Hong Kong may be small, but it has big ambitions to serve as a gateway to Asia, home to some of the most vibrant economies in the globe. Fortunately Hong Kong also holds great potential: low tax rates, world-class airports, seaports and other infrastructure, and a remarkably open business environment, as well as proximity to China and strong ties with Southeast Asia, all work heavily in its favor.
While the runaway Chinese economic engine is slowing its gears, the country’s economic growth is still expected to clock in at 7 percent this year, well ahead of Japan, the U.S. or Europe. And Southeast Asia, a gigantic market of over 620 million people with a rising wealth class, is poised to become a much greater player in the global economy once the ASEAN-Hong Kong Free Trade Area agreement between Southeast Asian countries kicks off next year.
Already, many multinational companies choose Hong Kong as the base from which to conduct business in the rest of Asia. As of last count, there were 1,389 global firms that had established regional headquarters in the city. These include some of the biggest names in the financial world, such as BNY Mellon and Vanguard Group.
Read Full Article HERE