While Hong Kong’s future as a financial hub is frequently found in media headlines with a pessimistic view, it still has the advantage of being linked to the world’s second-largest economy, according to UBS’ Asia wealth management chair Amy Lo.
China’s economic slowdown and political uncertainty are two factors that have been oft-cited as concerns for Hong Kong’s outlook as an international financial center. But according to UBS’ Asia wealth management chair Amy Lo, the city’s future remains strong. In a survey by the Private Wealth Management Association in Hong Kong, which she also chairs, member banks were asked about their largest market in Asia.
«95 percent said China,» Lo shared during a session at the Asian Investment Conference attended by finews.asia. «China remains one of the biggest growth drivers despite the slowdown. China is too big to ignore. And Hong Kong has the proximity advantage.»
GBA Opportunity
Among those who are confident in Hong Kong, many are bullish on the opportunity in the Greater Bay Area – an 11-city cluster in southern China that makes up 11 percent of the country’s GDP.
«That’s also the reason why UBS Hong Kong will move to the new tower just above the high-speed train station,» Lo said, adding that it only takes 14 minutes to travel to Shenzhen from the Swiss bank’s new headquarters in the city. «Hong Kong definitely still has the edge as a wealth and asset management hub.»
