Lam:HK has key roles in luring investment, global drive

12 Nov, 2018 14:23
source: China Daily

香港奇点财经Singularity Financial cited from China Daily

Financial professionals graduated from Xiamen University and related parties engaged in discussing the new opportunity and challenge amid the recent unpredictable international situation.

As the window to the nation’s reform and opening-up policy that began 40 years ago, Hong Kong can keep playing major roles in attracting overseas investment and helping domestic capital to go global, Chief Executive Carrie Lam Cheng Yuet-ngor said at the South China Fortune Summit on Friday.

The event, which brought together more than 350 financial professionals from the Chinese mainland, Hong Kong, and other countries and regions, was themed “open, global, creative, and progressive”. It was organized by the global finance alumni association of Xiamen University, a prestigious university built by Chinese businessman Tan Kah Kee, with an aim to serve the development of the Chinese economy and the world economy.

Grasping the opportunities created by the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong should be committed to providing financial services in terms of renminbi business, risk management, asset management, capital management and project financing to enterprises in BRI countries and Bay Area cities, Lam said.

She promised to further improve the market infrastructure, consolidate the existing financial platform and strengthen the link of renminbi business to the global market. If all these cogs in the wheel fall into place, the city, which holds the biggest offshore yuan capital pool at 600 billion yuan ($86.4 billion), would continue to excel in enhancing renminbi business contact between Hong Kong banks and international financial institutions and enterprises.

On the the city’s security market, Lam noted half of the listed companies on the Hong Kong bourse which reclaimed world’s top fundraising spot as of October this year, are Chinese mainland-funded enterprises. With the launch of Shanghai, Shenzhen stock connect and bond connect, new opportunities have emerged for both sides, not only accelerating the opening-up of the Chinese mainland’s financial market, but cementing the city’s status as a world financial center.

Charles Li Xiaojia, chief executive officer of the Hong Kong Stock Exchange as well as an alumnus of Xiamen University, gave a keynote speech during the forum. He highlighted the key to success is interconnection and said the global market is a unit; therefore every economy will always be tied together as trade globalization will continue in spite of the market concern and geopolitical uncertainty.

In light of the development of new economy and cutting edge technology, he said China and the US seem to be complementary to each other, and their ties have become much tighter than before.

“The collaboration in Sino-US trade will benefit all mankind, while their ‘divorce’could, however be a loss for human beings,” Li said.

As for the interconnection of the Chinese mainland and Hong Kong, thanks to the stock connect, he pointed out that up to 1.3 trillion yuan in total turnover had been recorded in the past five years.