HK Vs Singapore As International Financial Centre
HK versus Singapore as International Financial Centres: its strengths and weaknesses
An International Financial Centre (IFC) is a collection of markets that trade financial services or products and help to allocate resources or property rights efficiently. It is not an easy task to become a successful IFC. HK and Singapore have always tried to reach the position of the second biggest financial centre in Asia; they have been rivals of each other for over 30 years. HK has always been in the top 4 ranking in Asia; however its relative position had a little change after the Asian Financial Crisis and Singapore is catching up with vigorous competition. For example, Singapore has designed many tax incentives schemes and other policies to attract fund management, and investment banking to relocate from HK to Singapore. It can be clearly seen that Singapore government made no effort to hide their idea of trying to replace HK??¦s financial position, especially after 1997. Both the countries have lots of common features, including economic freedom, former British colonies, predominantly Chinese, with an English based legal system. In judging HK and Singapore??¦s entitlement to the label of IFC, we must consider
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