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External Partners Alumni Search Submit Return to home Search Search About About Olin Home Why Olin Equity, Diversity & Inclusion Leadership & Strategy News & Media Events Contact Us Programs Programs Home Explore Our Programs BS in Business Administration MBAs Specialized Master's Doctoral Executive Education Dual Degrees Faculty & Research Faculty & Research Home Faculty Directory Research Research Centers Olin Brookings Commission Olin Award Student Resources Student Resources Home Career Services Center for Experiential Learning Entrepreneurship Academic Calendars Student Organizations For Current Students For Military Veterans Admissions Admissions Home Scholarships & Aid Attend Program Events Visit Olin Ask a Student Student Profiles Request Information Refer a Candidate External Partners Alumni Research: Protests haven’t hurt Hong Kong’s status as global financial center April 30, 2020 By Jill Young Miller 3 minute read Home News Research: Protests haven’t hurt Hong Kong’s status as global financial center Critics claim the 2019 protests in Hong Kong undermine it as a leading global financial center. Olin&＃8217;s&＃160;David R. Meyer, however, finds that Hong Kong&＃8217;s status is secure for three reasons: China&＃8217;s government will continue to support it; Hong Kong&＃8217;s financial networks possess extraordinary scale and sophistication; and no viable alternative center has emerged to challenge Hong Kong as the Asia-Pacific leader. David R. Meyer Meyer, a senior lecturer in management and expert on East Asian and international business, puts forth his arguments in&＃160;&＃8220;The Hong Kong protests will not undermine it as a leading global financial centre,&＃8221;&＃160;published online in April in&＃160;Area Development and Policy. &＃8220;The Hong Kong protests will not undermine it as a leading global financial center,&＃8221; he said, citing his research that draws on the &＃8220;geography of finance&＃8221; research on global financial centers. Protests begin The protests started in mid-March 2019 after the government sought to allow extradition of suspects between Hong Kong, Mainland China, Taiwan and Macau in criminal cases. Then, on June 9, came the march of &＃8220;more than a million Hongkongers,&＃8221; according to organizers. As Meyer notes in the paper, protesters issued five demands: withdraw the extradition bill; make an independent inquiry into police enforcement; retract the &＃8220;riot&＃8221; classification of violent protests; drop charges against demonstrators; and reform elections. Protests and riots continued into the fall. By November, demonstrations reached the airport and temporarily closed it, protesters took over university campuses and disrupted the rapid transit system. Later that month, voters swept anti-government candidates into office in district elections. Then, as violent protests declined, peaceful protests continued this year. &＃8216;Network hub of global capital&＃8217; Now critics claim the protests threaten Hong Kong as a leading global financial center. They suggest Hong Kong&＃8217;s importance to China will fade because activities such as initial public offerings, bond sales and currency trading will be done elsewhere, Meyer says in his paper. They speculate that other cities&＃8212;among them Singapore, Beijing, Shanghai and Shenzhen&＃8212;will compete with Hong Kong and that financiers will move their business to other cities. &＃8220;These are serious claims,&＃8221; Meyer said. Yet the claim that the protests threaten Hong Kong as a leading center &＃8220;fails to recognize that the city&＃8217;s significance rests on its status as a network hub of global capital,&＃8221; Meyer said. &＃8220;Based on this perspective,&＃8221; Meyer writes in the paper, &＃8220;I argue that the protests do not threaten Hong Kong as a global financial center because its networks of capital are resilient.&＃8221; No other financial center in the Asia-Pacific region has the ability to replace it. &＃160; David R. Meyer Almost two centuries of stability Research on global financial centers shows a high degree of stability at the upper-ranked centers dating back for almost two centuries, Meyer notes in the paper. London had replaced Amsterdam as the leading center by the 19th century, and New York joined the top centers in the early 20th century. Hong Kong became the leading financial center in Asia by the late 19th century, according to the paper. This relative stability of the upper-level financial centers persists, Meyer says. Even the 2008 global financial crisis couldn&＃8217;t significantly disrupt the ranks of the top financial centers. (Meyer says the COVID-19 crisis &＃8220;will have no consequence other than near-term disruption of activity as is occurring in all major financial centers.&＃8221;) And even though China&＃8217;s leaders are unhappy with the Hong Kong government and outraged over the violent protests, no evidence suggests that they will undermine the city&＃8217;s financial community, according to the paper. &＃8220;Hong Kong&＃8217;s financial community occupies the highest level of specializations in finance and contains multi-faceted, complex and internally connected networks,&＃8221; Meyer writes. &＃8220;Components of these networks reach across Asia and globally, which means Hong Kong is the pivot of financial expertise and knowledge in the region.&＃8221; A ‘Network hub of global capital’ “I argue that the protests do not threaten Hong Kong as a global financial center because its networks of capital are resilient.” About the Author Jill Young Miller As research translator for WashU Olin Business School, my job is to highlight professors’ research by “translating” their work into stories. Before coming to Olin, I was a communications specialist at WashU’s Brown School. My background is mostly in newspapers including as a journalist for Missouri Lawyers Media, the Atlanta Journal-Constitution, The Washington Post and the Sun-Sentinel in South Florida. Contact Us For assistance in finding faculty experts, please contact Washington University Public Affairs. Monday&＃8211;Friday, 8:30 to 5 p.m. Sara Savat, Senior News Director, Business and Social [email protected] &＃160; Kurt Greenbaum,Communications [email protected] Twitter: WUSTLnews Share article Apply Now Visit Us Request Info One Brookings Drive, St. Louis, MO 63130-4899 [email protected] 314-935-7301 News & Media Events Faculty Directory WashU Center for Career Engagement Washington University home Olin Links Sitemap Privacy Policies Title IX Accessibility ©2024 Washington University in St. Louis