China News Service, Hong Kong, October 9th. The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, published a blog on the 9th, saying that Hong Kong develops and grows in the competition, and there is no need to underestimate itself and avoid shortcomings. As long as effective countermeasures are formulated in a targeted manner, I believe the future will be Opportunities outweigh challenges.
Chen Maobo cited data to illustrate the current situation of Hong Kong's financial market. The economic contribution of Hong Kong's financial services market will reach US$76 billion in 2020, equivalent to 23% of GDP.
Last year, the market value of Hong Kong stock market exceeded 42 trillion Hong Kong dollars, and there were more than 2,500 listed companies. The total turnover last year was 41 trillion Hong Kong dollars, a record high.
He also pointed out that Hong Kong is one of the world's major US dollar trading centers and the largest overseas RMB hub.
As of the end of last year, the total RMB deposits in Hong Kong exceeded 900 billion RMB, accounting for about 60% of the global offshore RMB deposits, and 75% of the global offshore RMB settlement business was conducted in Hong Kong.
He said that Hong Kong is the largest center in Asia for arranging the issuance of international bonds and mainland offshore bonds, accounting for 34% of the issuance in the region.
Hong Kong is also the largest hedge fund center in Asia and the second largest private equity center (after the mainland).
Currently, the assets under management of private funds in Hong Kong amount to US$180 billion.
He said that interest rate hikes will curb investment and consumption sentiment, coupled with geopolitical tensions, the global economy may fall into recession again, and competition between companies and markets will inevitably become more intense and sharper.
Global integration has gradually reversed and evolved into two major systems. As the country's international financial center, Hong Kong is also facing new ideological challenges and must be prepared for it.
Chen Maobo believes that the overall improvement of the country's economy is the most solid backing for Hong Kong's future development.
The advantages of "one country, two systems" allow Hong Kong to cooperate more closely with its sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area. Combined with the mainland's scientific research, high-end manufacturing and market forces, Hong Kong's scientific research can run faster and farther.
The global economic center of gravity has shifted from west to east. Asia's share of the world's total economy has exceeded 40%. It is expected that the economy in the region will continue to record rapid growth, and its share will further increase in the future, which is an opportunity for Hong Kong.
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