Fitch sees no evidence of social events affecting Hong Kong's status as an international financial centre

Financial news

Written by: Zhang Weilun

2019-12-12 15:18

The government's proposed amendments to fugitives regulations have sparked more than six months of protests and demonstrations, raising concerns that Hong Kong's status as an international financial center will be affected. However, Fitch, an investment rating agency, pointed out that Hong Kong's status as a global financial center remains unchanged, and there is no evidence that recent social events have negatively affected its status.

However, Fitch also added that the continued protests and demonstrations will undermine the perception of Hong Kong as a stable international business center. At the same time, the outside world believes that Hong Kong's management capacity is weak or Hong Kong's credit rating is unfavorable.

Fitch In September this year, Fitch downgraded the long-term foreign currency issuer's default rating in Hong Kong from "AA +" to "AA".

Fitch pointed out that although the short-term outlook for Hong Kong may continue to deteriorate, the medium-term outlook is still positive; it also pointed out that Alibaba (9988) came to Hong Kong for a secondary listing earlier, reflecting that Hong Kong is still the flagship offshore financing center for Chinese companies.

Fugitive Ordinance Fitch Hong Kong Economy