Global finance chiefs to face tougher China questions at Hong Kong summit
By Kane Wu and Scott Murdoch
HONG KONG (Reuters) — Global investment bank and asset manager chiefs are reuniting in Hong Kong next week amid geopolitical tensions and China's economic slowdown, seeking to redefine their position in the world's second-largest economy and its offshore financial hub.
The Global Financial Leaders Investment Summit, a flagship event hosted by the Hong Kong Monetary Authority, begins on Monday with participants including Goldman Sachs Chief Executive David Solomon, Morgan Stanley boss James Gorman, Citigroup's Jane Fraser, as well as HSBC's Noel Quinn and Standard Chartered (OTC:SCBFF)'s Bill Winters.
The heads of Blackstone Group (NYSE:BX), Carlyle Group (NASDAQ:CG), Citadel and others will also speak at the event, which focuses on the main theme of «living with complexity».
The executives are coming to Hong Kong as the city has shed hundreds of banking and asset management jobs because of the slowdown in China dealmaking and the tightened regulatory grip on the market since the inaugural summit last year. That meeting was billed as Hong Kong's comeback as a global financial hub following the disruptions of the COVID-19 pandemic.
«The main question in the mind of everybody when they come to Hong Kong is how is the Chinese economy performing and what would be the swings coming from there,» said Diana Parusheva-Lowery, head of public policy and sustainable finance at the Asia Securities Industry & Financial Markets Association in Hong Kong.
The Hong Kong Stock Exchange is only the 11th-largest venue for initial public offerings this year, with merely $2.7 billion raised through the third quarter, a shadow of its top position in most of the last decade. The territory's assets under management
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