At the beginning of this month, the State Council issued the "Comprehensively Deepening the Reform and Opening-up Plan of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone", expanding the total area of the Qianhai Cooperation Zone from 14.92 square kilometers to 120.56 square kilometers to support the economic and social development of Hong Kong.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, stated today (19th) that Hong Kong’s financial industry has many areas in the national "14th Five-Year Plan" and Qianhai Plan, making it a "rich wealth center" and "risk management center". .
Regarding the stock market turmoil caused by the recent tightening of supervision in the Mainland, Xu Zhengyu said that different places will supervise emerging industries, such as the United States and the European Union. Therefore, they are not unique to China, but are issues that the world must face together.
The development of Qianhai and Hong Kong is not a "zero-sum game"
Xu Zhengyu stated on a radio program today that in the 14th Five-Year Plan and Qianhai’s plan, Hong Kong’s financial sector has a lot of opportunities to "promote". Jucai Center.
He pointed out that since 2017, the daily average volume of bond "Northbound Link" has increased by 17 times. It is expected that the "Southbound Link" that will be launched on the 24th of this month will also allow financial institutions to custodial bonds, logistical support, etc. Financial services are brought to Hong Kong.
The scale of Qianhai is equal to two Hong Kong islands. When asked how Hong Kong can participate, Xu Zhengyu said that Hong Kong's advantage is professional services. Therefore, he is actively considering helping professional services do more business in Qianhai and expanding the service market.
Regarding the future development of the service industry in the Mainland, Hong Kong will be wiped out. Xu Zhengyu believes that it is not a "zero-sum game" and should abandon related concepts.
He said that although Hong Kong has a small area, it carries a lot of financial services. The assets under management in Hong Kong are currently 11 to 12 times the GDP. He believes that the momentum of national development is unstoppable: "Integrating into the overall development of the country is important for us It will only be beneficial."
Xu Zhengyu: The continuous evolution of the regulatory model is a problem facing the world
In addition, the recent tightening of supervision in the Mainland has caused stock market turmoil. Xu Zhengyu said that different places will regulate emerging industries such as technology. Problems faced by the whole world.
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