China only entered the investment banking and fund management game in the 1990s, more than two centuries after Wall Street, said Chen Zhiwu, chair professor of finance at the University of Hong Kong.
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Chen Zhiwu, chair professor of finance at the University of Hong Kong, said the pause by the US Federal Reserve, and possible cuts, could be positive for China’s exports but not its financial markets. “The news means more US stock market and bond market upsides in the coming years, possibly luring more capital out from China,” said Chen, adding the US economy could continue to cool further but is unlikely to slip into a serious recession.
"It's definitely in the government's interest to ensure maximum data reliability" said Chen Zhiwu, a finance professor at the University of Hong Kong.
“Politics will for sure further dictate China’s finance, effectively moving China even closer to how it was before the reforms started in 1978,” said Chen Zhiwu, a finance professor at the University of Hong Kong.
"The last 10 years have not been about real reforms and open doors," said Zhiwu Chen, professor of finance at the University of Hong Kong. "Instead, reversals of past reforms have carried the day," he said, adding this has stifled Qianhai's progress.
Chen Zhiwu, chair professor of finance at the University of Hong Kong, said both sides are preparing for further confrontations, adding: “The meeting shows that it is almost impossible for any effort to reverse the trend of hostility and the lack of trust between the two countries.
Chen Zhiwu, chair professor of finance at the University of Hong Kong, was less optimistic. He said the mention of Hong Kong this week was “vague and general”, suggesting “there’s nothing specific coming up” in the way of changes. The city is unlikely to add infrastructure, expand capital markets or enact new laws in response to Xi’s statement, at least not right away, he said.
Chen Zhiwu, chair professor of finance at the University of Hong Kong, said tightening party control over finance is “simply a formal acknowledgement of the practice over the past 10 years.” “No surprise here, as the revised Chinese Constitution of 2018 says the Party must control everything. So, the financial sectors cannot be an exception.”
I’m pretty sure the [US] State Department people and national security staff must be paying attention to this,” said Chen Zhiwu, chair professor of finance at the University of Hong Kong.