Hong Kong Financial Secretary Paul Chan Mo-po speaks at the Global Financial Leaders' Investment Summit in Hong Kong on Thursday. (ANDY CHONG / FOR CHINA DAILY)
Government officials, mainland regulators and business leaders pledged that Hong Kong will continue to be a global financial hub with deep liquidity, transparency, investor protections and remain aligned with international regulatory standards.
They made the remarks at the investor conversation session of the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit held on Thursday.
Hong Kong Financial Secretary Paul Chan Mo-po, who is also honorary president of the Hong Kong Academy of Finance, said the Hong Kong Special Administrative Region government has ensured the city's financial stability and security in three respects.
First, the city has established a surveillance system to detect financial market risks, and a round-the-clock monitoring mechanism over all sectors of the financial markets.
Second, Hong Kong's financial regulators have maintained stringent market discipline and built strong buffers to prepare for turbulence.
Third, the city also attaches great importance to investor protections by setting clear rules and stringent requirements for market participants to ensure policies and practices are implemented in a consistent and predictable manner.
"Hong Kong is a global financial center with an internationally aligned regulatory regime, with deep liquidity and transparency, and much resilience with proper safeguards to protect investors," Chan said.
"We are simply the best international financial center in Asia. You are most welcome to do business and make more investments here," he added.
Laura Cha Shih May-lung, chairman of Hong Kong Exchanges and Clearing Ltd and fellow of the Hong Kong Academy of Finance, sees the importance of Hong Kong as a connectivity region.
"We see great opportunities for Hong Kong to support the mega trends that are shaping the global landscape, such as the mainland's next phase of economic growth, global sustainability, the rise of the new economy sector, biotechnology, innovations and much more," Cha said.
Financial regulators said at the summit that the central government will continue to support Hong Kong as an international finance center.
Fang Xinghai, the vice-chairman of the China Securities Regulatory Commission, said Hong Kong is seen as playing a very important role in helping to grow the mainland economy.
This is because Hong Kong has a high-quality capital market and there are many high-quality institutional investors in the market, Fang said.
Fang added that extending the Stock Connect programs to include trading international company shares listed in Hong Kong, introducing mainland government bond futures, and establishing a renminbi counter in trading Hong Kong shares "will realize Hong Kong's vision to become an even more important financial center".
"The nation's opening-up can only be bigger and bigger going forward, and Hong Kong's unique role in connecting the world and the mainland will continue and remains very important. There will be new exciting opportunities for us," Fang said.
"Do not bet against the Chinese mainland and Hong Kong," the CSRC vice-chairman said.
"Hong Kong has great potential to deepen connections based on the mainland financial market in areas of financing and investing under the Belt and Road Initiative, fintech and green finance, to support Hong Kong's development," said People's Bank of China Governor Yi Gang.
"The PBOC will continue to help Hong Kong maintain a law-based, open, inclusive and enabling business environment and enhance its status as an international financial center," Yi said.
oswald@chinadailyhk.com