China’s vice-premier Li Keqiang caused a ripple of excitement in the asset management industry as he addressed an audience in Hong Kong last month. The stated intention to “beef up” Hong Kong’s status as a financial centre had been broadly anticipated, but the keynote speech brought a palpable feeling that things were speeding up.

“Support will be provided for building Hong Kong into an international asset management centre,” Mr Li said, while outlining plans to launch an exchange traded fund based on Hong Kong-listed stocks and specific measures to help develop offshore renminbi business.

However, some analysts believe foreign managers will have to take a very long-term view or may even decide to exit the Hong Kong asset management industry as more mainland Chinese asset managers start setting up in the territory and competition intensifies.