2024-04-02 20:30:47
C’s point of view｜How can Hong Kong maintain its role as an international financial center?
After the handover, Hong Kong’s status as an international financial center has actually been continuously improving. There are more and more companies listed in Hong Kong, the total market value is getting higher and higher, and the daily trading volume is getting larger and larger. Funds from all over the world want to come to Hong Kong to take chances. And not only the stock market is like this, but the foreign exchange market, bond market, futures market, and insurance market are also thriving, and the situation is far better than in Singapore.
However, since the United States realized that the rise of China will threaten the United States’ global hegemony, the United States has resorted to all means to restrict China’s development in order to preserve the original international order and allow the United States to continue to enjoy the dividends of money issuance. Enjoy free access to global resources and services.
The United States’ method of restricting China’s development is to completely cut off China’s external ties so that China cannot continue to enjoy the advantages of being a latecomer through globalization. One of the important deployments is to destroy Hong Kong’s status as an international financial center so that China can use Hong Kong to connect with the international financial market, which can not only attract international funds to invest in China, but also allow the mainland to earn foreign exchange through exports. , obtain better returns in the international financial market.
To this end, the United States took advantage of the 2019 Hong Kong turmoil and the Article 23 legislation to impose various sanctions on Hong Kong under clever pretexts; it also tried its best to discredit Hong Kong in public opinion in an attempt to make some funds that did not have so much political considerations leave Hong Kong.
The United States has always been the strongest country in the world, and the international order is still basically set by the United States. Therefore, when the United States wants Hong Kong to be eliminated, Hong Kong will encounter obstacles everywhere and it will be difficult for Hong Kong to resist. Hong Kong people must be mentally prepared. It will be very difficult for Hong Kong to continue to function as an international financial center in the future. The central government must provide certain support and provide more independent space in policy so that Hong Kong can find new development opportunities.
First of all, Hong Kong must be positioned as an economic capital, not a political capital. Secondly, Hong Kong should highlight its internationalization rather than its mainlandization. Hong Kong exists for one country, and there is no need to show off as one country in every aspect. This will help foreign capital not consider so many political factors when doing business with Hong Kong.
In addition, since the Basic Law allows Hong Kong to continue to practice capitalism, Hong Kong should better protect private property rights and recognize the active role of investors and speculators in the market. We will not easily interfere in the market in the name of social interests (this was the hot trick before). This will scare free money from coming to Hong Kong.
Another point worth mentioning is that Hong Kong’s financial regulatory system is a bit strict and very complicated in some places. Even if overseas funds are willing to come, they will be intimidated by many complicated application requirements. Of course, the interests of small investors must be protected, but the considerations of product suppliers and trading platforms cannot be ignored. Funds coming to Hong Kong for financial services must be made to feel that it is more convenient to come to Hong Kong than to New York and London, and that it is easier to make money, so that more funds can be attracted to Hong Kong.
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