The city-state’s comparative stability is drawing business and funds away from tumultuous Hong Kong
Recent turmoil and tumult in Hong Kong has spooked investors and dampened business sentiment, prompting capital flight that appears initially to have benefitted rival business and finance hub Singapore.
Nile Bowie is a writer and journalist with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
Recent turmoil and tumult in Hong Kong has spooked investors and dampened business sentiment, prompting capital flight that appears initially to have benefitted rival business and finance hub Singapore.
The Southeast Asian city-state, likewise known for its modern banking and financial services, is widely seen as an attractive alternative for investors seeking stability and impartial rule of law in the region.
The mammoth protests against a proposed extradition bill that have gripped Hong Kong since early June would be unthinkable in Singapore, which strictly enforces laws that curb public protests and political expression.
The mammoth protests against a proposed extradition bill that have gripped Hong Kong since early June would be unthinkable in Singapore, which strictly enforces laws that curb public protests and political expression.
The weeks-long demonstrations took an extraordinary turn on July 1 when protesters besieged and ransacked Hong Kong’s legislative building on the anniversary of the city’s return to Chinese rule in 1997.
Though the chaotic scenes have made global headlines and raised new questions about the city’s future as Asia’s premier financial center, analysts and experts say the protests are not necessarily the main factor driving the capital outflows.
Though the chaotic scenes have made global headlines and raised new questions about the city’s future as Asia’s premier financial center, analysts and experts say the protests are not necessarily the main factor driving the capital outflows.
Read the full story at Asia Times.
