A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Presented by former CEO and investment bank global trading head Peter Lewis, with over 30 years' industry experience. Join Peter and his expert guests for analysis and discussion on the day's top business stories live every weekday morning 8 to 8:30 a.m. on RTHK Radio 3. We have a podcast to download after the show and you can also listen through the RTHK Radio 3 website live or later in the day. We welcome your questions, comments and feedback to read out in the show. You can email us at firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
Hong Kong stocks have plunged in their biggest one-day fall in almost five years after China said it will introduce national security law in the territory. The White House said on Sunday that the US will likely impose sanctions on China if the law is enacted.
China’s National People’s Congress has declined to set a gross domestic product target for the first time. Premier Li Keqiang said the pandemic has not come to an end yet and that the country “must redouble efforts to minimize the losses resulting from the virus.” He also pledged to implement the Phase 1 trade deal agreed with the US.
President Xi Jinping said he won’t let the world’s second-largest economy return to its days as a planned economy. He told delegates at the “two sessions” meeting that the country has strengths that will allow it to recover after the Covid-19 pandemic. He also pledged to defend globalisation and reject protectionism.
On Friday, the US government added a further 33 Chinese companies and other institutions to its so-called “entities list”, restricting their ability to receive export licenses for US software and hardware.
On today’s Money Talk, we’re joined by Michelle Lam from Societe Generale and Steve Wang at CITIC CLSA. With a view from mainland China is Shanghai-based Independent Economist, Andy Xie.
25/05/2020 - 8:10am Busines and Market Discussion / View from the mainland
Michelle Lam, Greater China Economist at Societe Generale says that the proposed national security legislation and escalating protests are adding further uncertainty to Hong Kong's local businesses, some of which have only just started to recover from the impact of the COVID-19 pandemic.
Steve Wang, Senior Credit Analyst at CITIC CLSA says that Hong Kong’s role as a financial centre for China corporates is weakening and the number of bond issues over the last year has declined.
Andy Xie, Shanghai-based Independent Economist is of the view that China's decision not to set a growth target for this year is understandable, as the figures would be too pessimistic.
Hong Kong is bracing for its first general strike in more than 50 years today as the territory’s political crisis worsens. A ninth consecutive weekend of protests culminated in further violent confrontations with the police and the demonstrations are spreading to new neighbourhoods and are dragging more sectors of society into the conflict.
China has warned the country will retaliate against the US if it carries out Donald Trump’s threat to impose new tariffs on a further US$300bn of Chinese imports. The mainland’s foreign ministry suggested the new tariffs could scupper plans for another round of trade talks in Washington next month.
On today’s Money Talk are Alex Wong from Ample Capital and David Roche of Independent Strategy. Providing the view from the mainland is Brock Silvers at Kaiyuan Capital. After 8:30 we discuss the topic of financial inclusion with China Strategist Andrew Leung, Stephen Wong from HKU SPACE, and Lotte Schou-Zibell from the Asian Development Bank.
05/08/2019 - 8:09 Business & Market Discussions
Alex Wong, Director of Asset Management at Ample Capital, says that Hong Kong is entering a recession, with a drop in retail sales and tourists number, and investors are considering stopping investing in HK.
David Roche, President and Global Strategist of Independent Strategy, points out that the manufacturing sector is very weak globally, and the world economy is giving a worrying picture for the stock markets.
05/08/2019 - 8:24 View from China
05/08/2019 - 8:36 Monday Debate: Financial Inclusion
Andrew Leung, International and Independent China Strategist, says that China has been at the forefront of e-commerce and mobile payments on the mainland.
Stephen Wong, Adjunct Associate Professor at the Institute of China Business of HKU SPACE, comments that the development of Fintech such as virtual banks has moved financial inclusion around the world to the next level.
Lotte Schou-Zibell, Chief of Finance Sector Group, Sustainable Development and Climate Change Department at the Asian Development Bank, says that Fintech is not the right solution for some remote and rural areas in Asia that do not have internet and a stable supply of electricity.