Flag airlines used to be countries’ vehicles of choice for projecting themselves on the world stage. But in Asia nowadays, the most coveted international status symbol is the role of financial “hub”.

Eager for kudos, a bigger share of global capital market deals and the highly paid and skilled jobs they generate, authorities across the region are drawing up battle plans. Taskforces are being formed, strategic blueprints drafted and resources mobilised in a scramble to scale capitalism’s commanding heights.