Singapore's consul general in Hong Kong rejects zero-sum narrative between Hong Kong and Singapore as financial centres
Quick Look
Eric Teo Boon Hee, Singapore's consul general in Hong Kong, stated that Asia is large enough to host two financial centres and urged cooperation between Hong Kong and Singapore, rejecting the idea of a zero-sum rivalry and emphasizing healthy competition that benefits both cities and their stakeholders.
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Why It Matters
Hong Kong and Singapore have long been viewed as competing financial hubs in Asia, with debates over which city holds the top position as capital flows into the region increase.
Eric Teo Boon Hee, Singapore’s consul general in Hong Kong, said Asia was big enough to accommodate two financial centres and that both sides should work together to “expand the pie” as capital rushed into the region.
Speaking exclusively to the South China Morning Post shortly after marking his first anniversary in the city, Teo pushed back against the prevailing narrative that Hong Kong and Singapore were locked in a zero-sum race for the crown of Asia’s top financial centre.
“The way we see it, healthy and natural competition between the two cities is not necessarily a bad thing,” Teo said.
“Actually, it is healthy and constructive competition to actually improve both sides, and allow us to do better for our people, for our businesses.”
He said that in all his conversations with local officials and business leaders over the past year he had “zero sense” that they viewed Singapore as an enemy.
Open Questions
- What specific measures are being considered to expand the financial pie in Asia?
- How do business leaders in Hong Kong and Singapore perceive the current level of cooperation between the two cities?
