The World Financial Forum (WFF) held an academic seminar in Hong Kong, where multiple parties jointl

On December 16, 2024, the academic seminar "Challenges, Future and Prospects of Hong Kong International Financial Center" co-organized by the World Financial Forum (WFF) and the Hong Kong Institute of International Finance and co-organized by Lexin Group was held at the Island Shangri-La Hotel in Hong Kong. More than 20 people including relevant government officials, heads of regulatory departments, representatives of financial institutions, experts and scholars, and industry representatives attended the meeting to discuss topics such as the current situation, challenges and opportunities, future and prospects of Hong Kong International Financial Center, and gave suggestions and countermeasures on how to consolidate and enhance the status of Hong Kong International Financial Center. The meeting was chaired by Feng Xingke, Secretary-General of the World Financial Forum and Director of the BRICS Think Tank.

Zhu Guangyao, former vice minister of the Ministry of Finance and chief advisor to the World Financial Forum and BRICS Think Tank, said at the seminar that in recent years, despite the ever-changing international situation, Hong Kong's foreign exchange and stock markets have performed steadily in the global financial market, and the foreign exchange market has maintained a small growth even during the epidemic. The bond market has grown steadily driven by the increase in demand in the offshore RMB bond market, and the wealth management center remains Hong Kong's internationally competitive advantage. In terms of the stock market, there is a lot of room for internationalization indicators.

Zhu Guangyao said that despite the increasing challenges, Hong Kong continues to be a hub for global investment and trade, the Asia-Pacific headquarters of multinational companies, and a gathering place for international professionals. While leveraging its traditional advantages, in recent years, with the great efforts of the SAR government and support from all sides, the advantages of a new innovative ecology are being brought into play. International low-carbon financing transactions are also developing continuously in Hong Kong, and it is expected to become a new trading center.

Zhu Guangyao said that Hong Kong has made great explorations in the development of digital currency, which is very important. The Hong Kong SAR government and regulatory agencies have regulated the cryptocurrency market through a series of clear rules and regulations, implemented penetrating supervision, and strictly reviewed and supervised crypto asset trading platforms, making the trading of crypto assets legal and compliant. This fully reflects Hong Kong's special advantages of being backed by the motherland and connected to the world.

Tam Yiu-chung, vice president of the China Association for Hong Kong and Macau Studies, advisor to the Democratic Alliance for the Betterment and Progress of Hong Kong, and secretary-general of the Alliance for a New Hong Kong Departure, said that Hong Kong should speed up the development of an offshore RMB center and promote the internationalization of the RMB. At present, Hong Kong is an offshore RMB center, but the scale of RMB deposits in Hong Kong is relatively small. In recent years, the entire capital pool has been around 600 billion to more than 1 trillion RMB. It is necessary to significantly increase the RMB capital pool in Hong Kong. The exchange rate of offshore RMB in Hong Kong fluctuates greatly, which will generate greater risks, and it is difficult for the market to form products denominated in RMB. Hong Kong still has a lot of work to do to become an offshore RMB center.

Xiao Geng, professor and vice dean of the School of Public Policy at the Chinese University of Hong Kong (Shenzhen) and chairman of the Hong Kong Institute of International Finance, suggested that the Greater Bay Area should integrate the advantages of Hong Kong's internationally leading open financial system with the advantages of mainland cities in the Greater Bay Area in industries, markets, multi-level talents, data and spatial resources through institutional innovation, so as to greatly enhance the efficiency, scale and competitiveness of Hong Kong and the Greater Bay Area as core platforms of China's external circulation economic and financial development strategy, and lay the foundation for Hong Kong to explore huge opportunities in new areas such as the "Belt and Road", green development, digital finance, and technological innovation.

Feng Xingke, Secretary General of the World Financial Forum and Director of the BRICS Think Tank, said that under the current international and domestic situation, the construction of Hong Kong as an international financial center is challenging, but also faces unprecedented opportunities. The financial industry is the pillar industry of Hong Kong's economy. Hong Kong has a series of advantages that can continuously consolidate and enhance its status as an international financial center, including a sound legal system, a complete and competitive tax system, the convenience of free flow of funds, a complete market system, the co-construction and interconnection of the Guangdong-Hong Kong-Macao Greater Bay Area, efficient financial supervision, rich and diverse financial products, and a tokenized ecosystem, especially tokenized assets, cross-border payments and stablecoins, generative artificial intelligence, central bank digital currencies, etc. I believe that Hong Kong's international financial center will get better and better, and the future of Hong Kong's international financial center is worth looking forward to.

The seminar was attended by experts, scholars and guests including Ba Shusong, Managing Director and Chief China Economist of the Hong Kong Exchanges and Clearing Limited, Zhou Lin, Dean of the Business School of the Chinese University of Hong Kong and Choh-Ming Professor of Economics, Huang Bingfen, Deputy to the 14th National People's Congress and General Director of the Alliance for Restarting Hong Kong, Hong Wen, Member of the Legislative Council of the Seventh Legislative Council Election Committee of the Hong Kong Special Administrative Region, Huang Jianbin, Chairman of Lexin Charity Foundation, Ji Mo, Chief China Economist of DBS Bank (Hong Kong), Yuan Li, Chairman of Arxan Financial Technology Company and former Vice President of the China Development Bank, Zhang Jiamin, Managing Director of Li & Fung Development (China) Limited of the Fung Group and Executive Director of Li & Fung Supply Chain Research Institute of the Hong Kong University of Science and Technology, Li Shaoji, former Chief Executive Officer of Bank of Communications Trust Co., Ltd., Wang Ting, Senior Manager of the External Affairs Department of the Hong Kong Monetary Authority, Fang Xiaocong, Research Director of the Alliance for Restarting Hong Kong, Ben Li, Vice President of the Hong Kong Institute of International Finance and Policy Researcher of the Institute of Advanced Finance of the Chinese University of Hong Kong (Shenzhen), and other experts, scholars and guests.