Hong Kong, 10 Oct (ZXS) -- Wang Dongsheng, chairman of HSBC: Hong Kong's banking industry can become a financial bridge under the "Belt and Road" initiative
China News Agency reporter Dai Menglan Han Xingtong
This year marks the 10th anniversary of the Belt and Road Initiative. In the next decade, how can Hong Kong better meet the diversified financing needs of the Belt and Road Initiative? Wang Dongsheng, chairman of The Hongkong and Shanghai Banking Corporation (hereinafter referred to as "HSBC"), said in an exclusive interview with China News Agency that with the benefits of "one country, two systems", Hong Kong's banking industry can become a financial bridge for the "Belt and Road" construction.
Wang Dongsheng, chairman of The Hongkong and Shanghai Banking Corporation, said in a recent interview with a reporter from China News Agency that with the benefits of "one country, two systems", Hong Kong's banking industry can become a financial bridge for the "Belt and Road" construction. Photo by China News Agency reporter Chen Yongnuo
Looking back on the development of the Belt and Road Initiative over the past decade, Wang Dongsheng said that as an international financial centre and the world's largest offshore RMB business hub, Hong Kong has promoted the internationalization of RMB in serving the construction of the "Belt and Road", continuously enriched the RMB product ecosystem, and achieved positive results.
He mentioned that in 2007, the first offshore RMB bond was issued in Hong Kong; In 2009, RMB trade settlement was launched in Hong Kong; After the Belt and Road Initiative was proposed in 2013, Hong Kong's role as an offshore RMB business hub has become more prominent. Many countries that jointly build the "Belt and Road" now use RMB to do business, they can use RMB to issue bonds, raise funds and invest in Hong Kong, and Hong Kong has become a RMB capital pool, and different types of RMB products are becoming more and more abundant.
"The internationalization of the renminbi is not only based on whether a country uses the renminbi as a reserve currency and trade settlement, the most important thing is whether the people have confidence in the renminbi." Wang Dongsheng believes that in the long run, the more people in various countries have contact with the RMB, the more they will develop the habit of using the RMB, thereby enhancing their confidence in the RMB.
As an international bank with a long history, HSBC now has branches in most countries and regions in the Asia Pacific region, some of which have a history of more than 100 years. Wang Dongsheng said that Hong Kong is an international financial center, which not only represents the free circulation and exchange of currency, but most importantly, the cultural exchange between countries, so Hong Kong's financial industry is familiar with the laws, customer preferences and risk conditions of different countries. In the process of jointly building the "Belt and Road", both Hong Kong and HSBC play the role of bridges, giving full play to their strengths to help mainland enterprises and institutions "go global" and help "bring in" foreign investment.
Wang Dongsheng, chairman of The Hongkong and Shanghai Banking Corporation, said in a recent interview with a reporter from China News Agency that with the benefits of "one country, two systems", Hong Kong's banking industry can become a financial bridge for the "Belt and Road" construction. Photo by China News Agency reporter Chen Yongnuo
The "Green Silk Road" is an important pillar for the high-quality development of the "Belt and Road". Some institutions estimate that Asia's climate investment needs over the next 30 years will be about $66 trillion. Wang Dongsheng said that Hong Kong can be built into a green finance financing center by issuing green bonds in Hong Kong. HSBC aims to achieve zero emissions in its operations by 2030 and "zero carbon" financing and portfolio by 2050.
Wang Dongsheng said that banks cannot understand the business models and zero-emission strategies of all industries, so there are many business opportunities. The first step is to have consulting firms that not only understand the carbon emissions of different industries, but also how to push companies to work with banks. Second, during the transition period to zero emissions, banks can help enterprises purchase equipment and technology to achieve zero emissions by providing loans or financing. Finally, carbon emissions trading is also important, he learned that the state has set up a national carbon emission trading market trading center in Shanghai to promote the "dual carbon" goal in an orderly manner.
Talking about the relocation of its Asia-Pacific headquarters from Hong Kong by some multinational companies in recent years, some commentators are worried that Hong Kong will lose its status as an international financial center. Wang Dongsheng said: "I have been in the banking industry for more than 40 years, and I have seen many financial crises, and every time someone has said, 'Hong Kong is over', but Hong Kong can get back every time. ”
He said that Hong Kong has the country behind it and is supported by a huge mainland market. At a time when the world is facing major changes unseen in a century, Hong Kong's advantages of "one country, two systems" still exist, common law roots are deep, its status as an international financial centre is consolidated, and it is building itself into an innovation and technology hub. Hong Kong should do its own thing, integrate into the "Belt and Road" construction and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and expand its own attractiveness, "I have great confidence in Hong Kong". (End)