Is Hong Kong Suitable To Be Asia Switzerland?

6865 words - 27 pages

As the great banker in Hong Kong Bank, Mr. John made a speech about the financial future of Hong Kong in the high table dinner of bank craft, he claims that Hong Kong , that we can't being a copy cat of Singapore and Shanhai, but Switzerland, it is the right place for Hong Kong to learn and set it as a target.So, can Hong Kong be the Asian Switzerland? According to the analysis by Mr. John, there are lots of similar factors between Hong Kong and Switzerland. For example, both places provide services for the great mainland area, services economy and they are the main financial centers which have a low tax rate. Etc. The main fact that Mr. John want to mention is, Switzerland build up an excellent trademark and well- developed financial centre, which have grow continuously through perfect competition. As Switzerland receive a great success in the financial field, but why not Hong Kong?As we all know, there kind of points of view can meet the actual needs and wants in Hong Kong, also make up a forward prospect and direction for Hong Kong to hard working with. In fact, after the great depression during 1997, the economic situation are stay at the stage in a trough and seems can't recovery in a very short time. A lot of advices for example develop high technique asset and employ a lot of cheap labor for rest ruction, which are used to help for the speed of the recovery. The most important thing is, Hong Kong have no idea on high technology studies, also without enough professional for job. How Hong Kong can develop a good high technology product? On the other hand, the cost of resources and labors are much larger than Mainland China, how can it be the competitor against China? In addition, how can we push up our economy?As a result, to become an Asian Switzerland seems is the only way for Hong Kong continuing its comparative advantages in the financial market. As we have advantages in labor market, we hope that Hong Kong can become the wealth managing centre in Hong Kong, just similar Switzerland in Europe. We need to encourage Hong Kong to become Asian Switzerland.Hong Kong Financial CenterWhat makes Hong Kong as a great city for business? Executives identify a combination of factors: its location in the heart of East Asia on China's southern coast; its low tax regime; its transparent common law legal system and impartial judiciary; state-of-the-art infrastructure; free flow of information; its entrepreneurial spirit; and a truly international lifestyle. In fact these are only some of the reasons why thousands of international enterprises have chosen to set up in Hong Kong.Financial markets in Hong KongThe financial markets in Hong Kong include euro-currency market, stock exchange market, debt market, securities market, fund market and insurance. We can broadly divide into Money Markets and Bond Markets. The Money Markets match borrowers and lenders of large short-term HK dollar and currency funds. The Debt market matches borrowers and lenders or...

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