At the annual financial industry conference Sibos 2024 in Beijing, James Alistair Fok, Chief Commercial Officer of the Central Moneymarkets Unit at the Hong Kong Monetary Authority (HKMA), shared his insights on China’s economic future during an exclusive interview with CGTN’s Michael Wang.
Fok emphasized the pivotal role of innovation in driving long-term prosperity for China. He highlighted the nation’s electric vehicle revolution and rapid urban transformation as testament to how technological advancements are reshaping the economic landscape. “Our focus on innovation is not just about technological progression; it’s about fostering sustainable growth and enhancing the quality of life for our people,” Fok stated.
Addressing the evolution of Hong Kong’s financial center, Fok pointed to opportunities for diversification. “To maintain our competitive edge, Hong Kong must embrace diversification in our financial services,” he noted. “By expanding into new markets and financial instruments, we can reinforce our position as a global financial hub.”
Fok also discussed the global expansion of Chinese custodian banks to meet the rising demands of cross-border investment. With increasing international interest in China’s markets, he underscored the importance of robust financial infrastructure to facilitate this growth. “Chinese custodian banks are stepping onto the global stage to support the surge in cross-border investments,” he explained. “This not only propels China’s economic development but also fosters deeper integration with the global economy.”
The conversation shed light on strategic initiatives that underscore China’s commitment to innovation and financial diversification, positioning the nation for a prosperous future in the evolving global economic landscape.
Reference(s):
Innovation, financial diversification key to future prosperity: HKMA
cgtn.com
