The Hong Kong Stock Exchange held a symposium on Hong Kong’s capital market in the new era yesterday. The organizers specially arranged to provide Tsingtao beer during the break of the meeting to evoke everyone’s memories of the development history of Hong Kong’s capital market.On July 15, 1993, Tsingtao Brewery was listed on the Hong Kong Stock Exchange, becoming the first company in mainland China to be listed in Hong Kong.The picture shows guests Zhou Xiaochuan (from left), Lou Jiwei and Leung Chun-ying drinking Tsingtao beer.(China News Agency)
Xu Ze, president of the China National Association for Hong Kong and Macau Studies, pointed out that Hong Kong has its own unique advantages under the "one country, two systems", and he is sure that Hong Kong's capital market will start again in the future, and it will inevitably be realized in the integration of the overall development of the country.
Xu Ze, president of the China National Association for Hong Kong and Macao Studies, believes that as mainland China commemorates the 40th anniversary of reform and opening up, Hong Kong has completed its coming-of-age ceremony, and it is now a historical moment for the country to enter a new era.Ren Zhigang, former chief executive of the Hong Kong Monetary Authority, believes that Hong Kong should use more RMB.
At the 40th Anniversary of China's Reform and Opening-up event initiated by Leung Chun-ying, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference, and co-organized by the Hong Kong and Macau Studies Association and the Hong Kong Stock Exchange, Xu Ze pointed out that Hong Kong has its own unique advantages under the "one country, two systems" policy.It will be realized in the integration of the overall situation of national development.
To enter a new era and achieve big goals, we must implement new development concepts, which are innovation, coordination, green, openness, and sharing.As for Ren Zhigang who was present at the same meeting, he suggested that Hong Kong should provide alternatives to the Hong Kong dollar in capital market transactions, such as the renminbi and the U.S. dollar. Xu Ze thought it was instructive.
More currency options can be introduced as a medium of exchange
Ren Zhigang said that the recent fluctuations in the international market and geopolitical tensions have led to a large inflow and outflow of international funds from Hong Kong, which may have an impact on the Hong Kong currency.Hong Kong has to respond, whether it can handle it freely, and whether international investors will change from peace of mind to worry.
He pointed out that it is necessary for Hong Kong to seek to promote the effective operation of monetary policy while maintaining free flow of funds and a stable exchange rate. More currency options can be introduced as trading media. My opinion is affirmative.foreign exchange risk.
He criticized relevant people or institutions in Hong Kong for not promoting it vigorously. I only heard reasons such as "no need, difficult to promote, and let the market decide for itself".Ren Zhigang believes that the strategic development of financial infrastructure has major public interest considerations and does not necessarily have to be market-oriented.
After the meeting, Ren Zhigang, who is also a member of the Hong Kong trade association, did not respond to the Executive Council or the Hong Kong government's plan to promote the use of RMB in Hong Kong.He only said: no longer respond to those unreasonable reasons.
In his speech, Leung Chun-ying revealed that a series of related activities will be launched to discuss what Hong Kong can continue to do in various aspects, gain a deep understanding of the country's needs, and contribute its own strengths.
He pointed out that under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, Hong Kong’s finance and the development of the mainland have become inseparable. In the future, efforts should be made to start again in the capital market, integrate into the overall development of the country, and also serve the country’s continuous deepening of reforms and further internationalizationTwo developments.
Acting Hong Kong Financial Secretary Qiu Tenghua believes that Hong Kong can build a larger financing platform.He pointed out that US dollar bonds issued in Hong Kong reached US$300 billion (S$401.2 billion) last year, an increase of 60% year-on-year, attracting companies to issue bonds in Hong Kong, which has the potential to become a growth point for the development of Hong Kong's financial industry.
