HSBC Holdings Plc’s Chairman Mark Tucker sees a significant boost to the global economy and a rebound in Hong Kong from China’s reopening.
(Bloomberg) — HSBC Holdings Plc’s Chairman Mark Tucker sees a significant boost to the global economy and a rebound in Hong Kong from China’s reopening.
“China’s reopening, announcements of a package of measures to stabilize the property market will be positive for both its economy and the global economy,” said Tucker, speaking from New York on a panel at the Asian Financial Forum held in Hong Kong.
Hong Kong and the Greater Bay area are likely to be “immediate beneficiaries,” said Tucker, adding that he expects a strong recovery from the second quarter.
HSBC, the biggest bank in Hong Kong, has been pivoting to Asia, channeling billions to the region. Its relationship with China has been thawing as it won approvals for businesses in the past 18 months. But it is heavily dependent on the special administrative region and China amid rising geopolitical tensions.
Amid this, it has been expanding in other parts of the region in Singapore and India. During the session, Tucker highlighted the potential of India and other parts of Asia.
“Asia is now not just a story about Hong Kong and mainland China,” said Tucker. “India is a hugely attractive market with a strong long-term outlook,” he said.
He said he sees a 20 to 30-year runway for growth in India, as was the case in China in the 1990s.
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