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China’s Xi Jinping spotlights Shenzhen as future for economic growth, Hong Kong given back seat

China’s Xi Jinping spotlights Shenzhen as future for economic growth, Hong Kong given back seat

China’s President Xi Jinping praised the tech-hub city of Shenzhen in a landmark speech on Wednesday, leaving some puzzling over the future of nearby Hong Kong, as China’s traditional global foothold.

Xi said Shenzhen, often dubbed China’s Silicon Valley and home to tech giants Huawei and Tencent, was making “historic leaps” and “achieving miracles.”

He also announced that the area would be given more leeway to pursue opening-up reforms and become a “model city for a strong socialist country.”

Once a small fishing village adjacent to Hong Kong, Shenzhen is now home to about 13 million and was transformed in 1980 by veteran Chinese leader Deng Xiaoping, after he designated it a “Special Economic Zone,” carving out capitalist privileges in the staunchly communist country.

Retracing Deng’s footprints 40 years later during his own southern tour this week, Xi announced Shenzhen would again become a testing ground for foreign investment and talent, and a symbol of China’s place as a global economic power, he said.

His speech follows a five-year plan for the city published on Sunday, to ease regulations including land reforms, encouraging foreign workers and reducing red-tape in sectors such as bio-tech and telecoms. The city will also pilot China’s first digital currency.

Analysts see the focus on Shenzhen, which now has a GDP higher than Hong Kong’s, as a signpost to how China intends to manage its dizzying economic growth — with strict political dominance, while nearby economic powerhouse Hong Kong becomes less relevant.

“The strategy is to submerge the Westernized Hong Kong with more powerful Chinese rule,” said Kent Deng, professor of Chinese economic history at London’s LSE University.

“Xi will not give the West an inch. He sees Hong Kong as a threat to his rule over China. The Shenzhen model is political zero tolerance and

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Soft Start Likely For Hong Kong Stock Market

Soft Start Likely For Hong Kong Stock Market

(RTTNews) – Ahead of Tuesday’s unscheduled day off due to Typhoon Nangka, the Hong Kong stock market had ended the two-day slide in which it had fallen more than 120 points or 0.5 percent. The Hang Seng Index now rests just beneath the 24,650-point plateau and it may open in the red again on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The Hang Seng finished sharply higher on Monday following gains from the financials, properties and insurance companies.

For the day, the index surged 530.55 points or 2.20 percent to finish at 24,649.68 after trading between 24,196.80 and 24,702.81.

Among the actives, Xiaomi Corporation skyrocketed 8.35 percent, while WuXi Biologics surged 5.82 percent, Industrial and Commercial Bank soared 5.74 percent, CITIC spiked 3.17 percent, China Resources Land accelerated 2.91 percent, China Mengniu Dairy rallied 2.54 percent, Alibaba jumped 2.03 percent, BOC Hong Kong collected 1.88 percent, Ping An Insurance climbed 1.79 percent, China Mobile gathered 1.70 percent, Hengan International tumbled 1.60 percent, Power Assets perked 1.46 percent, China Life Insurance advanced 1.45 percent, New World Development added 1.31 percent, China Petroleum and Chemical (Sinopec) gained 1.26 percent, CSPC Pharmaceutical and Wharf Real Estate both rose 1.15 percent, Hong Kong & China Gas increased 0.89 percent, Techtronic Industries improved 0.75 percent, AAC technologies lost 0.45 percent, Galaxy Entertainment fell 0.38 percent, WH Group was up 0.16 percent, CNOOC eased 0.13 percent and Sands China was unchanged.

The lead from Wall Street is negative as stocks opened lower and largely remained that way, finishing in the red after three straight sessions of gains.

The Dow sank 157.71 points or 0.55 percent to finish at

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Hong Kong Halts Stock Trading on Tropical Storm Nangka

Hong Kong Halts Stock Trading on Tropical Storm Nangka

(Bloomberg) — Trading in Hong Kong’s $5.9 trillion stock market was scrapped Tuesday morning as tropical storm Nangka prompted authorities to shutter businesses and close schools.



a large body of water with a city in the background: Clouds gather over the Hong Kong Convention and Exhibition Centre, left, and other buildings during a No. 8 Storm Signal raised for tropical storm Wipha in Hong Kong, China, on Wednesday, July 31, 2019. A tropical storm shut Hong Kong’s financial markets for the first time in almost two years, adding extra drama to a city that’s been wracked by protests for weeks.


© Bloomberg
Clouds gather over the Hong Kong Convention and Exhibition Centre, left, and other buildings during a No. 8 Storm Signal raised for tropical storm Wipha in Hong Kong, China, on Wednesday, July 31, 2019. A tropical storm shut Hong Kong’s financial markets for the first time in almost two years, adding extra drama to a city that’s been wracked by protests for weeks.

The Hong Kong Observatory raised its storm signal to No. 8, the third-highest on its scale, at 5:40 a.m. and said it expects the signal to be in force for “most of the day.” Winds with mean speeds of 63 km (39 miles) per hour or more are expected from the northeast quarter, it said.

Most businesses close and public transport becomes limited when No. 8 signal or above is in place. Under Hong Kong stock exchange rules, trading will be abandoned for the day if the signal isn’t lowered to 3 or below before noon. A typhoon in August also disrupted stock trading in the city, with the market opening at 1:30 p.m.

Chinese President Xi Jinping is set to visit Shenzhen, neighboring Hong Kong, this week. He is scheduled to deliver an address Wednesday and meet the leaders of Hong Kong and Macau, the official Xinhua News Agency said Monday.

Video: Mainland Chinese tourists are still ‘very important’ to Hong Kong: New World Development (CNBC)

Mainland Chinese tourists are still ‘very important’ to Hong Kong: New World Development

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At 8 a.m., Nangka was centered about 450km south-southwest of Hong Kong and is forecast to move west or west-northwest at about 22km per

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Renewed Support Called For Hong Kong Stock Market

Renewed Support Called For Hong Kong Stock Market

(RTTNews) – The Hong Kong stock market on Thursday snapped the four-day winning streak in which it had jumped almost 1,000 points or 4.1 percent. The Hang Seng Index now rests just beneath the 24,200-point plateau although it may bounce higher again on Friday.

The global forecast for the Asian markets is positive on rising oil prices and stimulus optimism in the United States. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly lower on Thursday as losses from the casinos, properties and oil companies were tempered by support from the financials and insurance stocks.

For the day, the index dipped 49.51 points or 0.20 percent to finish at 24,193.35 after trading between 24,021.93 and 24,263.33.

Among the actives, Xiaomi plummeted 3.92 percent, while Wharf Real Estate plunged 3.57 percent, Sands China tanked 2.85 percent, WH Group tumbled 2.60 percent, AAC Technologies spiked 2.11 percent, Galaxy entertainment skidded 1.95 percent, Techtronic industries jumped 1.81 percent, Hong Kong & China Gas retreated 1.59 percent, CITIC declined 1.55 percent, WuXi Biologics climbed 1.48 percent, CNOOC and Henderson Land both surrendered 1.03 percent, New World Development sank 0.77 percent, Sun Hung Kai Properties dropped 0.75 percent, China Life Insurance advanced 0.67 percent, Power Assets shed 0.60 percent, Alibaba Group added 0.49 percent, BOC Hong Kong gained 0.47 percent, China Resources Land lost 0.41 percent, Ping An Insurance rose 0.38 percent, China Petroleum and Chemical (Sinopec) fell 0.31 percent, China Mengniu Dairy increased 0.27 percent, CSPC Pharmaceutical was up 0.26 percent, Industrial and Commercial Bank of China collected 0.25 percent, China Mobile eased 0.10 percent and Hang Lung Properties was unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Thursday and mostly remained in the green

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Motley Fool to close Hong Kong business due to political uncertainty

Motley Fool to close Hong Kong business due to political uncertainty

HONG KONG, Oct 8 (Reuters)Investment news site Motley Fool will shutter its Hong Kong operations due to the uncertain political outlook in the Asian financial hub, according to a post on the company’s website earlier this week.

The move adds to ongoing concerns about the media and the investment environment in Hong Kong, following the implementation in late June of a new national security law, imposed by China, which introduced severe penalties for anything deemed as secession, subversion, terrorism and collusion with foreign forces.

The post, by Hayes Chan, Motley Fool’s Hong Kong lead analyst cited last year’s protests, the introduction of a National Security law and the United States and China’s economic decoupling as reasons for the uncertainty.

“With all those uncertainties, it’s hard to make predictable decisions to grow our Foolish business here over the next 3-5 years,” the statement said.

Hong Kong’s leader Carrie Lam has said journalists can report freely if they do not violate the security law.

The New York Times said in July it would move roughly a third of its staff to Seoul due to the political uncertainty and difficulties staff had in getting work permits.

Other Asian cities are hoping to lure financial business from Hong Kong, but financial institutions have, so far, not made any major public moves.

Tokyo is the only other Asian city where Motley Fool currently operates. The investment advisory service closed its Singapore business last year as regulatory requirements rendered it commercially unviable.

(Reporting by Alun John; Editing by Simon Cameron-Moore)

((Alun.John@thomsonreuters.com; +852-28415827;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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