Hong Kong’s long-term wealth hub status safe from mainland investment curbs: JPMorgan exec

Beijing’s recent curbs on cross-border investment and a tax shift targeting overseas insurance gains may create short-term uncertainty, but they will not undermine Hong Kong’s long-term competitiveness as a major wealth management hub, according to a senior executive at JPMorgan Chase.Kwang Kam-shing, Hong Kong CEO and chairwoman of North Asia at the biggest bank by assets in the United States, said she remained optimistic about the long-term outlook for Asia’s financial sector, citing continued wealth creation in the region and sustained cross-border activities.“It’s too early to know what the impact will be,” Kwang said in an exclusive interview with the South China Morning Post, when asked about the impact of Beijing’s recent policy shift on cross-border investment.