What Mumbai needs to do to replace Hong Kong as Asia’s main financial hub

[mmr]

Good

Let Mumbai copy Hong Kong while Shanghai passes them both.

Main attraction for hong kong is low tax rate. I think in future china might designate another island as dual system where you will pay low tax then main land.

Also hongkong has many talents as well. Look at dubai they try hard to be financial center but it still no where near top 10.

I wont be surprised hongkong get more companies listing once all Chinese companies delist from usa and introduce ipo in hongkong.

there's no 'asia's' financial hub- only regional 1s.


this article was poorly-worded n badly-written in the first place.


China = Shanghai(for a LONG time to come). SHenzhen in pearl river

Agree author didn't see the big picture.

 

[tower9]

So fucking deluded. Singapore will replace whatever HK loses, NOT MUMBAI. Ridiculous.

 

[beijingwalker]

there's no 'asia's' financial hub- only regional 1s.


this article was poorly-worded n badly-written in the first place.


China = Shanghai(for a LONG time to come). SHenzhen in pearl river delta, Tianjin in Jingjinji

What about Beijing?

 

[beijingwalker]

This is about 'financial hub'- n for this reason, I dobnt think Beijing would be.

Also, a financial hub is always a coastal city- I can't think of an inland 1 anywhere in asia

But Beijing is still the financial center of China.

 

[beijingwalker]

哈哈哈哈哈哈。

你说的算就行。

2019 Global Cities Index ranks Beijing higher than Washington D.C.

Architecture news & editorial desk

Chinese cities are ahead of key U.S. cities in the 2019 Global Cities Index compiled by A.T. Kearney. In the latest ranking, Hong Kong is ahead of Los Angeles, Shanghai has topped San Francisco, and in the battle of capitals, Beijing is placed higher than Washington D.C.

While New York, London and Paris have maintained their decade-long dominance as the top three cities in the Global Cities Index, Hong Kong (5), Beijing (9) and Shanghai (19) have retained their 2018 rankings in the Top 25. According to A.T. Kearney analysts, China’s urban areas have continued to improve their liveability and become more citizen-centric, as they close in on the world’s leading cities, especially Western power centres.

The Global Cities Index lists 130 cities including 27 Chinese cities. Eleven Chinese cities have made it to the top 100 in the Index.

https://www.architectureanddesign.com.au/news/2019-global-cities-index-ranks-beijing-high#

 

[King Julien]

What about the attitude of BMC officers and workers who almost never move a paper without pocketing a bribe?
It is very difficult to get a government tender without contacts and greasing. The entire system is decaying from inside and there is no way to fix it without a deep and painful surgery. Unless business can be conducted freely, openly, without fear of being targeted by corrupt income tax officials, local goons and government workers - I see no potential for Mumbai to become a global financial hub.

The attitudes of government workers and representatives in Singapore and Taipei is completely different. In Singapore, you never even have to think of paying a bribe and if the government makes a mistake they acknowledge and compensate you for it in a timely manner.

Bangkok/Thailand also has a lot of corruption but it does not hinder local businesses or entrepreneurs in the same way as Mumbai.

Congress was worse than BJP. Hand in hand and in bed with the builder mafia nexus, which is why the fall of BJP lead to the real estate crash in Mumbai. BJP isn't much better. The problem lies in the prevailing attitudes of govt officers and MLA's who come to power and think that they deserve to profit incessantly in every way possible while people have no choice but to comply.

No doubt BMC and Sena is corrupt... I gave that article cuz you mentioned Sena, in fact BJP wants gift city to be international financial centre not Mumbai. Mumbai - Bangalore bullet train would be more productive rather than Ahmedabad.
Ease of doing business has changed under Modi though, I have businesses in service, manufacturing & real estate sectors, most of licence, approval have moved online & RTI has helped reduce delay incase of officers expecting bribe. Some of the issues mentioned by you were there a decade ago, now business in Mumbai don't face these problems. Also, lot of cash is available for businesses in Mumbai, can raise money in short time.
But Mota bhai thinks Gujarat is better, so they want to reinvent the wheel.

 

[beijingwalker]

I'm talking about financial hub

Beijing might not be as big a financial center as Shanghai, but it's still a significant force in the world financial sector, all the headquarters of Chinese big banks are in Beijing, all government financial management organizations are in Beijing, there's no way Tianjin can replace Beijing in the financial sector in north China.

Beijing takes top place in Fortune Global 500 company headquarters
Beijing is now home to the headquarters of 52 companies on the Fortune Global 500, the most of any city in the world for four straight years.

Beijing is ‘Billionaire Capital of the World’
Beijing, remained the world’s capital for a fifth straight year with 110 billionaires living in the city, ahead of New York with 98.

 

[bolo]

Mumbai city is too old and filthy.

India needs to build a new financial city ground up.

It's not even about how dirty it is. There is no way US would trust money going into an Indian city will find its way into China. US and other countries money will soon be able to go through Hainan Island than to mainland China.

 

[beijingwalker]

哈哈哈哈哈哈。

你说的算就行。

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[bolo]

Lol the same principle that they call this the 'largest electronics market in Asia'

It's just selling counterfeit software, dvds, etc.

 

[Paul2]

What Mumbai needs to do to replace Hong Kong as Asia’s main financial hub

Functioning severs? Working garbage removal, and street sanitation?