GRM 2010 GRM 2011

Abstract Details

Family Name:
First Name:
Wai Yip
Title of Paper:
Forging China-Gulf Strategic Partnership in the East Asian Context: Hong Kong as China’s Gateway of Islamic Finance?
Paper Proposal Text :
Under the British colonial rule before 1997, Hong Kong was specifically positioned as an East-West meeting point where it was not only understood as the entry point into Mainland China, but strategically served as the window of Socialist China to the world of information, foreign capital, expertise and knowhow in the period of the Cold War. As part of China in the post-1997 era, Hong Kong has been transforming itself as China’s global city and recently together with Ningxia becoming the gateway of Islamic finance in response to the global financial crisis since 2007 and the Gulf economic boom. Tracing the geopolitics and strategic economic interest of Hong Kong in history as a case-study, Hong Kong has been shifting from the role of cultural broker between western capitalism and socialist China in the colonial period towards the recent role of financial mediator between Middle East and ‘Middle Kingdom’ in the midst of initiating New Silk Road relations. Focusing on the development of Islamic finance in Asia, this paper argues Hong Kong’s recent aspiration in competing as a hub of Islamic finance and Gulf capital not only reflects Four Asian Tigers’ regional attention to the importance of Gulf investment and its growing economic ties with East Asia, but also a long-term strategic scenario of global rebalancing in terms of the closer inter-Asian connections and the rise of China as an emerging power in the Middle East.