Yale school of management prof Jeffrey Garten writes in today’s FT that a Beijing-led financial-services partnership between Hong Kong and Shanghai (Shangkong, the headline writer says) could provide serious competition to New York and London as a global financial capital.
“Beijing could declare that Shanghai and Hong Kong will have a common set of regulations and recruit some of the world’s best financiers to bolster its regulatory structures — perhaps luring them with an advantageous tax regime no longer possible in the west,” Garten writes.
Shangkong already may have one advantage. In New York and London, “budget deficits will be gigantic, resulting in higher taxes and cutbacks in public investment in the kinds of services … that attract talent.” Garten mentions transportation first on his list of such services.
We all know how transportation investment is going in New York right now.
You may also like
How Washington’s Budget Bill Will Affect Health Care in New York
UPDATE: The final version of the federal budget bill omitted a handful of provisions that had been included in earlier drafts. One would have penalized states that use their own money to provide coverage for undocumente Read More
Albany’s Looming Energy Shock
For all Governor Hochul’s talk about “affordability”, it seems electricity prices have not received that memo. Recent from the U.S. Energy Information Administration show New York househo Read More
New York’s K-12 Problem
New York has an education problem that no one really likes to talk about: it spends more than any other state or country in the world yet achieves mediocre results at best. This might come as a surprise, especially since some politicians and pundits tout Read More
Two Dozen School Districts Are Returning to the Polls for Budget Revotes
Voters in 24 New York school districts return to the polls on Tuesday for school budget revotes. Last month, voters in 96 percent of school districts outside New York City conducting votes approved their school budgets for the upcoming year.
The 683 sc Read More
Sponsors of a $10 Fee for Prescriptions Narrow Their Proposal
UPDATE: The bill discussed in this post passed the Senate at around 3:30 a.m. Friday by a vote of 57-2.
Legislation that would mandate a $10 "dispensing fee" for filling pr Read More
Even With Federal Cuts, New York’s Health Funding Would Remain High
New York's health-care industry stands to lose billions of dollars in federal funding under the major budget bill being debated in Washington – a rare and jarring turn of events for a sector accustomed to steadily increas Read More
As Albany’s Session Ends, Watch for Rising Health Costs
Every session of the state Legislature brings a fresh crop of proposals that would drive up health-care costs, and 2025 is no exception.
Here is a sampling of pending bills that, if Read More
Empire Center Launches K-12 SOS on Education Achievement and Spending in New York
In 2022-23 New York used to spend more than any other state or country – $30,000 per student. Next school year the spending might increase to $35,000 per student.
Even at $30,000 New York spends twice as much as the US average, and about a third more Read More