Focus on Hong Kong investment immigration and Hong Kong economic development: The Third Plenary Session of the 18th Central Committee of the Communist Party of China has announced a series of reform plans, which have attracted significant market attention. Chief Executive of the Hong Kong Special Administrative Region, Leung Chun-ying, stated on the 19th that deepening reforms in China is beneficial to both the country and Hong Kong, and that Hong Kong can derive development momentum from this.
At the China Daily Asia Leadership Roundtable on the 19th, themed "The Impact of China's Financial Development on the Global Financial Industry," Hong Kong Chief Executive Leung Chun-ying stated that Hong Kong has consistently played an important role in the mainland's financial reform process, ranging from RMB trade settlement to a subsequent series of RMB-related businesses.
Regarding the impact of the current preparation and construction of multiple mainland pilot free trade zones on Hong Kong, Leung Chun-ying pointed out that Hong Kong should actively participate in the development of the Shanghai Pilot Free Trade Zone, as well as Guangdong areas such as Qianhai, Nansha, and Hengqin. By leveraging Hong Kong's unique advantages, such as its sound legal system and commercial rules, a mutually beneficial and win-win situation can be achieved.
When asked about what reform breakthroughs Hong Kong might have following the Third Plenary Session of the 18th CPC Central Committee, Leung Chun-ying stated that the country's deepening of reforms is beneficial to the whole nation, including Hong Kong, and that Hong Kong can derive momentum from it to further grow its economy.
Benjamin Hung, CEO of Standard Chartered Bank (Hong Kong), stated that the next decade for China will be a decade of reform. Economically, driven by urbanization, China will gradually transform from the "world's factory" into a major global consumer and investment power. As national purchasing power increases, China will have a greater say, promoting more trade using RMB settlement and encouraging more domestic capital to invest abroad. It is projected that by 2020, 30% of China's foreign trade will be settled in RMB.
He pointed out that the widespread use of the RMB still requires time for promotion and development, and that mainland China, Hong Kong, and surrounding Asian countries have significant development potential in this regard; Hong Kong must seize this opportunity.
He Dong, Director of the Hong Kong Institute for Monetary Research under the Hong Kong Monetary Authority, stated that China's financial industry and other sectors will continue to undergo reforms, with the Shanghai Pilot Free Trade Zone being an example. Although the market is concerned that Hong Kong will lose its advantages as China relaxes measures, he pointed out that the potential for growth in China's trade and financial scale is enormous. As the overall pie grows larger, Hong Kong will also benefit. The most important advantage of Hong Kong as an international financial center is its open and welcoming attitude toward all parties, making it a hub for multinational corporations and international talent.
