Development of IFCs in Emerging Markets and Economies

This book, informed by over 20 years of research by the authors, examines the development of international financial centres (IFCs), with a focus on China and emerging markets. The rise of China and Southeast Asia has drawn global scholarly attention, but recent events, including the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, have prompted new questions about the interplay of finance and geopolitics. How are IFCs established in emerging economies? How do global crises and new technologies reshape their networks and operations? This book explores these issues through economic and financial geography perspectives, analyzing the optimal IFC ecosystem: a robust “information hinterland and heartland” (enduring emerging markets) and a strong legal framework (reputable law firms, accountants, and local systems). It compares China’s IFC development with global counterparts, tracing their historical rise and fall to offer insights for future IFC growth.
Grounded in data-driven analysis, the book documents the origins, drivers, and evolution of IFCs. It serves as both an academic textbook and a research reference, benefiting scholars and researchers in economics, finance, international business, and financial geography. This work will shape academic discourse for years to come.
Simon X.B. Zhao specializes in urban, regional, and global studies, focusing on geopolitical and economic development, spatial transformation, and IFCs. He has published over 150 papers in SSCI/SCI/CSSCI journals and three books. An editorial board member for four international journals, Zhao served on the HKSAR Government’s Central Policy Unit (Pan-PRD Panel), led major research projects, and provided consultancy to Chinese governments and private sectors.
Yan Bo conducts research spanning modern Chinese, Southeast Asian, and post-war U.S. history, and the global 1960s.
Neo Ying Ming Chan, MA in China Development Studies (University of Hong Kong), is a senior research assistant at HKU’s Department of Law. His research covers financial geography, international trade, and industrial development. Published in Journal of Contemporary China and Geoforum, Chan contributes to government-funded and industry research projects.

Simon X.B. Zhao specializes in urban, regional, and global studies, focusing on geopolitical and economic development, spatial transformation, and IFCs. He has published over 150 papers in SSCI/SCI/CSSCI journals and three books. An editorial board member for four international journals, Zhao served on the HKSAR Government’s Central Policy Unit (Pan-PRD Panel), led major research projects, and provided consultancy to Chinese governments and private sectors.
Yan Bo conducts research spanning modern Chinese, Southeast Asian, and post-war U.S. history, and the global 1960s.
Neo Ying Ming Chan, MA in China Development Studies (University of Hong Kong), is a senior research assistant at HKU’s Department of Law. His research covers financial geography, international trade, and industrial development. Published in Journal of Contemporary China and Geoforum, Chan contributes to government-funded and industry research projects.