Chen Maobo refers to the National Security Law to consolidate the status of an international financial center, the total deposits rose by 10% to 15.3 trillion

This year marks the 25th anniversary of Hong Kong's return to the motherland. Financial Secretary Chen Maobo said in his blog that after years of political tossing in Hong Kong caused by foreign and external forces and the "black violence" in 2019, the "Hong Kong National Security Law" protects the country and Hong Kong from the legal system. Safety has further consolidated Hong Kong's status as an international financial center. I believe the figures can tell everything. For example, the total deposits of Hong Kong's banks recently reached 15.3 trillion Hong Kong dollars, an increase of more than 10% compared with that before the implementation of the law.

Chen Maobo said in his blog that after years of political tossing and 2019 "black violence" caused by foreign and external forces in Hong Kong, the "Hong Kong National Security Law" safeguards national and Hong Kong security from a legal system, and further enhances Hong Kong's status as an international financial center. consolidate.

(Photo from Chen Maobo's blog)

Chen Maobo believes that Hong Kong can not only implement the capitalist system within "one country", connect with the world, but also benefit from the opportunities brought by the rapid development of the mainland that implements socialism with Chinese characteristics. It is believed that Hong Kong can still play a role in the overall development of the country with unique roles and functions that are irreplaceable.

He said that the "Hong Kong National Security Law" creates a safe and stable environment for Hong Kong society, provides space for economic development, and allows citizens' personal safety and personal freedom to be more effectively protected, and Hong Kong's status as an international financial center has been further consolidated. The amount of funds raised by IPOs exceeded HK$650 billion, an increase of more than 30% compared with the same period before the implementation of the law; the average daily turnover of Hong Kong stocks exceeded HK$150 billion, nearly 60% higher than that in the 12 months before the implementation of the law; the total asset and wealth management business The value reached HK$34.9 trillion by the end of 2020, an increase of 20% compared with that before the implementation of the law; the recent total deposits of banks in Hong Kong reached HK$15.3 trillion, an increase of more than 10% compared with that before the implementation of the law.

Accusing the United States of distorting and interfering with the operation of international financial markets

Chen Maobo pointed out that the conflict between Russia and Ukraine clearly shows how the United States has weaponized the US dollar and some international financial systems, distorting and interfering with the operation of the international financial market.

In Hong Kong, he said that he has been striving to reform its own securities market system and enhance its competitiveness.

Since 2019, there have been 21 "China concept stocks" issuers returning to Hong Kong through secondary listing or dual primary listing, accounting for over 70% of the total market value of all US-listed "China concept stocks" in terms of market capitalization .

He believes that the world is undergoing major changes unseen in a century, and the geopolitical situation continues to be tense. As a fully open international financial center, Hong Kong must make different preparations and plans for various risks, including making various defenses with "bottom-line thinking". Prepare and plan for risks, as well as establish awareness of all-round development, and promote economic development in a diversified and balanced way, which not only enhances the flexibility and resilience of the economy to cope with the increasingly complex external environment, but also ensures that the general public can better share economic development. 's results.

Unemployment rate rose to 5.4% Chen Maobo pointed out that the data lag did not reflect the improvement of market conditions, there is no need to be too pessimistic The full-year economic growth forecast was lowered to 1 to 2% Chen Maobo pointed out that the unemployment rate will worsen from February to April Chen Maobo pointed out that the economic growth will be greatly affected by the fifth wave of the epidemic It is predicted that it will inevitably be lowered by Chen Maobo. The unemployment rate will take time to fall. Last year's fiscal surplus was raised to more than 29 billion Easter | Chen Maobo expects the economy to rebound in the second quarter.