Finance-charged growth is a thing of the past.
Asia's two top financial hubs are facing a rapid growth decelaration with China’s slowdown and the continuing shrinkage of the financial industry striking both Singapore and Hong Kong.
Problems in the two cities are similar, according to a report by Bloomberg. Banks are finding it harder to grow profits, hiring has slowed and stock trading is in a slump. Capital inflows propelled by U.S. Federal Reserve quantitative easing and, later, by Chinese investors, are now in the rear-view mirror.
While they have seen tougher times before and are building on strengths in other areas, such as tourism, the years of finance-charged growth looks to be over.
Read the full report here.
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