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Hong Kong Will Leverage Its International Financial Center Status to Serve the Real Economy

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According to reports, the President of the Hong Kong Monetary Authority, Yu Weiwen, stated on April 4 at the 2023 China Financial Society Academic Annual Meeting and China Financia

Hong Kong Will Leverage Its International Financial Center Status to Serve the Real Economy

According to reports, the President of the Hong Kong Monetary Authority, Yu Weiwen, stated on April 4 at the 2023 China Financial Society Academic Annual Meeting and China Financial Forum Annual Meeting that Hong Kong will continue to leverage the advantages of an international financial center to help the mainland financial market better serve the high-quality development of the real economy.

President of the Hong Kong Monetary Authority, Yu Weiwen, will promote research and application of digital RMB cross-border payments

The President of the Hong Kong Monetary Authority, Yu Weiwen, announced at the 2023 China Financial Society Academic Annual Meeting and China Financial Forum Annual Meeting on April 4 that Hong Kong would utilize its international financial center status to support the real economy’s high-quality development. This is an indication that the city’s authorities are planning to strengthen Hong Kong’s entire financial market and its ability to adapt to changes and challenges.

Hong Kong’s Role as an International Financial Center

Hong Kong, with its many advantages, has long been one of the world’s most prominent international financial centers. Located at the heart of Asia, Hong Kong has always been a gateway between China and the world. With its highly skilled workforce, world-class services, and diversified and open economy, Hong Kong provides a robust platform for finance and trade, attracting global investors.
The city has established itself as a major capital-raising center for companies, making use of its deep and broad pools of liquidity. Hong Kong is a top destination for IPOs, further adding to the importance of the city in global finance.

The Real Economy and Hong Kong’s Commitment

Hong Kong’s leadership realizes that in today’s world, a vibrant financial market is not enough to sustain overall economic growth. Therefore, it is essential to have a healthy real economy as well. The two sectors are intertwined, with each supporting the other.
Hong Kong has a crucial role to play in serving the real economy due to its extensive experience in financial services, logistics, trade, and professional services. The city has a sound legal and regulatory framework that ensures fair dealings and a deep pool of talent that can provide financial and professional advice and expertise to firms.

Hong Kong’s Advantages in Serving the Real Economy

Hong Kong possesses several advantages that will aid it in supporting the real economy. It has a stable political environment, a sound legal and regulatory framework, and an open and accessible financial system. Additionally, Hong Kong is an essential hub connecting mainland China with other countries, which make it easy for companies to access the necessary resources and information.
The city also serves as a gateway for Chinese firms seeking to invest globally, offering valuable connections to the world’s investors, thereby improving access to capital. It is an essential platform for RMB trade, settlement, and clearing, facilitating cross-border trade for goods and services.

Hong Kong’s Future Plans

Moving forward, Hong Kong will continue to optimize its financial policies, improve its financial infrastructure, and expand the scope and scale of its financial markets. The city will work to enhance its services trade, expand its asset management capabilities, and develop new products and services that cater to the needs of a wide range of users.
At the same time, Hong Kong will foster innovation and technology, enabling financial institutions to embrace new business models and providing opportunities for innovative startups. Hong Kong is poised to develop its offerings in sustainable finance, green finance, and other low-carbon finance areas as part of the environmental, social, and governance (ESG) trend, fostering further growth in this area.

Conclusion

Hong Kong is an international financial center of critical importance, and its leadership is committed to fulfilling its role in supporting the real economy. This commitment will require a continuous effort to strengthen the city’s financial system, broaden its markets, and ensure the right ecosystem for innovation and development.

FAQs

1. What is Hong Kong’s ranking as an international financial center?
– Hong Kong has been ranked as the world’s third-best financial center, according to the 2021 Global Financial Centres Index.
2. What sectors are important to Hong Kong’s economy?
– Hong Kong’s economy is mainly dominated by the service sector, including financial and professional services, retail, wholesale, and logistics sectors.
3. What are the benefits of Hong Kong being an international financial center?
– The benefits include a deep and accessible financial system, a sound legal and regulatory framework, and significant connections to global capital.

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