The United Kingdom’s decision to leave the European Union has led major
financial companies in London to move assets and staff to continental Europe, mea
ning the post-Brexit landscape is likely to be far more “polycentric” than it is today
and far less centered on one location.
According to a recent report by think tank The New Financial, more than 40 companies have shifted staff or oper
ations to more than one financial center within the EU, with 100 choosing the
Irish capital as a post-Brexit location, whi
ch was the most popular choice ahead of Luxembourg, with 60, Paris with 41, Frankfurt with 40, and Amsterdam with 32.
William Wright, principal author of the
New Financial Brexitometer report, said: “One of the most strikin
g findings of our analysis is the extent to which Europe will become a much more
‘multipolar’ world as a result of Brexit.”
Companies are migrating to, or expanding in, multiple financial centers, with man
y either establishing a dedicated division for EU business or spreading their staff
more evenly throughout the EU.
ter for foreign exchange, for example. We clear more dollars than New York, and are the largest center for RMB trading outside greate
r China. London is strong and international,” she said. “The long-term fundamentals of London and the UK still remain strong.”
Alex De Ruyter, director of the Centre for Brexit Studies at Birmingham City University, echoed the
view of McGuinness, saying: “Whilst I think Brexit has clearly had a significant impact, it must be remembered that Lon
don is a global financial center and the majority of assets held by the financial services sector are outside of th
e EU, with the US, China, and other emerging economies particularly important markets.
“The 800 billion pounds figure only comprises about 10 percent of the estim
ated total assets of the UK banking sector,” he said. “So, the total volume of business affected has been relatively small.”
e protection zone, which lies within 15 meters of the shoreline, they were demolished, and she
will be compensated by local authorities. However, Wang said she does not believe the money can make up for her losses.
She has debts of 3 million yuan – mostly borrowed from relatives and friends. She said she regretted moving to Dali to pursue an idyllic life.
While some are not happy that they moved, others are glad they made the transition from big-city life.
Yang Yi, 48, who operates a restaurant in Dali’s ancient walled city, arrived eight years ago fr
om Chongqing after falling in love with the city on a visit. He bought a house and settled down.
“I have traveled to a lot of places, both at home and abroad, but I was overwhelmed by the natur
al beauty of Dali, a place that can calm you. I feel this city is the most pleasant one I have been to, and it is where my heart is now,” Yang said.
For decades, many tourists have fallen in love with Dali’s beautiful weather, stunning mountains, lakeside scenery and vibrant ethnic culture.
round. Tourists can explore the old town, hike amid the clouds, cycle around the lake and enjoy bustling street festivals.
Before he settled in Dali, Yang worked for a bank in Chongqing, his
hometown. After moving, he started a business selling hand-made traditional costumes of the loc
al Bai people, one of the ethnic groups in China. Many people from the group live in communities in Dali.
A year after he arrived, Yang opened his small restaurant, which
serves spicy Chongqing cuisine. He has developed a close relationship with his customers.
“I cook the food on my own for my customers, most of whom
are tourists. When I serve them, I often sit and chat with them and listen to their stories,” he said.
“In my spare time, I go with friends to climb Mount Cangshan, or cycle around Erhai Lak
e alone. This is exactly the life that I want to live – having no pressure, but inner peace and freedom.”
degree of leveraging maintains the top risk for China’s economy, thus
measures should continue to reduce the debt-to-GDP ratio “in proper order”, said Lou Jiwei, ch
airman of the National Council for Social Security Fund and a former finance minister.
It is necessary to build a long-term and efficient mechanism for financial regulati
on and fiscal supervision, and to prevent potential risks in the property sector, Lou said.
The three-day China Development Forum has a guest list of more tha
n 150 international delegates, including global industry leaders.A new round of high-level
economic and trade consultations, headed by United States Trade Representative Robert Lighthizer on the US
side, will kick off on March 28 in Beijing, the White House confirmed on Saturday.
“At the direction of President Donald J. Trump, United States Trade Representative
Robert Lighthizer and Secretary of the Treasury Steven Mnuchin will travel to Beijing, China, for prin
cipal-level meetings starting on March 28, 2019, to continue negotiations aimed at improving the trade rel
ationship between the United States and China,” the White House Press Secretary said in a statement.