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Hong Kong's role in global finance remains intact despite recent unrest, Fitch Ratings said Thursday in a report. "There is little evidence so far that the social unrest in Hong Kong has adversely affected its role as a global financial center, even amid severe short-term economic pressures," according to the report posted on the website of the credit rating agency. Fitch said a series of data including equity and debt capital fund-raising, banking-sector deposits, business registrations and employment visas showed no signs of a diminished position of Hong Kong. "Alibaba's recent listing on the Hong Kong stock exchange underscores Hong Kong's role as the flagship off-shore financing center for Chinese firms," Fitch said. However, Fitch pointed out that continued turmoil did undermine perceptions of Hong Kong as a stable international business hub and predicted its economy will shrink by 1.5 percent in 2019, with tourism, retail, hotels and catering, and air transport among the sectors most severely hit. Growth in 2020 could improve slightly, supported by fiscal relief measures, but the economic outlook remains vulnerable to lingering social unrest, Fitch added. |
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