China is trying to make Macau another financial hub by giving it some favourable policies. However, I think that Shenzhen has a better chance to displace HK than Macau. When China doesn't support HK anymore, HK will definitely fall from its grace.
http://sg-stock.blogspot.com/2019/11/hong-kong-is-financial-hub-because-of.html
http://sg-stock.blogspot.com/2019/08/omg-china-has-displaced-hong-kong-with.html
Why is Shenzhen (SZ) a better choice?
First of all, we need to understand what makes a country a financial hub. In order to be a financial hub, a country has to be an open economy in order to be an international trading centre. International trading is a prerequisite to be a financial hub because it will engender many financial services like forex trading, insurance services, etc. Singapore and HK are financial hubs because both countries have the busiest ports in the world to generate a lot of trading activities.
Besides being the 3rd busiest port in the world, Shenzhen is also a technological hub whereby many technology companies set up their HQ there. Thus, it is so much easier for SZ to be a financial hub to displace HK.
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