Word: stockely
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...more important than in Hong Kong. China is on course to overtake Germany as the world's third largest economy. As the country prospers, it is looking beyond its borders for places to park its wealth. And Hong Kong, with its world-class financial-services sector and bustling stock market, is perfectly positioned to become China's Wall Street at the dawn of the Asian century. "We have clear advantages," says Franco Ngan, Value Partners CEO. "We're part of China. We understand the culture and speak the same language. There's a natural tendency for people to invest with...
...goods manufactured in southern China by Hong Kong-owned companies. As south China's export-manufacturing economy exploded and the mainland's budding entrepreneurial class began seeking overseas investment, Hong Kong became a willing and able broker. This transition is reflected in the changing composition of the Hong Kong Stock Exchange. In 2003, Chinese companies accounted for only about 29% of Hong Kong's total market capitalization. By last September, that number had risen to over 50%. Chinese companies have made Hong Kong's stock market one of the world's most dynamic. In 2006, Hong Kong raised more than...
...Although the Chinese government is also trying to nurture stock markets in Shanghai and Shenzhen, Beijing still views Hong Kong as crucial because it offers an entrée to the outside world. China's capital markets, largely closed today, are being gradually opened, meaning ordinary citizens will eventually be free to invest some of their wealth outside the country - with Hong Kong, which is a Special Administrative Region of the mainland, as the likely first stop. Beijing last year proposed a new program, nicknamed "the through train to the Hong Kong stock exchange," that would allow individual Chinese...
...Last year, Chinese authorities cracked down on underground Shenzhen traders funneling yuan illegally into Hong Kong. Aware that speculative investment could destabilize Hong Kong, Chinese financial officials also appear to have indefinitely delayed the "through train," the program that would allow individual Chinese to invest in the Hong Kong stock market...
...back nearly 30 years, and few would have thought that any of the three cities were about to remake the world for the better. In September of 1982, the Hong Kong stock exchange lost a quarter of its value after Margaret Thatcher, flush from her victory in the Falklands War, annoyed the rulers of communist China by foolishly seeming to suggest that Britain might be able to hold on to its colony - which prompted China to insist that it would do no such thing. At the same time, London and New York City were bywords of urban decay...