Shopping Gets in the Zone
The rise of investment demand in the Mainland provides Hong Kong with an opportunity to create a new economic growth driver. In an interview with China Daily, Prof. Yinggang Zhou suggests upgrading Hong Kong’s current status from a shopping destination to a financial shopping hub.
The rise of investment demand in the Mainland has signaled a huge opportunity for Hong Kong, and what Hong Kong should do is to grasp the chance and create a new economic growth engine. In an interview with China Daily, Yinggang Zhou, Assistant Professor of School of Hotel and Tourism Management and Director of Centre for Hospitality and Real Estate Research at The Chinese University of Hong Kong Business School, suggests upgrading Hong Kong’s current status from a shopping destination to a financial shopping hub.
Prof. Zhou says that the Qianhai special economic zone in Shenzhen can serve as the “front desk” to provide direct service for Mainland customers. By utilising its rich economic, accounting and legal expertise, Hong Kong can remain the “operating base” to focus on designing diversified financial products.
Hong Kong is well-known for being a leading shopping destination of luxury goods and tax-free products. Prof. Zhou stresses that Hong Kong should change its focus from tangible goods to financial services, such as insurance and funds. He indicates that Hong Kong’s insurance market has reached international standards, with more investment channels and better investment returns than in the Mainland, so consumers can enjoy better services and returns at a cheaper price… Read More (PDF)
Source: China Daily
Date published: 3 December, 2014
Photo: Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen Municipality website