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China's 'Greater Bay' threatens Singapore's finance and tech

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https://asia.nikkei.com/Economy/China-s-Greater-Bay-threatens-Singapore-s-finance-and-tech-status

 

China's 'Greater Bay' threatens Singapore's finance and tech status

Analysts see huge Hong Kong-Macao project siphoning business away from city-state

JUSTINA LEE, Nikkei staff writer March 04, 2019 06:35 JST

 

https%3A%2F%2Fs3-ap-northeast-1.amazonaw

To stay competitive and become a "smart" city, Singapore has been investing in emerging digital technologies across various industries

 

SINGAPORE -- China's ambitious Greater Bay Area project encompassing Hong Kong, Macao and nine cities in Guangdong could threaten Singapore's standing as a hub for finance and technology.

 

Earlier this month, Chinese authorities unveiled their plans for the vast area, which boasts a population of 71 million and an estimated gross domestic product of $1.64 trillion.

 

Although a concrete road map for developing the Greater Bay Area has yet to be made, the unveiling was a crucial step forward in Beijing's efforts to quell rising protectionism around the world and spark a slowing economy at home.

 

According to economists, the project could eventually overshadow Singapore.

 

Lawrence Loh, director of the Centre for Governance, Institutions and Organisations at NUS Business School, noted that the huge project "will definitely" have an impact on Singapore.

 

"The geoeconomics of the new Chinese development will be formidable in its scale and scope, [creating] synergies across many industries and markets," he said. Loh added that the Greater Bay Area is also "a much bigger region," with 12 times Singapore's population and almost five times its GDP.

 

"The main challenge for Singapore will be specifically in the finance sector and -- more broadly -- in its location as a business hub," Loh noted.

 

Tommy Xie, head of Greater China Research at OCBC Bank, said that Hong Kong will be the first to benefit from the project. Strengthening Hong Kong's role as a global financial center and magnet for investment by China "may pose some immediate challenges to Singapore," he said.

 

Still, rather than being put off, some Singapore companies see potential in the huge area. Lucas Loh, president of China & Investment Management at Capitaland Group, said the core growth engines, Guangzhou and Shenzhen, in the Greater Bay Area "are also part of [the company's] core city clusters in China."

 

Capitaland has been ramping up its presence in Guangzhou over the past year, acquiring two residential sites in Zengcheng District and a mixed-use site in Guangzhou Science City, which Loh says is "a key component of China's plans to turn the Greater Bay Area from a strong manufacturing base into a science and technology hub."

 

https%3A%2F%2Fs3-ap-northeast-1.amazonaw

Shenzhen will form an important part of China's Greater Bay Area.   © AP

 

However, not all analysts think the project will damage Singapore. "Hong Kong and Singapore are global cities which tap worldwide talent pools and financial markets, so the Greater Bay Area does not really represent a marked shift in the competitive dynamic between the two," said Duncan Innes-Ker of The Economist.

 

Innes-Ker thinks the city-state can mitigate some effects of the project by reducing barriers that prevent Singapore-based companies from operating in Southeast Asia. "ASEAN's economies are expected to expand rapidly," he said. "This should provide many opportunities for financial and professional service providers based in Singapore"

 

To boost competitiveness, Singapore has been increasing efforts to transform itself into a "smart" nation by investing in emerging digital technologies across various industries. In fintech alone, investments in 2018 more than doubled to $365 million from a year ago, according to a recent report by Accenture.

 

Singapore is also working on fifth-generation, or 5G, technologies. In January, Singapore Telecommunications, Ericsson and Singapore Polytechnic launched the nation's first 5G training and testing center. The partners will use the facility to develop applications for transportation, logistics, health care, manufacturing and other industries.

 

 

 

 

 

 

 

 

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Who dare to invest money there?

 

Anytime they can just say you or your staff is a spy and detain you.

 

:D

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(edited)

So long as china continue to challenge western economy, Singapore will be the a good base for western countries.

Edited by Tjkbeluga
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why must run road? run to where? Thailand?

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Topic sound like Singapore kenna or going to kenna annex by........ i dont know even who??  

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The PRC way of doing things is not for everybody. Tuition fees to find out is upfront.

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There's no law in China to protect investors. Ppl there can gang up to fraud and scam businesses and literally just get away with it. The commercial law there is non-existent. If you employ Chinese workers and they can create shell companies to scam your company. All you can do is sack them. You cannot bring them to trial or have them prosecuted for fraud. If you go there you confirm get screwed.

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every where, every country is developing new port city and project.

 

if we kanjiong about this, we need kanjiong every day liao :XD:  

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Reports of our demise have been overestimated. The people will make their money there and... Still park their money here lol.

Topic sound like Singapore kenna or going to kenna annex by........ i dont know even who??

The country that is going to get annexed is taiwan. But it will be decades.
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There's no law in China to protect investors. Ppl there can gang up to fraud and scam businesses and literally just get away with it. The commercial law there is non-existent. If you employ Chinese workers and they can create shell companies to scam your company. All you can do is sack them. You cannot bring them to trial or have them prosecuted for fraud. If you go there you confirm get screwed.

An MNC sacked 2 employees in China. These ex-employees sued the employer even though there were evidence of dishonesty on the ex-employees. Their court awarded their China men 4 years full gross salary to be paid by the employer.

 

Newspapers reported on stories of CFOs, CEOs being locked and kept captive in mtg rooms etc unless pay increase and other benefits demanded by their employees are met.

 

That dragon no longer sleeping, snoozing or dozing ah, awaken liao and very very very hungry.

 

Cambodia, Philippines, India and even Msian are realising there's much more behind all the Chinese economic aid.

 

Singapore is shifting its eyesight away from port business, in that the focus is realigned. Not unimportant but no longer world's busiest port.

 

 

Safe ride

Cheers

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https://asia.nikkei.com/Economy/China-s-Greater-Bay-threatens-Singapore-s-finance-and-tech-status

 

China's 'Greater Bay' threatens Singapore's finance and tech status

Analysts see huge Hong Kong-Macao project siphoning business away from city-state

JUSTINA LEE, Nikkei staff writer March 04, 2019 06:35 JST

 

https%3A%2F%2Fs3-ap-northeast-1.amazonaw

To stay competitive and become a "smart" city, Singapore has been investing in emerging digital technologies across various industries

 

SINGAPORE -- China's ambitious Greater Bay Area project encompassing Hong Kong, Macao and nine cities in Guangdong could threaten Singapore's standing as a hub for finance and technology.

 

Earlier this month, Chinese authorities unveiled their plans for the vast area, which boasts a population of 71 million and an estimated gross domestic product of $1.64 trillion.

 

Although a concrete road map for developing the Greater Bay Area has yet to be made, the unveiling was a crucial step forward in Beijing's efforts to quell rising protectionism around the world and spark a slowing economy at home.

 

According to economists, the project could eventually overshadow Singapore.

 

Lawrence Loh, director of the Centre for Governance, Institutions and Organisations at NUS Business School, noted that the huge project "will definitely" have an impact on Singapore.

 

"The geoeconomics of the new Chinese development will be formidable in its scale and scope, [creating] synergies across many industries and markets," he said. Loh added that the Greater Bay Area is also "a much bigger region," with 12 times Singapore's population and almost five times its GDP.

 

"The main challenge for Singapore will be specifically in the finance sector and -- more broadly -- in its location as a business hub," Loh noted.

 

Tommy Xie, head of Greater China Research at OCBC Bank, said that Hong Kong will be the first to benefit from the project. Strengthening Hong Kong's role as a global financial center and magnet for investment by China "may pose some immediate challenges to Singapore," he said.

 

Still, rather than being put off, some Singapore companies see potential in the huge area. Lucas Loh, president of China & Investment Management at Capitaland Group, said the core growth engines, Guangzhou and Shenzhen, in the Greater Bay Area "are also part of [the company's] core city clusters in China."

 

Capitaland has been ramping up its presence in Guangzhou over the past year, acquiring two residential sites in Zengcheng District and a mixed-use site in Guangzhou Science City, which Loh says is "a key component of China's plans to turn the Greater Bay Area from a strong manufacturing base into a science and technology hub."

 

https%3A%2F%2Fs3-ap-northeast-1.amazonaw

Shenzhen will form an important part of China's Greater Bay Area. © AP

 

However, not all analysts think the project will damage Singapore. "Hong Kong and Singapore are global cities which tap worldwide talent pools and financial markets, so the Greater Bay Area does not really represent a marked shift in the competitive dynamic between the two," said Duncan Innes-Ker of The Economist.

 

Innes-Ker thinks the city-state can mitigate some effects of the project by reducing barriers that prevent Singapore-based companies from operating in Southeast Asia. "ASEAN's economies are expected to expand rapidly," he said. "This should provide many opportunities for financial and professional service providers based in Singapore"

 

To boost competitiveness, Singapore has been increasing efforts to transform itself into a "smart" nation by investing in emerging digital technologies across various industries. In fintech alone, investments in 2018 more than doubled to $365 million from a year ago, according to a recent report by Accenture.

 

Singapore is also working on fifth-generation, or 5G, technologies. In January, Singapore Telecommunications, Ericsson and Singapore Polytechnic launched the nation's first 5G training and testing center. The partners will use the facility to develop applications for transportation, logistics, health care, manufacturing and other industries.

Like that also run Road???

Only the rich will run..

Peasant like me no where to run..

So only can cum here kpkb.. some table wipers also cum here too..

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(edited)

Reports of our demise have been overestimated. The people will make their money there and... Still park their money here lol.

The country that is going to get annexed is taiwan. But it will be decades.

 

 

doc, not really, damn difficult to take profit out of prc...there's a reason why soooo many restaurants has sprung out overseas …….

 

https://www.businesstimes.com.sg/banking-finance/chinas-capital-controls-keep-outflows-from-getting-worse

 

https://www.china-briefing.com/news/profit-repatriation-in-china/

 

 

 

post-131345-0-32600800-1551781442.gif :XD:

Edited by Staff69
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Who dare to invest money there?

 

Anytime they can just say you or your staff is a spy and detain you.

 

:D

 

Usual way is ask you to pay RMB 2 then bring you behind blindfold liao kneel down cork and fire :scared:

 

After that harvest all organs to sell and rest of the flesh feed tigers  :a-rip:

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Greater bay area long long time ago, they are there to support china market and its surrounding, wont affect us much

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(edited)

10 years ago, there was a huge influx of PRC FTs in Singapore.

 

Some Singaporeans made fun of the PRC FTs while they were here making crude remarks. But I actually told them that 10 years later, it would be Singaporeans going there as FTs taking and doing some of their lower banded jobs.

 

And yes, we have already seen some of it happening.

 

Example: Some of my friends in high positions in MNC report to PRC bosses in Shanghai and Beijing etc.

Also, have some friends that could not find jobs or not too successful in Singapore, going to China to work.

PRCs filling top level jobs in Asia Pacific roles based in Singapore.

 

And we are also starting to see a reverse trend where Singaporean woman are marrying China PRCs. eg. Sun Xuelin, Joanne Peh.

 

Who is having the last laugh? 

 

They dont need Singapore's economy to survive.Singapore need their economy to survive.

 

Always be humble. 

Edited by Davidtkl
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