Hong Kong—The Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, announced on Sunday that the HKSAR government will enhance connectivity schemes between the capital markets of the Chinese mainland and Hong Kong. This initiative aims to advance the opening of the Chinese mainland’s capital market and solidify Hong Kong’s position as a global financial hub.
Speaking at the closing ceremony of a parallel session of the Annual Conference of Financial Street Forum 2024 held in Hong Kong, Lee highlighted the significant progress made through collaborative efforts. “By September, the total turnover of northbound transactions via the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connects exceeded 21 trillion yuan (about $2.96 trillion), while southbound trading topped 6 trillion Hong Kong dollars (around $0.8 trillion),” he noted.
Lee emphasized the HKSAR government’s commitment to promoting the internationalization of the Renminbi (RMB). “We will study the feasibility of launching offshore RMB sovereign bond futures and encourage more companies from the Chinese mainland and overseas to go public in Hong Kong,” he said. These steps are expected to enhance the depth and breadth of Hong Kong’s financial markets, offering more opportunities for global investors.
The Annual Conference of Financial Street Forum 2024, themed “Trust and Confidence – Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth,” attracted over 500 representatives from 30 countries and regions. Parallel sessions are being held in the HKSAR, Luxembourg, and Tokyo, alongside the main events in Beijing. The conference serves as a platform for dialogue and collaboration, reinforcing international trust in the region’s financial stability and openness.
Lee’s announcements underscore Hong Kong’s pivotal role in bridging the Chinese mainland with global markets. As the HKSAR continues to optimize its financial infrastructure and policies, it is poised to offer unprecedented opportunities for investors and support the sustainable growth of the regional economy.
Reference(s):
John Lee: HKSAR to play larger role in opening mainland capital market
cgtn.com
