Wall Street’s China Dreams Get Jolt From U.S. Hong Kong Warning
- Biden urges companies to reconsider presence in financial hub
- ‘It certainly can cause a major rethink of strategic plans’
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U.S. President Joe Biden has a message for Wall Street: Beware in Hong Kong.
And with that, a question suddenly confronts C-suites across Manhattan. If the White House wants banks to reconsider their presence in Hong Kong because China is tightening its grip on the territory’s legal and financial systems, what does that mean for their long-held ambitions for expanding in the world’s second-largest economy and its market of 1.4 billion people?