The U.S. Treasury Department added seven deputy directors of the Liaison Office of the Central Committee to the sanctions list last Friday (16th), including Chen Dong, He Jing, Lu Xinning, Qiu Hong, Tan Tieniu, Yang Jianping, and Yin Zonghua. After the implementation of the "Port National Security Act" last year, the operations and activities of US companies in Hong Kong are at risk.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, published a blog today (19), stating that the status of an international financial center has been as solid as a rock since the implementation of the National Security Act one year ago, criticizing the US's statement that "nothing makes trouble, empty and absurd accusations appear pale and weak. In the end it will only sink to the sea."
Xu Zhengyu.
(Profile picture)
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Claiming that "real gold is not afraid of fire" The US accusation does not damage Hong Kong's status as an international financial center
The blog is titled "Real Gold Is Not Afraid of Fire". Xu Zhengyu pointed out that financial market operations are based on facts and data. Investment decisions and capital flows also depend on rigorous market analysis. The so-called "commercial warning" issued by individuals is both ignoring the facts and doing nothing wrong. The empty and absurd accusations appear pale and weak. They will only fall to the bottom of the sea and will never harm Hong Kong's status as an international financial center." He criticized the U.S. government. The "unreasonable allegations" made by him have no practical effect except to detract from his own credibility.
Xu Zhengyu cited a series of examples, saying that Hong Kong still has "unique advantages and bright prospects as an international financial center":
1. The Hong Kong dollar exchange rate has remained strong since the beginning of 2020. The total amount of funds flowing into the Hong Kong dollar system from April to October last year that triggered strong exchange guarantees was approximately US$50 billion, of which US$42 billion was inflow after July 1.
At present, Hong Kong has more than 3.8 trillion Hong Kong dollars in foreign exchange reserves, which is 1.8 times the monetary base of the Hong Kong dollar.
2. Hong Kong is the world’s largest offshore renminbi center with a capital pool of more than 850 billion yuan. With regard to the Shanghai-Shenzhen-Hong Kong Stock Connect, since the implementation of the National Security Law, the average daily turnover of the north and south directions has reached 111.6 billion yuan and 37.5 billion Hong Kong dollars, compared with In the 12 months before the implementation of the National Security Law, an increase of 97% and 146%; at the same time, since the reform of the listing system in 2018, as of the end of June, a total of 51 new economy companies have been listed in Hong Kong under this system and raised more than HK$510 billion.
3. China Unicom attracts institutions to settle down: Hong Kong's financial market operates with an internationally mature regulatory system and has always been the first choice for domestic and overseas financial institutions to take root and explore business opportunities for China and foreign Unicom.
Of the top 100 banks in the world, 78 are operating in Hong Kong.
Of the top 20 insurance companies in the world, 13 are also operating in Hong Kong.
Xu Zhengyu pointed out that as long as this key data is compared with the unreasonable accusations of the US government, "everyone can shed light on lies, gain insight into the truth, and understand the reality of Hong Kong as an international financial center."
He described Hong Kong since the implementation of the National Security Law. The vibrant financial market, a stable and vigorous market, has brought great market opportunities to all participants at home and abroad; the society is restored to stability and order, and the government has greater confidence and determination to explore more opportunities in the future together with the market. Push the development of Hong Kong's financial market to a new peak.
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