BackFinancial leaders tiptoe around Beijing’s asset scrutiny, hail Hong Kong’s wealth boom

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SCMP Economy16 minutes agoBusiness1 min readChina

Financial leaders tiptoe around Beijing’s asset scrutiny, hail Hong Kong’s wealth boom

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Global financial leaders gathered in Hong Kong largely sidestepped Beijing's offshore trust tax crackdown, focusing instead on the city's appeal as an alternative safe haven amid global market volatility and its growing strength as a cross-border wealth hub.

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Global financial leaders gathered in Hong Kong this week amid Beijing's offshore trust tax crackdown, which remains a lingering near-term hurdle for the city's otherwise expanding wealth management industry.

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Global financial leaders who gathered in Hong Kong this week largely sidestepped Beijing's offshore trust tax crackdown, a lingering near-term hurdle for the city's otherwise expanding wealth management industry.

Industry heavyweights instead focused on the city's appeal as an alternative safe haven amid global market volatility and its growing strength as a cross-border wealth hub.

Open Questions

Which specific global financial leaders attended the gathering?
What are the details of Beijing's offshore trust tax crackdown?
What specific measures is Hong Kong taking to position itself as a safe haven?

Winbond Chairman Jiao Youjun said frankly that the memory boom, which has benefited from the rising demand for AI, has been too good for too long. The industry may not know when to stop expanding production, and is worried that the next recession will come too late. He predicts that the business cycle may continue until 2028 and 2029, but funding constraints may become the reason why the industry enters a downward cycle in 2029. In the short term, the demand for AI data center construction is clear. It will basically not be affected by funding or government development permit policies in 2027, and it will not have much impact in 2028. As for whether there will be enough land, power and factories for CSP operators to maintain their investment scale in 2029, it remains to be understood from customers. He believes that the gross profit margin of memory is not expected to continue to rise, and there is still a limit to price increases. Original manufacturers will also worry about excessive price increases to suppress terminal demand.

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Financial leaders tiptoe around Beijing’s asset scrutiny, hail Hong Kong’s wealth boom

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The memory is too good and the factory expansion is too fast! Winbond Electric Co., Ltd. Youjun: The biggest fear is that the recession will come too late

Retirement brought 2.45 million yuan to the countryside for "low-cost retirement". The 68-year-old couple moved only half a year ago and exposed the heavy price

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2026 Global Aviation Medical Rescue Conference held in Guangzhou