US-China relations are shaping up to be as adversarial as expected, with President-elect Donald Trump poised to appoint two well-known China hawks for key roles as he starts to form for his “America First” cabinet. Senator Marco Rubio, who has taken a particularly aggressive approach to China’s economic rise and is one of several US officials barred from entering the country, is said to be in line for secretary of state. Hong Kong shares led losses in Asia on fears this will mean years of trade clashes ahead. Representative Mike Waltz, who also views China as a “greater threat” to the US than any other nation, appears to be headed for the influential role of national security advisor. Zhu Junwei, a former researcher in the People’s Liberation Army and now director at Grandview Institution in Beijing, had this to say about a Rubio appointment: “It would be a nightmare coming true if he got the job.”
The exodus of finance professionals from Hong Kong may finally be over as the number of licensed professionals in the city last month rose to a record last month. China’s Citic Securities and Izzy Englander’s Millennium Management are leading the new hiring, offering support to the city that has grappled with slumping real estate and an exodus of talent in the wake of the pandemic and years of political turmoil. The increase in finance jobs follows a range of measures aimed at easing immigration — policies which have also boosted rents due to an influx of mainland Chinese and foreign nationals.
