial Center

Haotong Yang () and Ziyao Zhang ()
Additional contact information
Haotong Yang: Jiangxi University of Finance and Economics, School of International Economics and Trade
Ziyao Zhang: Kunming University, School of Civil Engineering

A chapter in Proceedings of 2024 6th International Conference on Economic Management and Cultural Industry (ICEMCI 2024), 2025, pp 178-199 from Springer

Abstract: Abstract Hong Kong has long been recognized as a major international financial center, leveraging its strategic location, institutional advantages, and economic strengths. This study aims to analyze Hong Kong’s development as a financial hub, compare its competitiveness with other major centers, identify challenges, and propose future prospects. The study employs a comparative analysis of Hong Kong and other major international financial centers, such as New York, London, and Tokyo, to identify Hong Kong’s unique advantages and core competitiveness. It also examines the challenges faced by Hong Kong, including risks associated with its dual economic characteristics, short-term uncertainties, and the lack of market dominance by Chinese financial institutions. The analysis reveals that Hong Kong possesses distinct advantages and competitiveness in its financial market, despite facing various challenges. The study proposes policy recommendations, such as adjusting the dividend tax of Southbound Stock Connect, strengthening the development of the financial derivatives market, promoting the internationalization of the Renminbi, enhancing collaboration with mainland China and other regions, and fostering innovation in financial technology. Hong Kong’s position as an international financial center remains strong, but it must address the challenges and seize opportunities for sustainable development. By implementing appropriate policies and strategies, Hong Kong can maintain its competitive edge and continue to thrive as a global financial hub.

Keywords: Gateway to China; Dual Economy; Fintech Innovation; Renminbi Internationalization; Regional Collaboration (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-642-0_19

Ordering information: This item can be ordered from
http://www.springer.com/9789464636420

DOI: 10.2991/978-94-6463-642-0_19

Access Statistics for this chapter

More chapters in Advances in Economics, Business and Management Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().