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25th Anniversary of China's Return

2022-07-05T08:41:04.049Z


Li Xiaojia, the former chief executive of the Hong Kong Stock Exchange and the founder of Diguantong, recently accepted an exclusive interview with Hong Kong 01, reviewing the past 25 years. He described himself as a "lucky man of the times" - he returned home after studying and sent


Li Xiaojia, the former chief executive of the Hong Kong Stock Exchange and the founder of Diguantong, recently accepted an exclusive interview with Hong Kong 01, reviewing the past 25 years.

He described himself as a "lucky man of the times" -- he returned home after his studies and was stationed in Hong Kong; he could not only enjoy the advantages of international rules, but also participate in national development opportunities.

Twenty-five years later, China has grown into the world's second largest economy, while Hong Kong has grown into one of the three major international financial centers. .” In the future, Li Xiaojia hopes that Hong Kong Finance will continue to find infinite possibilities for itself.


"The stock market in Hong Kong is very developed, and it is easy for people to regard the stock market as a financial center, but that is not the case. The real financial center must be the most central thing in the country's financial center. What is the most central thing? It is currency." Li Xiaojia pointed out that the bond market, currency market, gold market, and commodity market can best reflect currency, because the core is currency pricing and currency trading.

Take U.S. Treasuries as an example. The reason why the U.S. dollar can become an international currency is inseparable from the liquidity of U.S. Treasuries comparable to cash, and all companies and investment institutions around the world will deploy such products.

He kept asking: "When will China's national debt become a must-have column on the world's balance sheet?"

Li Xiaojia believes that Hong Kong must take the initiative to innovate for the country's finance.

(Visual China)

Weekly Exclusive Picks|Enhancing Governance to Promote the Shift of Hong Kong’s Development Paradigm

The new Chief Executive, Li Jiachao, promised to strengthen Hong Kong's status as an international financial center. Li Xiaojia, who was a member of his campaign advisory team, also hopes that Hong Kong will vigorously develop the bond market, currency market, gold market, commodity market, as well as the data market of emerging assets, virtual asset market.

For the first four, Li Xiaojia believes that Hong Kong definitely has the possibility of "overtaking on a curve": "The mature market of these products will encounter a problem in the future, even if they operate very well and are highly market-oriented, the They are all old-generation technologies. Banks, brokerages, and investors all use previous-generation electronic trading systems, even telephone trading systems.” As a “late-comer”, Hong Kong has no “traditional burden” and can directly adopt the next-generation system Technology, with cheap, simple and convenient digital trading technology, allows investors to easily participate in transactions with the mainland and Hong Kong markets.

Li Xiaojia said, "Only when you ask a question can you have the urge to find the answer, and when you ask the right question, you can complete the right task." (Photo by Liang Pengwei)

In the early days of the reunification, Hong Kong financial professionals used overseas experience to help the country establish a modern financial market and financial supervision system; and Hong Kong itself provided advice and channels for the reform, restructuring and listing of state-owned enterprises with international rules, supervision and connection with the international financial market. .

"China was so difficult at that time and desperately in need of development... If there is no shallow water like Hong Kong, so that our group of 'hairy boys' can cross the river by feeling the stones, it is difficult to imagine the future development." Li Xiaojia sighed, "Hong Kong's contribution is huge, and the country's development has also brought great opportunities to Hong Kong."

"But Hong Kong also needs to figure out what the country needs and what does the international community really need? What is the future development path? How to make the internationalization of the RMB go faster? How can Hong Kong form a scale as soon as possible in the six markets just mentioned? Li Xiaojia emphasized, "These are the questions we all need to ask." He reminded Hong Kong that it must seize the advantages of the mainland's economic transformation, explore new development directions, and strive to establish a real and complete local financial market.

For details, please read the 324th issue of "Hong Kong 01" Electronic Weekly Newsletter (July 4, 2022) "

Reformers Build Financial Dreams, Li Xiaojia's Message to Hong Kong to Actively Create Unique Value

".

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to try out the weekly e-newsletter for more in-depth reports.

Source: hk1

All news articles on 2022-07-05

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