(18 August 2022, Hong Kong) As an international financial center, Hong Kong has its unique strengths but also faces rising competitions from other cities on the Mainland and elsewhere. While geo-political tension continues to mount globally, the Mainland’s robust economic growth, wealth accumulation and emergence of many major leading enterprises provide unprecedented opportunities for Hong Kong.
At the “INSIGHT FORUM” organised by Our Hong Kong Foundation (OHKF), Professor Lawrence J. Lau, Vice-Chairman of Our Hong Kong Foundation, Ralph and Claire Landau Professor of Economics, The Chinese University of Hong Kong and Kwoh-Ting Li Professor in Economic Development, Emeritus, Stanford University, spoke on the topic “Hong Kong Way Forward - The Future of Hong Kong as an International Financial Centre”. Along with a panel of guest experts, they shed light on strengthening Hong Kong’s competitive advantages in this new era.
Professor Lawrence J. Lau, Vice-Chairman of Our Hong Kong Foundation, shares his views on the optimistic outlook of Hong Kong as an international financial centre. With the buying power of the Chinese investors on the demand side, and the successful Chinese enterprises on the supply side, invigorates the capital market and Hong Kong Stock Exchange cannot help but prosper.
Professor Lawrence J. Lau elaborates that Hong Kong should capitalise on its role as a leading offshore renminbi (RMB) financial hub and promote the wider use of Renminbi in financial transactions.
OHKF President Mrs Eva Cheng expresses that Hong Kong has always been resilient and able to rise above uncertainties and challenges. The purpose of the “Hong Kong Way Forward” Series is to invite Hong Kong leaders with wisdom and insights to shed light on what the future holds.
Mr Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited, points out that the world needs more connections, and Hong Kong is the right international financial centre in the right place at the right time, its ‘super-connector’ role has been evolving in its voyage for decades and supporting China’s continual growth. HKEX is committed to continually enhancing and expanding the trusted infrastructures, leverage technology & innovation and opportunities that enables Hong Kong to play that role.
Ms Amy Lo, Chairman of Executive Committee, Private Wealth Management Association, says that Hong Kong as an international financial centre and leading wealth management hub must continue to be nurtured and cherished in the midst of the current volatile environment. With the concerted effort from everyone, and optimising opportunities from the GBA, Hong Kong as an international financial centre and wealth management hub is here to prevail.
Dr Zhihuan E, Chief Economist of Bank of China (Hong Kong) Limited shares that Hong Kong’s global offshore RMB business hub has entered an important strategic period. RMB internationalisation drives Hong Kong’s international financial centre status to a higher level and China’s 14th Five-Year Plan emphasises the importance of RMB internalisation on the back of better clearing and settlement infrastructure in Hong Kong and worldwide. With the support from the Central Government and the efforts of the HKSAR Government and the society, it’ll take Hong Kong’s status as the global offshore RMB Business Hub to new heights.
Mr Norman Chan, Former Chief Executive of Hong Kong Monetary Authority, says that he has always held the view that HK is uniquely well positioned to be the best gateway to intermediate trade and capital flows between mainland China and the rest of the world. Although under the advantageous “One Country, Two Systems” framework, Hong Kong needs to be bold and have experimental schemes to promote freer flows of economic factors, especially capital within the GBA. Assuming China will continue to maintain capital amount control, and only relax the restrictions gradually and incrementally overtime, no mainland or other overseas financial centers can be in a better place than Hong Kong in intermediating financial flows into and out of mainland China.