China News Service, Hong Kong, December 12 (Reporter Dai Xiaolu) 26 is a year of strength for Hong Kong after coming out of the three-year epidemic.
With regard to the recent argument that Hong Kong has become a "ruin of an international financial center", experts generally say that such a statement is untenable, and judging from objective data, the development of Hong Kong as an international financial center is full of positive factors.
Experts believe that Hong Kong's financial market is resilient, responding to challenges and showing potential. The picture shows the scenery of Victoria Harbour. Photo by China News Service reporter Zhang Wei
Resilient international financial centre Hong Kong's capital market seeks new development
The Secretary for Financial Services and the Treasury of the HKSAR Government, Mr Christopher Hui, said that macro factors such as uncertain global economic outlook and unstable geopolitical conditions have inevitably constrained the short-term performance of Hong Kong's financial market, especially the amount of funds raised in spot stock trading and initial public offering (IPO). However, Hong Kong's financial market is well-founded and resilient, and many businesses continue to grow. For example, the total market capitalisation of Hong Kong's securities market was HK$10.30 trillion at the end of October this year, up 8% from HK$26.4 trillion in the same period last year.
"2023 is the beginning of a new growth cycle", said that Hong Kong's economic performance in the past few years has been affected by the epidemic, but after the resumption of full "reopening" this year, it will return to the world stage, and "3 is the beginning of a new growth cycle", and he expects Hong Kong's economic growth to be 3.3% this year and 5.<>% next year.
Cai Yongxiong believes that the Fed will start cutting interest rates as soon as June next year, "which will make Hong Kong's economy and financial market more active." He believes that this is conducive to the improvement of the atmosphere in the Hong Kong property market, the rebound of Hong Kong stocks, and the gradual return to normal of the IPO market.
Stock Connect continues to advance An important step forward in the development of the digital yuan
"As an international financial centre, Hong Kong is a bridge between Chinese mainland and the world, providing a wealth of investment opportunities for international investors. Choi said that the deepening of the interconnection between the economic markets of Hong Kong and the mainland has promoted the economic development of the two places.
In June this year, HKEX held a launch ceremony of the HKD-RMB Dual Counter Model to celebrate the official launch of the Dual Counter Model. Photo by China News Service reporter Li Zhihua
The highlight is the launch of the "HKD-RMB Dual Counter" trading model, which allows investors to seamlessly switch between HKD and RMB listed shares, which together with the "Expanded Stock Connect" policy combination, expands the two-way cross-border capital flow channel of RMB and further strengthens Hong Kong's position as the world's largest offshore RMB hub.
In addition, as the first cross-border pilot of e-RMB outside the Mainland, Hong Kong's e-RMB business has also entered a new stage of development. Xing Guiwei, Vice President of Bank of China (Hong Kong), said that the bank successfully supported pilot enterprises to use e-RMB for cross-border settlement for the first time in cross-border commodity trade, laying the foundation for the normalization of e-RMB payments between corporate customers in the mainland and Hong Kong, and further promoting the process of RMB internationalization.
Demonstrate international charm and provide diversified opportunities for global investors
While strengthening co-operation with the Mainland's financial markets, Hong Kong's capital markets have attracted sustained attention from overseas markets due to their resilience and innovation. Following the listing of Asia's first Saudi Arabian Exchange Traded Fund (ETF) in Hong Kong, the Saudi Arabian Institute for Future Investment Initiative Asia Summit was also held in Hong Kong, citing Hong Kong's international advantages and its role as a business and service hub for the Mainland and the entire Asian region.
As Xu Zhengyu put it, "The status of an international financial center is not a tall building or a stone monument that can be brought down by applying pressure. "With Hong Kong's unique status under the "One Country, Two Systems" principle, the long-term efforts of the HKSAR Government, regulators and the industry, as well as the reputation of international investors and financiers, Hong Kong has the confidence, confidence and ability to continue to build an international financial centre with greater depth and breadth. (ENDS)