Ba Shusong, chief China economist at Hong Kong Exchanges and Clearing and chief economist at the China Banking Association, joins an online discussion during the Greater Bay Area Chief Economist Forum 2022. (PHOTO PROVIDED TO CHINA DAILY)
Hong Kong has bright prospects in the internationalization of the renminbi and the development of the digital yuan, according to economic pundits at the Greater Bay Area Chief Economist Forum 2022.
The Chinese University of Hong Kong, Shenzhen, and the Shenzhen Finance Institute jointly organized the online discussion over the weekend in Shenzhen, attended by a dozen national top economists.
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Ba Shusong, chief China economist at Hong Kong Exchanges and Clearing, and chief economist at the China Banking Association, said the internationalization of the renminbi needs the growth of financial infrastructure and various financial products denominated in RMB.
The Guangdong-Hong Kong-Macao Greater Bay Area has substantial potential to help meet the demand, such as promoting RMB as a convertible currency in a pilot zone, he said.
Considering the differences between mainland and overseas legal and financial systems, he recognized Hong Kong has an advantage that will allow it to play an important role in designing products and connecting the two sides at a low cost.
Edward Tse, founder and chief executive of Gao Feng Advisory Co, participates in an online discussion during the Greater Bay Area Chief Economist Forum 2022. (PHOTO PROVIDED TO CHINA DAILY)
Hong Kong also has “huge advantages” in the development of the digital yuan, said Edward Tse, founder and chief executive of Gao Feng Advisory Co.
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He said that internet firms performed well in the digital upgrading of the traditional supply chain about five years ago, and he believes the digital yuan will be a decisive factor in winning the new international supply chain competition.
The opportunity deserves in-depth research, and Hong Kong has the advantage to bolster the Guangdong-Hong Kong-Macao Greater Bay area in the competition, he said.
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