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Written by: Ouyang Dehao
2020-06-07 12:51
Last update date: 2020-06-07 12:51The National People's Congress passed a national security law for the port area at the end of last month, which caused a rebound among Hong Kong citizens and the international community. The Financial Secretary Chen Maobo published a blog today (7th), once again talking about the impact of the Hong Kong District National Security Law on Hong Kong, referring to Hong Kong’s maintenance of its status as an international financial center, with optimism and confidence.
He believes that the actual impact of US sanctions on Hong Kong is very limited. Any means of impacting Hong Kong’s financial system will bring shocks to the global financial market, including the US. He also pointed out that other international financial centers also set up laws to protect national security, urging the public not to worry.
Chen Maobo pointed out that Hong Kong is the world's third largest foreign exchange trading center for the US dollar, providing various investment, wealth management, trade and settlement services for many Asia-Pacific and even international companies, and is closely connected with the global economic and financial system. (Profile picture)
Chen Maobo expressed his optimism and confidence in Hong Kong's status as an international financial center. He believes that the actual impact of US sanctions on Hong Kong is very limited, because Hong Kong is the world’s third largest US dollar foreign exchange trading center, providing various investment, wealth management, trade and settlement services for many Asia-Pacific and even international companies. The financial system is closely linked.
He continued that if Hong Kong is restricted from using the US dollar or the US dollar settlement system, or any means of impacting Hong Kong’s financial system, it will bring shocks to the global financial market, including the US, and even weaken the international market’s use of US dollars and holding US finance. Asset confidence. Therefore, he believes that the sanctions pose a very high risk to the United States, and he urges the public not to speculate too much.
He also pointed out that the national security legislation in the Minato District led to the brain drain and the thought of affecting the competition of talents in Hong Kong, because other international financial centers have also established laws to protect national security, and the current practice is no different from other markets.
Hong Kong stock market capitalization of 20 years by more than 10 times the priority mainland enterprises to raise funds in Hong Kong
Chen Maobo believes that Hong Kong's stock market is facing an uplifting process of "quantitative change driving qualitative change". He pointed out that the value of the Hong Kong stock market was HK$3,200 billion in 1997, and the current market value has risen to over HK$36 trillion. He believes that the opening of mainland state-owned enterprises, red chips and even private enterprises to list in Hong Kong has brought a large number of funds and potential enterprises, thus pooling a large amount of funds seeking returns.
He pointed out that with the rise of Sino-US wrestling and global protectionism, global companies will face increased geopolitical risks. Especially for overseas-listed Chinese companies, facing many political uncertainties, they need to manage risks. However, he believes that Alibaba returned to the Hong Kong market last year, and this year there have been large-scale Chinese science and technology companies that have decided to list in Hong Kong for the second time. Therefore, it is speculated that mainland companies may give priority to Hong Kong as a fund-raising platform.
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