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Xu Zhengyu from the Treasury Bureau: Hong Kong's financial system has been strong since the implementation of the National Security Law

2021-02-03T10:55:53.101Z


In response to questions from Legislative Council members, Secretary for Financial Services and the Treasury Xu Zhengyu pointed out that since the implementation of the Hong Kong National Security Act, Hong Kong's financial system has been strong, with a cumulative inflow of approximately US$50 billion in Hong Kong since June last year;


Financial News

Written by: Zhang Weilun

2021-02-03 18:35

The last update date: 2021-02-03 18:35

In response to questions from Legislative Council members, Secretary for Financial Services and the Treasury Xu Zhengyu pointed out that since the implementation of the Hong Kong National Security Act, Hong Kong's financial system has been strong, with a cumulative inflow of approximately US$50 billion in Hong Kong since June last year. He also pointed out that since the beginning of the year, The daily turnover also exceeded 180 billion yuan, showing that the market can still maintain resilience and stability despite numerous challenges.

Xu Zhengyu pointed out that the "Hong Kong National Security Law" establishes a legal system and enforcement mechanism for Hong Kong to effectively safeguard national security, ensuring that "one country, two systems" is stable and long-term, and Hong Kong's long-term prosperity and stability.

The implementation of the "Hong Kong National Security Law" has reversed social chaos, citizens have returned to normal life, and Hong Kong has returned to the path of development.

Some countries have ulterior motives and wantonly slander and attack the "Hong Kong National Security Law" in an attempt to shake Hong Kong's constitutional order, ignoring that Hong Kong is an inseparable part of the People's Republic of China. It is a special administrative region directly under the Central People's Government and enjoys a high degree of autonomy.

The previous U.S. administration even used this as an excuse to use so-called "sanctions" to coerce the SAR government into abandoning its responsibility to maintain national security, disrupt the order of Hong Kong to hinder the progress of the country’s development, blatantly violate international law and basic norms of international relations, and its methods are clumsy. The absurd behavior has been severely condemned by the SAR government on many occasions.

Strongly oppose U.S. bullying

The SAR government strongly opposes the relevant bullying behavior and will never be intimidated.

Since November last year, the U.S. Customs and Border Protection Agency has stipulated that all products exported from Hong Kong to the United States can no longer be marked as "Hong Kong" but must be marked as "China".

The United States unilaterally and irresponsibly tried to use new regulations to weaken Hong Kong’s status as a separate customs territory granted by the state through the Basic Law under "One Country, Two Systems". It was brutal, confounded the market, and undermined the rules-based multilateral trading system. Violation of World Trade Organization rules.

As the United States is determined to go its own way and has no intention of resolving disputes through consultations, the SAR government has requested the Dispute Settlement Committee to set up an expert group to review disputes in accordance with the WTO’s dispute settlement mechanism in order to protect Hong Kong’s legitimate interests.

The SAR government has repeatedly reiterated that the unilateral implementation of so-called "sanctions" by foreign governments is inconsistent with international law and has no legal effect in Hong Kong. It will not pose any local legal responsibility to local institutions.

In fact, apart from exposing the hypocrisy and bullying behavior of the United States, the so-called sanctions will not have any impact on Hong Kong's status as an international financial and trade center, let alone shake our determination to safeguard national sovereignty, security and development interests.

Since the implementation of the "Hong Kong National Security Law", Hong Kong's financial system has been strong and the financial market has been operating in an orderly manner.

The linked exchange rate system and all links are operating well. The exchange rate of the Hong Kong dollar is stable and favored by the strong side of the exchange guarantee level. Since June 2020, there has been a net inflow of nearly US$50 billion into the Hong Kong dollar system, reflecting investors' continued confidence in the Hong Kong financial market.

The market value of the Hong Kong stock market hit a record high of 47.5 trillion yuan in 2020; the average daily turnover reached 129.5 billion yuan, an increase of 49% from 2019; the daily turnover has exceeded 180 billion yuan so far this year, showing that the market is facing many challenges Can still maintain toughness and stability under the condition.

In terms of trade, benefiting from the strengthening of the Mainland’s economy and the gradual recovery of import demand in many major markets, the performance of Hong Kong’s overall exports of goods also improved in the fourth quarter of last year. The value of overall exports of goods rose by 5.5%.

The "Hong Kong National Security Law" provides companies with a stable business environment and enables sustainable economic development.

The SAR government has firm determination and ability to maintain Hong Kong's long-term prosperity and stability and financial security, so that investors can operate in Hong Kong with peace of mind.

Hong Kong has "the benefits of one country and the convenience of two systems" at the same time. With the support of the state, it can seize the huge opportunities brought by the continuous reform and opening up of the Guangdong-Hong Kong-Macao Greater Bay Area and the Mainland. Its status as an international financial and trade center will not Changed because other countries acted rashly.

Xu Zhengyu of the Finance Bureau proposes to amend the regulations to allow foreign funds to move to Hong Kong to attract funds to settle

Xu Zhengyu criticizes the U.S.'s botched methods: unilateral sanctions do not damage Hong Kong's international financial status

Secretary for Financial Services and the Treasury Xu Zhengyu Hong Kong version of the National Security Act

Source: hk1

All news articles on 2021-02-03

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