Picking up a tweet from last month as a prediction of developments in Brexit? “The year is 2192. The British Prime Minister visits Brussels to ask for an extension of the Brexit deadline. No one remembers where this tradition originated, but every year it attracts many tourists from all over the world.”
Here in Asia, Foreign Direct Investment in China rose by 2.9 per cent to US$100 billion in January-September 2019 compared to the same period last year. Investment from Hong Kong, which accounts for two-thirds of China’s overall foreign direct investment inflows, increased by 8.1 per cent, cementing the city’s role as the main gateway for investing in China. Up to August 2019, already 86,320 newly incorporated Hong Kong companies were registered, continuing a strong demand for regional investment and commercial structures.
China has increased its efforts to attract foreign investment, with the State Council reaffirming its commitment to opening up its markets further and improving the domestic business environment for foreign companies. One key piece is the introduction of the new Foreign Investment Law, which we are introducing in our articles section.
Singapore has introduced a new Variable Capital Company aiming to raise Singapore’s profile as a premier fund domicile and a full-service international financial services centre.
The protests in Hong Kong continue, though the large mass protests seem to have transformed into more smaller ones across different locations. While the tourism, retail, and hospitality industry is significantly affected, reversing Hong Kong’s GDP growth forecast into a contraction overall, the banking and financial sector appear stable. Most local banks have exceeded revenue expectations.
