Financial sector output and employment in Hong Kong and New York City
What is the future role for Hong Kong as an international financial centre in China? A few pointers can be found by analysing the role of New York as a national and global financial hub. The financial sector in New York currently employs twice as many people and generates four times as much output as in Hong Kong. The contrast between the two cities is greatest in the securities industry. New York employs double the number of workers and produces 10 times more output than Hong Kong. With New York as the reference point, Hong Kong has significant growth potential if it can be positioned successfully as an international financial centre intermediating fund flows both within China and between the Mainland and the rest of the world. And the securities industry provides the biggest catch-up and the greatest potential, by serving the needs of fund raisers and investors from the Mainland, because capital market services do not need to be provided on location – an observation demonstrated by the role of New York’s securities industry in the US economy.
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