Bloomberg quotes Japan’s Finance Minister Taro Aso as saying that with Hong Kong’s status as an international financial center losing its appeal due to China’s crackdown, it is necessary for Japan to further explore the establishment of a special economic zone to attract the global banking industry.
Taro Aso met with the media after attending a cabinet meeting on Tuesday (27) morning, pointing out that the chaos created by China is causing Hong Kong’s role as an international financial center to be significantly reduced or weakened, and that an Asian location capable of replacing Hong Kong must be open and transparent in nature, and that given the time difference with London and New York, “the eyes (of the business community) will be on Japan”.
Japan’s Prime Minister Kan Yoshihide has also said that he wants to promote the establishment of an international financial center in his speech to the Diet on Monday (26th). Taro Aso said that if Japan establishes an international financial metropolis, “it will certainly help to revitalize the Japanese market, and we have been ordered to act quickly.
If Japan wants to attract the global financial industry, it should encourage more use of English in financial administration, simplify administrative procedures that require a physical seal, and encourage more overseas talents by revising the tax system and residency qualifications, as well as consider the living environment and amenities, “We need to conceive of many things, including the establishment of special economic zones and the like,” Mr. Aso said.
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