China’s financial centres contend for global leadership in the 21st century
Map Library, Rm10.10, 10/F, The Jockey Club Tower, Centennial Campus, HKU
David R. Meyer Olin Business School, Washington University in St. Louis, Saint Louis, Missouri USA
About the Speaker:
David Meyer is Senior Lecturer in Management at Olin Business School, Washington University in St. Louis, teaching international business, with a focus on Asia. Prior to this he was Professor of Sociology & Urban Studies at Brown University. He received his PhD from the University of Chicago. His publications include five books and monographs and over sixty articles and book chapters. His book, Hong Kong as a Global Metropolis (Cambridge University Press, 2000), interpreted that city as the pivot of Asian business networks. Recent publications include network governance at the State Banks of China, banking networks of Asian financial centers, private wealth management in Asia, high-frequency trading on exchanges, Hong Kong and Singapore as network hubs of global capital, Shenzhen in China’s financial center networks, Hong Kong’s enduring global business relations, Bank of China International in Hong Kong, Hong Kong and Singapore exchanges confront high frequency trading, and Hong Kong, Shanghai, and Beijing: China’s Contenders for Global Financial Centre Leadership. Currently, he is finishing a book on the network behavior of global financiers.
China’s exceptional economic growth since the 1980s fuels the rise of its financial centres—Hong Kong, Beijing, and Shanghai—to top global ranking. As Asia-Pacific leader, Hong Kong is China’s window to global capital and one of the top three global financial centres, along with London and New York. Beijing is the political-regulatory centre of China, and it has risen significantly as China’s banks become more important global players. Shanghai is the commercial-financial centre, and continues its long-standing status as the Mainland’s major international centre. China’s financial centres are positioned to successfully operate under the global uncertainty unleashed by Brexit, the exit of the United Kingdom from the European Union, the internationalization of the renminbi in the context of United States dollar hegemony, and the challenges the United States is making to China’s increasing global power. Under Brexit, London will not lose its premier global position, and global financial firms in Hong Kong will continue their long-term organizational and management ties that bind mainland China’s centers and global financial centers outside Asia. The internationalization of the renminbi solidifies financial ties among London, Hong Kong, Beijing, and Shanghai. Challenges from the United States which target Hong Kong will not succeed in undermining the city as China’s window to global capital.
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