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ASEAN continues to become China's largest trading partner, Hong Kong needs to strengthen its role as a financial intermediary

2021-10-13T00:21:04.776Z

The economic chapter of this year’s "Policy Address" clearly set the theme of "Integrating into the overall situation of the country's development".



The economic chapter of this year’s "Policy Address" clearly sets out to "integrate into the overall situation of national development", explaining how the Hong Kong government will respond to changes in national policies and the external environment to enhance Hong Kong's international competition in the eight centers of the "14th Five-Year Plan". force.

The "Policy Address" unsurprisingly again mentions "enhancing the status of an international financial center," and whether this vision can be realized depends critically on whether Hong Kong can play a role in the new round of industrial restructuring and upgrading in the Mainland.


In the new round of industrial structure upgrading, the mainland government supports enterprises to go global, promote the transfer of industries in an orderly manner, optimize the allocation of resources and layout production on a global scale, and realize the adjustment of supply chain, the upgrading of industrial structure and the leap of value chain.

In the process of large-scale supply chain reconstruction and industrial transfer, a large amount of RMB is needed to realize foreign investment.

Taking the use of RMB in ASEAN countries as an example, in 2020, the total amount of RMB cross-border receipts and payments between China and ASEAN will be 4.15 trillion yuan, an increase of 72.2% year-on-year.

Among them, the total amount of cross-border receipts and payments of RMB under trade in goods amounted to 754.898 billion yuan, an increase of 20.2% year-on-year; the total amount of RMB cross-border receipts and payments under direct investment was 425.99 billion yuan, an increase of 70.8% year-on-year.

It is worth mentioning that ASEAN and China were each other's largest trading partners that year, for the first time in history.

+6

The global division of labor has begun to re-layout. Chinese companies are deploying production lines on a global scale. The offshore renminbi must be placed in the supply chain and industrial chain to promote high-quality, dual-cycle new development.

As an important hub for the global offshore renminbi, how Hong Kong plays this role is extremely critical...

For detailed analysis, please read the 286th "Hong Kong 01" Electronic Weekly Newsletter (October 11, 2021) "The

key to the fineness and geometry of the Hong Kong International Financial Center sees the international version of "Cage for Birds

".

Click here to

sample the weekly electronic report and browse more in-depth reports.

Source: hk1

All news articles on 2021-10-13

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