Source: Taiwan Economic Daily
Mainland China passed the National Security Law of Hong Kong, and US President Trump subsequently threatened to cancel sanctions such as Hong Kong's special treatment.Whether this development will affect the economic and trade interaction of China and Hong Kong and Taiwan, and has caused concerns about all walks of life. Many people have more concerned about Hong Kong's Asia -Pacific financial center status, as well as Shanghai, Shenzhen and other places actively supported by the mainland in recent years.Instead of Hong Kong to become the Asia -Pacific Financial Center.
The reason why Hong Kong can become the Asia -Pacific Financial Center is because financial institutions and markets are closely combined and adopt a market rather than policy -oriented development strategy.The Hong Kong government adheres to the principle of not interfere with the market operation, and implements a low tax rate policy and promotes simple taxes, so that various types of business activities can have more initiative and innovative space under the favorable business environment, and attract a lotHigh -end international talents go to Hong Kong to work and settle.
The rule of law and financial supervision in Hong Kong is also closely in line with the world, maintaining the confidence of the outside world about the rule of law and legal system of Hong Kong. The Hong Kong government is committed to maintaining fair market competition. Typhons are equal to domestic and foreign capital.Restricting funds in and out of foreign exchange controls; the exchange rate system of Hong Kong dollars linked to the US dollar is more conducive to maintaining the stability of commercial transactions.In addition, Hong Kong's flow and residence of personnel, in addition to some restrictions on mainlanders, is relatively loose to other countries. It can become a citizen of Hong Kong after more than seven years.
Because Hong Kong's financial opening is free, it is the most important window of the mainland to integrate international finance, and it is also an important base for the internationalization of the RMB.Many foreign -funded companies choose to go to Hong Kong to list, mainly because Hong Kong is located in China. After signing the arrangements for the establishment of more close economic and trade relations (CEPA) in the Mainland, Hong Kong plays the role of the mainland market springboard.Important channels.In particular, Hong Kong has an international financial environment, and financial institutions such as multinational investment banking, funds, and other financial institutions have established business bases in Hong Kong to facilitate large -scale fund -raising and find strategic partners.
On the other hand, the Hong Kong stock market is not only a sound legal system, a complete regulatory structure, but also a complete corporate governance system and a high degree of internationalization.In particular, the current formalities of foreign -funded enterprises on the mainland are complex and their transparency is not high. Some foreign -funded enterprises have shifted to listing in Hong Kong based on the demand for fundraising and increasing their popularity.In addition, Hong Kong has no restrictions on foreign exchange entry and exit. Enterprises can be used freely according to their own needs, which is very convenient. In accordance with the provisions of the Hong Kong Tax Law, the dividend obtained by shareholders does not need to pay income tax, which is a major cause for the company's major shareholders.
The Hong Kong foreign exchange market has no foreign exchange control and is located in a favorable time zone. It can be traded in markets around the world for 24 hours. It ranks fourth in the world by trading volume. The Hong Kong currency market is mainly the wholesale level of banks.The financial market in Hong Kong is highly liberalized and full of products, and international participants are in the role, so they can play the role of the international financial center.
Even though mainland China intends to support Shanghai, Shenzhen, Macau, and even Hainan Island to replace Hong Kong as the Asia -Pacific Financial Center, the legal system and supervision of the mainland cannot obtain international trust so far. There is also foreign exchange control. The capital market has not been fully opened.At the same time, the laws in mainland China cannot be directly linked to overseas regulation, which causes international difficulties in internationalization.As for the financial centers in the mainland, it is mainly due to the advantages of economic volume and can serve the domestic market. For example, Shanghai is the largest stock trading center in the mainland, but it is still not the international financial center.
In contrast, Singapore, free funds, open markets, high quality of international talents, and support for the vast hinterland of Southeast Asia. In the future, the opportunity to replace the role of Hong Kong's financial center is also the largest.
As for whether Taiwan has the opportunity to replace Hong Kong as the Asia -Pacific Financial Center, it depends on whether the Taiwan market is open enough and whether regulatory can obtain foreign trust, especially if you want to accept the mainland and Southeast Asian markets as the hinterland of Taiwan.Whether economic prospects and confidence exist and whether high -end financial talents are sufficient. In short, the key is whether it is attractive to foreign capital.But at present, these conditions do not seem to have it. Taiwan still has a lot of room for effort to become the Asia -Pacific financial center.
