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Call for Hong Kong to continue to serve as Ren Zhigang, a financial gateway for both Chinese and foreign investors: there is no role for Hong Kong without Beishui

2021-02-01T12:13:34.223Z


Ren Zhigang, a member of the Executive Council and former president of the Monetary Authority, attended the "Hong Kong 01" 2020 Economic Summit, and said that Hong Kong needs to seek truth from facts and continue to be an intermediary between the mainland and foreign countries to develop finance. He explained


Financial News

Author: Hu Xueneng

2021-02-01 19:59

The last update date: 2021-02-01 20:01

Ren Zhigang, a member of the Executive Council and former president of the Monetary Authority, attended the "Hong Kong 01" 2020 Economic Summit, and said that Hong Kong needs to seek truth from facts and continue to be an intermediary between the mainland and foreign countries to develop finance.

He explained that Hong Kong is an economy with a population of more than 7 million. It does not need to have a financial center of the current scale. Therefore, it needs to focus on the financial connection between the Mainland and foreign countries. Mainland investors pass through Hong Kong investment and Mainland fund raisers pass through Hong Kong. Attracting outside capital is precisely the function of Hong Kong.

He reiterated that he did not agree with Hong Kong’s "mainlandization" saying, "You do not have mainland investors or fundraisers. If you want to use the Hong Kong market to attract foreign capital or foreign fundraisers, (Hong Kong) has no role to play. Such a concept".

Ren Zhigang believes that the Greater Bay Area can serve as a pilot for capital circulation in the Mainland, and it can also develop a more convenient exchange business between the Hong Kong dollar and the Renminbi.

He pointed out that Hong Kong should seize the opportunity mentioned in the 14th Five-Year Plan to eliminate barriers to the flow of production factors, hoping to open up capital circulation and currency exchange, and financing can be achieved through channels such as banks, stocks, and bonds.

He also believes that Hong Kong banks can absorb deposits and make loans in the Greater Bay Area in the Mainland, and vice versa. Although the regulatory aspects need to be connected and integrated, it is not difficult.

Hong Kong is already the world's most international financial center

He also mentioned financial infrastructure platforms. In terms of payment, the Hong Kong government should consider whether payments between banks and between people can be opened up in the Greater Bay Area, so that people or institutions can do so through convenient financial infrastructure. To transfer funds.

If these problems are understood, the market will allocate and use funds to explore business opportunities.

Ren Zhigang said that he is very optimistic about Hong Kong's finance and that Hong Kong has been very successful in developing an international financial center.

He believes that there are two aspects. Many people look down on Hong Kong. Hong Kong has been the world's largest place for IPO funds for many years; and compared to London and New York, Hong Kong is the world's most international financial center. Most of the investors are from outside the country, and most of the fund-raising people are from the Mainland. However, Hong Kong must not be complacent and must continue to develop in the direction of financial communication and financial infrastructure platforms.

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Source: hk1

All news articles on 2021-02-01

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