Copies of The Wall Street Journal newspaper are displayed for sale at a news stand in New York City, US, on Sep 21, 2023. ’s recent announcement that it will move its Asia headquarters from Hong Kong to Singapore says as much about the Chinese city as it does the island republic.and Singapore have traditionally been viewed as rival cities, two thriving financial centres attracting international companies and talented people to work and live there.
Critics say the new rules expose foreign companies and their executives to stringent controls in a regime very different from what Hongkongers were used to previously as one of the freest economies in the world. It noted that Singapore is regional headquarters to 4,200 multinational companies in 2023, compared to 1,336 in Hong Kong.It said that as many as 500 Chinese companies had quietly redomiciled or registered their businesses in Singapore over the past one year “in a bid to hedge against rising geopolitical risks as tensions between Beijing and Washington escalate.”
Several other publications including the International Herald Tribune, The Economist and Time magazine have been similarly dealt with in the past. Law and Home Affairs Minister K Shanmugam’s widely publicised remarks against an Economist article last month For Singapore, the balancing act continues as it seeks to be an attractive place for business and talent but to guard against unwanted outside influence.
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