A free trade regime so it could retain the status of International Banking center so on call became an important gateway to china for western multinationals but following the recent unrest over the extradition Law International corporations with offices in hong kong fear that chinas going back on the 184. 00 agreement and that rule of law one of the cornerstones of any market economy will be eroded. To discuss that with me in the studio resident china expert Clifford Conan and from singapore were joined by and hitting our. Financial correspondent andrea was start with you. What are you hearing there are bankers really clearing their desks and packing their bags. Well the picture is showing signs of cracking although there based on not peg just yet. This is moving their money out of Auto Hong Kong you know is going to be giving banks something to worry about because its home to it 1. 00 trillion dollar Wealth Management industry now as a 2018 hole call is home to many billionaires is the 2nd highest number of billionaires in the will 2nd only to new york and that includes 3 billionaires in 200000 millionaires now these tycoons and super tycoons are going to have been worried about hong kong about moving their money out of hong kong since the 2014 umbrella of movement so this particular rally could be the big push that theyre making because theyre starting to see the real list of the encroachment that china has on hong kong so lots of cache of humility that as we hear how important it is for china what its extremely important i think hong kongs openness and its freedom is something that china needs its own Capital Markets are still heavily restricted weve seen since 2012 the Chinese Companies have raised 156000000000 from i. P. O. s in hong kong where theyve raised 143000000000 in their own mainland exchanges so its really very important to them and all of this of course takes on a different character as well with the u. S. China trade conflict at the moment china is being squeezed and it needs what hong kong has to offer in terms of International Exposure more than ever and. That that squeeze on home calm at the moment that we are kind of feeling of other Financial Centers in asia benefiting from this singapore for example where you are. Well you know i mentioned get you know the issue 7 with the extradition law poses a threat to chinas democracy but it also symptomatic threats all of that is you is singapore as a Top Financial Center rival it stands to gain a lot from these runaway 1000000000 is in fact singapore already has overtaken hong kong with the number of investments being me particularly in cross Border Investment in commercial property the numbers im reading here they have spent singapore has spent 21800000000. 00 u. S. Dollars in this quarter a new one and thats a 7 to 23 percent jump from last year. Compared to last year and thats already overtaking hong kong thats been going on for quite some time but at this say we should not be quick to jump the gun singapore may not necessarily get a whole piece of the pie is investors in hong kong choose not to remain in asia and have their money moved to outside asia theyre already starting to invest in the us and already i europe is europe is at the top of that list. Youve just explained how important is for china is that any real danger of beijing sort of retiring in control as well but they gain from that but i remember in 2017 she jim being visited to mark the anniversary of the handover and he said that hong kong would have its freedoms but there was a red line across it which it should never cross and there was a sense then that beijing was trying to impose control but now i think with the trade war i think its very difficult position for beijing because as you said it really needs hong kong and it needs its openness and its freedoms socom squeezed too hard because if hong kong if everyone does move to zurich as you just heard or to singapore if the money starts going there its a big problem for hong kong so i think i think i think were going to see a slow reaction to this i dont were going to see anything happening especially quickly. Thank you very much and you hang in singapore thank you. Germanys economics minister peter is in china today to conduct high level talks with key officials he reiterated calls for china to open its markets and create a level Playing Field for Foreign Companies while underscoring in the 4 multinationals china for its part has long pursued acquisitions in europe its only particular taste for socalled hidden champion small and relatively unknown companies that are very successful and very often leaders in the market. Pray on is a material commonly found in High Performance tires one of its Key Properties is that its highly resistant to heat and stress. Based in southern germany has been producing crayon for decades works cancel member of peta menke it classes the firm as a socalled hidden champion of german industry the company has a Global Market share of over 50 percent not swallow but ive noticed that nearly all major tire makers use our product its use especially in high speed tires where theres a big emphasis on safety and short space does cause your last year quit denko was acquired by Chinese Private equity firm Beautiful Mind capital or b m c we reached out to both b m c and because german Management Board for an interview both turned us down the mcs europe fund has its headquarters in shanghai and london the geolocation was billed as a reflection of close sino u. K. Cooperation in the Financial Sector came as british Prime Minister to resign may was seeking a new partnerships in preparation for a future outside the e. U. Germanys battles month foundation has been studying chinese acquisitions of German Companies the purchase of court danka appears to be a textbook case. So i. Signed it is pursuing a political strategy called china 2025 which has the aim of turning the country into a leading industrial nation purchasing High Tech Companies from abroad is a clearly stated part of that strategy. B m c is backed by Shanghai International group multibillion euro Chinese State owned Sovereign Wealth Fund germanys p. D. I. Business lobby group is sending the alarm has come by as well as any site Chinese Companies should not be able to use state subsidies and government loans to acquire companies here at above market value thats meaning european competitors lose out. Before the mc purchase core denko for 240000000 euros in return employee representatives are counting on Battery Market access in china and the guarantee that jobs will stay in germany. We havent yet had any contact with them which is what i can say though is that we continue to have contact where old management the same people are still there there be no present all changes. But the sheer speed of chinese buy ups has left many on edge late last year the e. U. Proposed a new law to scrutinize Foreign Investments more closely china wasnt named but alice say the focus was firmly on beijing. Plans by facebook to introduce its own Virtual Currency are facing an immediate and strong backlash and its not just anyone voicing concerns the g 7 thats the group of the 7 leading economies in the world have given the plans the thumbs down french finance minister. Insists that only governments can issue sovereign currencies a high level g 7 working group will be set up to examine the risks of cryptocurrency is to the Global Financial system facebook unveiled its mushroom its currency called libra on tuesday and said it would work with partners such as these are master card and pay pal. Could this be the governor of the worlds next central bank when libor becomes usable across facebooks apps including instagram and whatsapp possibly as soon as next year it could well become a rifle for traditional currencies Mark Zuckerberg is promising money for the modern world i believe that it should be as easy to send money to someone as it is to send a photo. So were already touching this in india weve got a 1000000 people its been used a lot in the feedback so far is great and were already working on rolling this out in a number of other countries later this year but the feedback from key financial figures in europe hasnt been so great french finance minister Bruno Lemaire says its out of the question that libor should become a sovereign currency the governor of the bank of england mark carney has said it will need to be subject to the highest standards of regulation security is one of the biggest concerns what with facebooks record on protecting data analysts point out its not the most obvious organization to trust with your money facebook has to convince us that not only should we not worry about privacy concerns when we share stories or when we browse the internet through the social networking but Financial Transactions are now safe as well thats a big thats a very tall order. This rather humble looking office block in switzerland is the official registered home of Libra Facebook has promised to keep its house in order and avoid the volatility of other cryptocurrency is by pegging leibowitz a real assets and a number of government backed currencies theyll need to convince users and financial leaders around the world the lever is backed by more than just luck. And thats it from me and the business thanks for watching stay tuned. Is next right after this 4th of Global Markets. Cut. Him good. Luck and. Sometimes books are more exciting than real life. Premiering term memory. Model. What if theres no escape. Church or a list the government must create. 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Refugee agency the number of displaced people has reached a record high of more than 70000000 we asked the uns high commissioner for refugees whats behind the increase and what World Leaders can do to reverse this trend also coming up International Investigators name for murder suspects from the downing of the Leisure Airlines flight m h 17 at least 300 people were killed when the passing