“Live, from the floor of the Shanghai Stock Exchange, the financial capital of the world, this is ‘Squawk on the Street.’ I’m Mark Haines, and this is my last show as co-anchor on CNBC.”
Mark announced, effective this morning, that CNBC was moving its global headquarters to Shanghai to reflect the fact that Shanghai had replaced New York as the center of global finance and business. He pointed out that:
China’s economy quadrupled in size between 2010 and 2025, surpassing the U.S. and EU.
China continues to grow at 9-10% per annum, compared with 3% in the U.S. and 2% in the EU.
Global Renminbi business has surpassed dollar denominated business.
The STE leads the world in total market capitalization.
The STE leads the world in equity, debt, futures, options, and every other financial instrument.
The STE leads the world in turnover.
The STE leads the world in IPOs.
“It’s been a great ride co-hosting 'Squawk on the Street' all these years, but it’s time to give way to a new generation of bilingual English-Chinese anchors. China’s relentless growth has brought to fruition more than four decades of ‘capitalism with Chinese characteristics’ that began under the leadership of the late Deng Xiaoping. So, as I look forward to retirement, I would like to transfer the baton to the new host, Mark Hang. Goodbye and good luck.”