A staff member of Bank of Communications guides a customer on opening a digital RMB wallet on a mobile phone in Beijing on June 16, 2021. (PHOTO / XINHUA)
Hong Kong, an important link between the Chinese mainland and the global capital market, should focus on developing finance and technology services to enhance its status as an international finance center and strengthen its global offshore renminbi business hub.
Christopher Hui Ching-yu, Hong Kong secretary for financial services and the treasury, made the remarks on Thursday during a panel discussion titled “Opportunities and Prospects of the Financial Services Industry” at the World Chinese Entrepreneurs Summit in the city.
The digital renminbi is inseparable from the real economy, and Hong Kong, with its unique geographic advantages, can help overseas institutions use the digital renminbi, said Christopher Hui Ching-yu, Hong Kong secretary for financial services and the treasury
“Global financial markets have been hit by the COVID-19 pandemic, but Hong Kong’s financial markets fully demonstrate their resilience as they are still on the rise while remaining stable,” Hui said.
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As a result, Hong Kong is the preferred choice for international companies in the Guangdong-Hong Kong-Macao Greater Bay Area and other parts of the mainland or those having business ties elsewhere in Asia that wish to raise funds via a public listing in a secure and highly liquid world-class market, he said.
The digital renminbi is inseparable from the real economy, and Hong Kong, with its unique geographic advantages, can help overseas institutions use the digital renminbi, Hui said. More companies are willing to use the renminbi as a new payment method, while further promoting the internationalization of the digital renminbi, he added.
Chan Ka-keung, Hong Kong former secretary for financial services and the Treasury, said that a digital Hong Kong dollar should also be launched with the emergence of the digital renminbi to maintain the balance of the digital currency market share.
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To further build diversified platforms for financial transactions in the Greater Bay Area, Hong Kong and the region should constantly improve the cross-border connection of financial products for further interconnectivity in the Shenzhen-Hong Kong connect, bond connect and commodity connect, Chan said.
Wang Bing, deputy chief executive of the Bank of China (Hong Kong) Ltd, said Hong Kong and Shenzhen are expected to be hot spots for the development of science and innovation institutions and companies in the Greater Bay Area. The problem facing Hong Kong's financial institutions now is to work well with technology and innovation companies, to strengthen the linkage and implement the strengths of both sides, he said.