The Chinese finance hub has prepared a high-profile summit, including a glitzy banquet at a newly opened art museum to woo financial bigwigs, hoping to outshine regional rivals like Singapore, London and Tokyo. READ:
HONG KONG, China—Hundreds of top bankers will arrive in Hong Kong this week to hear the government’s sales pitch that—despite lingering pandemic curbs and entrenched US-China tensions—the city is once again open for business.
Lee, who is scheduled to deliver an opening keynote speech, is among Chinese officials sanctioned by Washington for their role in cracking down on human rights in Hong Kong. He is, as a result, unable to hold a bank account at the financial giants whose top executives will share the stage with him this week.
Since Lee’s administration took office in July, officials have billed the summit as a watershed moment to show that the city has left behind China’s strict zero-Covid strategy. “Covid restrictions are hurting us,” said Mike Rowse, a former civil servant who promoted the city to foreign investors. “There is still policy uncertainty because if the controls remain on the books, it means they can potentially be tightened if things worsen again,” Wong told AFP.International firms are also caught in the middle of fraying US-China trade ties and competing sanction regimes that make compliance a headache.
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