Highlights of a Seminar Organised by the Young Professionals (YP)
“Hong Kong: Asia’s Financial Hub”
by Jean-Baptiste Roy, Co- Chair, YP
“Hong Kong: Asia’s Financial Hub” was a lunch seminar presented by the Young Professionals on October 31, 2011. We invited Jean-Baptiste to present a summary of the Lunch Seminar Talk to the meeting as the topic was worth promoting. In particular, it reinforced the TDC’s “Think Asia Think Hong Kong” campaign.
The speakers of the Asia’s Financial Hub event were Veronique Lafon-Vinais, Adjunct Associate Professor, HKUST; Director, Tai Tam Corporation and John Levack.
Veronique is a banker, and John is a Fund/PE perspectives. The three main factors that brought Hong Kong as one of the World’s most significant financial hub are regulations, geo-location and the skill labour available inHong Kong.
According to Veronique, a banker’s perspective, the advantages that Hong Kong currently holds are
– the educations facilities,
– the infrastructures,
– the rule of law,
– acting as a gateway to China and
– the work ethic that every skill labour holds within him/her.
Similarly, John also considered the above factors as Hong Kong’s greatest strengths against other financial hub, in the perspective of a Fund/PE manager.
In addition to those, he specifically pointed out that Hong Kong’s Double Taxation Agreement and the Low Tax Rate will continue to assist the growth of Hong Kong in the financial market.
As a banker, Veronique indicated several issues that should be paid extra attention to them, such as, political (in) dependency from Mainland China, pollution and social inequality.
John suggested, in a Fund/PE perspective, that the on-share RMB fund growth is a weakness. Both speakers did come to a consensus that Singapore may be Hong Kong’s great threat.
If you like to see the PowerPoint, here’s the file:YP Committee – Speaker Series – Asia Financial Hub 2011