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

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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.
 
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So fucking deluded. Singapore will replace whatever HK loses, NOT MUMBAI. Ridiculous.
 
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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?
 
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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.
 
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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#
 
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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.
 
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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.
 
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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.
 
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哈哈哈哈哈哈。

你说的算就行。
5月16日,2020清华五道口全球金融论坛正式举行。清华大学五道口金融学院战略咨询委员会委员霍学文在会中表示,北京金融业资产总量占全国50%以上。

北京金融业发展独具特色,主要表现在五个方面。

一是金融管理中心功能突出。国务院金融稳定发展委员会,中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会、国家外汇管理局全部设在北京。

二是金融机构高度聚集。截止到2019年4月,北京拥有“一行两会”审批的法人金融机构总部822家,居全国首位。2018年全球财富500强榜单中,中国有20家金融机构入选,其中10家来自北京。

三是国际金融组织快速发展。亚投行、丝路基金、亚洲金融合作协会等国际金融组织在北京设立。IMF、世行、WTO在北京设立代表处,全球各大金融机构也都在北京设立了营业性分支机构或者代表处。

四是金融市场体系加快完善。在股票市场方面,北京有着继上海、深圳之后的第三家全国性证券交易场所,新三板。在保险市场方面从2017年数据看,北京地区保险密度达到9080元,是全国平均水平的3.43倍,保险深度达7.03%,是全国唯一过7的地区。

五是上市公司数量多、规模大。截止到2018年底,北京地区境内上市公司316家,居全国第四,总股本2.56万亿股,占全国A股上市公司总股本的39.38%,居全国第一,总市值14.49万亿元,占全国30.31%,居全国第一。
 
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