Businesses operating in Asia have a high demand for places that are open and which transcend national differences. In the past 200 years many hubs have played this role. Now the options are shrinking
Save time by listening to our audio articles as you multitaskand its weight in the world economy is continuing to rise. The role of entrepots is especially important in the region, which hosts a baffling mix of political and legal systems. Plenty of economies are smothered by their regulatory regimes, and the region’s two emerging giants, China and India, have partial capital controls.
Now the options are shrinking. As China grows more authoritarian, the chances of Shanghai resuming its pre-1949 role as a global hub have receded. In a recent survey by the American Chamber of Commerce in Shanghai, only one American firm in the 133 that were surveyed planned to increase its investment in China. Even after this week’s announcement that China’s quarantine rules are being relaxed, memories of Shanghai’s draconian lockdown linger. Hong Kong is suffering, too.
Reflecting this, companies ranging from BlackRock, an American asset-management giant, to Sinovac, a Chinese pharmaceutical firm, are expanding in Singapore. Over 100 family offices have domiciled their wealth there this year, bringing more capital from the West, China and the rest of Asia to the city.
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