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Considering that the US is much lower regs than the UK and has domestic tax havens, and that I doubt this is a problem for China, I think you exaggerate. It's the EU that is worried of being undercut and that's why they are trying to tie market access to EU rules.

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The US would not allow their financial sector to migrate from NY to London.

China is even more controlling than the US.

London used to be the center of finance in Europe and now the EU sees an opportunity to grab that revenue / power.

Where does this leave London?

And the UK as a whole is heavily dependent on London.

> London used to be the center of finance in Europe

I think you'll find it still is, by quite a long way

> now the EU sees an opportunity to grab that revenue / power.

the EU hasn't even managed to pry Euro clearing out of London (despite trying extremely hard)

This is scheduled to leave in 2025.

yes, after being pushed back at least 5 times

and it'll be pushed back again

The UK is a major global financial centre and globally competitive. What it has lost, which is not that much, is due to EU regulations which mandate that some activities have to be in the EU.

China is not relevant.

You're not making a convincing point, IMHO.

Is the UK really "a major global financial centre", or is it just London?

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