Singapore's financial centre will emerge as big winner of a draconian Chinese law

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• Tensions in Greater China have led analysts to warn that many businesses can move from Hong Kong to Singapore. 
• China approved a law on Thursday that tightens its grip over Hong Kong, seen as a violation of Hong Kong's "one country, two principle" systems. 
• Hong Kong ranked as the world's sixth-largest financial center in 2020 and Singapore took the fifth position.
• Analysts say Singapore could overtake Hong Kong if it loses lucrative business. 
• Singapore is facing its worst recession since Independence and expects GDP to drop as much as 7% in 2020.
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Hong Kong, currently the world's sixth-largest financial center, may struggle to retain its position as companies consider moving to neighboring Singapore to escape the wrath of a new Chinese draconian law, analysts say. 

If realized, the prediction will be a blow to Hong Kong after months of political turmoil that has rocked the region.

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