HKFP explains – as best anyone can – the Technopole thing.
How’s morale at CLSA today? Reuters (via the Standard) reports…
China’s Citic Securities (6030) plans to move dozens of bankers from its offshore platform CLSA in Hong Kong to the mainland to cut costs and meet Beijing’s call to bridge income inequality in the financial sector, people with knowledge of the matter said.
In an unusually broad move for an industry where individual relocations are more common, CLSA is expected to demand the investment bankers move to the Chinese mainland with their pay lowered to local levels or face the likely prospect of losing their jobs, three people said on condition of anonymity.
Reuters asks whether China can ever get rich…
Juan Orts, China economist at Fathom Consulting, said boosting consumer demand might redirect resources away from supporting manufacturing exporters, which partly explains hesitance towards such reforms.
“We don’t think authorities will commit to that path,” said Orts, describing it as “the way out” of economic doldrums.
Rather, China took steps the other way.
(The ‘middle-income trap’ is not an unfortunate fate that befalls a few developing countries: it is the norm. Only South Korea, Taiwan and Chile-at-a-pinch have graduated to rich-country status in the last half century, not counting oil sheikdoms and small city-states.)
The Spectator looks at ‘contradictions’ causing China’s economic woes…
Beijing has labelled this year the ‘Year of Investing in China’. Regional leaders have sent delegations around the world to drum up interest, with little to show for it.
From China Media Project – the rise of anti-semitic conspiracies in the Mainland. ‘A manifestation of a broader problem of racist nationalism in Chinese discourse’.
Hong Kong fiction: The Angelines Chan of Pokfulam Road, by Rosemarie Ho, a short story about a teacher’s doppelgangers, set in 2019 Hong Kong. You may need to ease into the style.