Economic Daily News
The Hong Kong's anti -repair campaign has lasted more than five months, which has aroused high attention to the international community's situation in Hong Kong. The Beijing government is quite patient with Hong Kong.Hong Kong Chief Executive Lin Zheng Yue'e finally responded positively to one of the five major demands of the anti -repair movement last week, that is, it was announced that the draft of the revision of the fugitive regulations was announced.After all, for mainland China, Hong Kong is not only a special zone, but also a buffer zone for Chinese capital markets and Western funds. It is also an important channel for China to move towards the world and expand its political and economic influence.Many concerns.
Specifically, even if China has jumped into the world's second largest economy and the world's largest exporter, under its unique political system, the Chinese economy is still highly controlled, the proportion of state -owned enterprises is very high, and the capital market is open.there's still a long way to go.However, the South American debt letter crisis and the financial turmoil in Southeast Asia have confirmed the long -term regulatory developing countries.So, how should Chinese -style capital economy connect with the West?
Hong Kong is the answer that is selected in one thousand.
Before the return of sovereignty in 1997, Hong Kong, which is closely in line with the Western economic and trade system, is an important international business and capital port, which is trusted by the world.
Therefore, in the past 20 years, the Chinese government has regarded Hong Kong as a pilot area for economic and financial opening. In addition to gradually allowing some Chinese companies to be listed in Hong Kong (the number of Chinese companies in Hong Kong reached a record high in 2018), it has also instructed the People's Bank of ChinaSigning a liquidation agreement with the Hong Kong HKMA, and opening a private bank can liquidate each other, so that the RMB offshore exchange rate will be formed to warm up the internationalization of the RMB.After 2013, the Chinese government has successively opened up Shanghai -Hong Kong Stock Connect, Shenzhen -Hong Kong Stock Connect, and Bonds, and gradually created the conditions for the exhibition of Chinese shares and bond markets.
China will use the advantages of one country, two systems to make Hong Kong the gateway to the West into China, and is also the gate of Chinese companies to the world. It is nothing more than to prove to the world's faithful leaders of the world economy rather than destroyer.Achieve results.
For example, in the past, China has been rejected by the MSCI emerging market index several times, but as the Shanghai -Hong Kong Stock Connect and Shenzhen -Hong Kong Stock Connect have been opened one after another, foreign capital can be freely traded through Hong Kong to promote the Chinese stock market to be included in the MSCI emerging market indexIngredient stocks; or in 2018 in 2018, US $ 134.9 billion of outsiders directly invested (FDI), and 89.9 billion US dollars (about 66.6%) entered China from Hong Kong.At the same time, the Global Bank Finance and Telecommunications Association (SWIFT) shows that the proportion of offshore RMB transactions completed in Hong Kong or through Hong Kong at the end of 2018 accounted for 76.3%, and the proportion of RMB in global currency payment rose to 2.07%.Make a great contribution to China.
However, the anti -repair campaign highlights the special status and economic prosperity of the Hong Kong Basic Law under the non -division of the Chinese and economic laws in China. It may still be based on serving Chinese political purposes.For example, China intervene in many international enterprises including HSBC. For example, in August this year, Cathay Pacific's internal announcement explicitly banned employees from participating in the assembly and marches, and three senior executives, including the president of the executive, went to work.The issued HSBC Bank Holdings Group also has three senior managers; Zicheng (PWC), one of the four major accounting firms, also issued a statement, indicating that the political position of employees does not represent the company's position.
At this point, the international community and foreign companies have continued to implement the question of whether Hong Kong can continue to implement the one country, two systems. In the past, through the independent financial and operating status of Hong Kong, foreign companies have gradually emerged in a crisis of trust in the Chinese market and the clever and balanced mutual benefit model.After the anti -repair exercise heated up, the Shanghai -Stock Connect and Deep Stock Connect funds from the north -north -north -north -north -north -north -north -north -northern -north -area one -month average northbound capital was only 785.7 billion yuan in July and August.The average monthly average of 2nd seasons was 894.1 billion yuan.In July of this year, the proportion of offshore RMB transactions completed in Hong Kong or through Hong Kong fell to 72.5%, and the proportion of RMB in global currency payment fell to 1.8%.
It can be seen that the Beijing government's anti -repair campaign in Hong Kong is still patient. Although there are political considerations, it also recognizes the importance of Hong Kong to its economic and financial level.
However, when China has gradually emerged in the international confidence in the international confidence in China, the Beijing government will let all circles believe in Hong Kong as ever, and it is not easy.
