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July 5, 2008 7:08:57 PM CDT

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Hong Kong Poised to Become Asia's Big Apple

Posted Jun 30, 07 7:12 PM CDT in World,  Business    Editor's Choice

(Newser) – Hong Kong is in decline as Asia's premier shipping hub, but the dip in dockyard activity is nothing to fret over, Newsweek reports. The city is on the brink of becoming one of the world's financial capitals—on par with London and New York. Economic shifts are reconfiguring the political landscape as well: a rising middle class is clamoring for cleaner air and universal suffrage. 

Since British rule ended a decade ago, market capitalization on the main stock exchange has exploded in Hong Kong, positioning the city as the investment center for a country sitting on huge trade surpluses. While the business elite welcomes the economic transformation, it's resisting the political impact, fearing that a move towards democracy will bring turmoil.

Source Newsweek

A woman walks past the screen showing Hang Seng Index outside a bank in Hong Kong Wednesday June 20, 2007. Hong Kong shares hit a fresh closing record for a third straight session Wednesday, boosted by...   (Associated Press)
Children wave Chinese and Hong Kong's flags on China's President Hu Jintao's arrival at Hong Kong airport Friday, June 29, 2007. Hu will attend the ceremony celebrating the 10th anniversary of Hong Kong...   (Associated Press)
itaries and other guests attending the Hong Kong handover ceremony in 1997 which is estimated to fetch HK$3,800,000-$4,800,000 (US$486,000-614,000). (AP Photo/Kin Cheung)   (Associated Press)
A poster featuring China and Hong Kong national flags at the Seminar on Tenth Anniversary of Hong Kong's Handover organized by Democratic Party in Hong Kong Saturday June 9, 2007. Hong Kong will celebrate...   (Associated Press)
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China  • stock market  • business  • finance  • democracy  • Hong Kong  • economics  • trade  • investment


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