On November 19, the Global Financial Leaders' Investment Summit commenced in Hong Kong, with Chinese Vice Premier He Lifeng attending the opening ceremony and delivering a keynote speech.
He Lifeng emphasized that President Xi Jinping and the central government have consistently shown great concern and high regard for Hong Kong's development. During the 25th anniversary celebration of Hong Kong's return to the motherland in July 2022, President Xi pointed out that the next five years are crucial for Hong Kong to create new opportunities and achieve new leaps forward. With strong support from the central government and the effective leadership of the Hong Kong SAR government, along with the joint efforts of society, Hong Kong has made new achievements in its socio-economic development.
He noted that Hong Kong's economy grew by 2.6% year-on-year in the first three quarters of this year, marking seven consecutive quarters of positive growth. The city's financial system remains vibrant in different sectors, attracting investors and ensuring stable capital market operations, with the offshore renminbi market developing steadily.
Since the reform and opening up, Hong Kong has been the largest source of foreign investment for the mainland and a key destination for outward investment. The practice has repeatedly shown that with the "One Country, Two Systems" framework providing solid support and with the nation's strong backing and collective efforts, Hong Kong's role as an international financial center will further highlight its significance, solidifying its status and showcasing its unique advantages.
He Lifeng pointed out that finance is the pillar of Hong Kong's industry and core competitiveness. The development of the financial sector is crucial for maintaining Hong Kong's overall competitive advantage and long-term prosperity. At the national level, Hong Kong's strategic role in establishing a new development pattern and promoting high-level opening up requires strengthening its status as an international financial center. Building Hong Kong into a more robust international financial hub is key to pursuing a strong financial nation.
The authorities will support more high-quality enterprises in listing and issuing bonds in Hong Kong, continuously optimizing and expanding the connectivity in stocks, bonds, wealth management, and interest rate swaps between the mainland and Hong Kong. They will improve the regular issuance mechanism for national bonds, steadily increase the issuance scale of national bonds in Hong Kong, and support the city in enhancing its status as a global hub for offshore renminbi business.
He Lifeng expressed his hope that Hong Kong would seize this critical development period, accurately identify changes, respond scientifically, proactively seek transformation, and uphold the spirit of Lion Rock, continuously enhancing its financial development and consolidating its position as an international financial center.
He Lifeng offered three suggestions for Hong Kong:
First, deepen financial reform and innovation, continuously enhancing Hong Kong's financial competitiveness. The national government supports Hong Kong in strengthening its banking sector, enhancing the inclusiveness and attractiveness of the capital market, and steadily expanding the bond market. Hong Kong should actively develop its insurance market and enrich offshore renminbi financial products and services.
Second, Expand Financial Opening and Cooperation: Continuously invigorate Hong Kong's financial development. The national government encourages Hong Kong to maintain its unique characteristics and advantages while developing broader international financial cooperation and attracting more international capital and talent.
Third, align with National Development Strategies: Solidify the foundation for Hong Kong's financial development. As a bridge for the country's opening up, Hong Kong's strategic position will become more prominent as the country progresses in high-quality development. The national government supports Hong Kong in participating actively in major reforms, enhancing its role in the "Belt and Road" initiative, and improving cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area.
He Lifeng stated that Hong Kong's financial regulation has been effective, with a well-ordered financial market and overall stability. He expressed his expectation that Hong Kong would continue safeguarding financial security, with the central government providing steadfast support for deepening financial reforms and maintaining stability.
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