Hong Kong hosts Global Financial Leaders Investment Summit amid geopolitical tensions

Hong Kong: Hong Kong is gearing up to host the Global Financial Leaders Investment Summit on Wednesday in an attempt to restore its image as a global financial hub. The city will be hosting top Wall Street executives like Goldman Sachs Chief Executive David Solomon, Morgan Stanley boss James Gorman, HSBC's Noel Quinn, and Standard Chartered's Bill Winters.

This is the first time in three years the city is hosting the high-profile summit after being plagued by Covid-19 containment measures, anti-government protests, and the imposition of national security law. Chris Beddor, Gavekal Dragonomics' deputy China research director, said the Hong Kong government is trying to establish the narrative that the city has reopened.

The main theme of the summit is "navigating through uncertainty" and it will be widely discussed whether Hong Kong can remain a global financial hub after three years of border control. Analysts think the tensions between China and the US are affecting foreign financial firms operating in Hong Kong. It is also affecting the talent pool in the city, reported Reuters. The deteriorating political environment has forced the workforce in the city to move to other safer locations like Singapore.

Two US lawmakers urged American bankers to not attend the summit considering China's increasing grip in what is known as Asia's world city. Some politicians also accused participating in the summit is equal to contributing to the Chinese government's human rights abuses.