Hong Kong remains relevant to nation

    Updated: 2015-07-15 08:50

    By Hong Liang(HK Edition)

      Print Mail Large Medium  Small 分享按鈕 0

    In recent years, more and more economists, politicians and commentators have propagated the notion that Hong Kong's economic development is becoming increasingly dependent on the "largesse" or generosity of the central government. They argued that since Hong Kong was losing its competitive edge against the major mainland cities, particularly Shanghai and Shenzhen, it would also lose its relevance without special treatment.

    Such suggestions are not sound. The so-called "largesse" these alarmists are talking about includes turning Hong Kong into an offshore yuan trading center, the introduction of the Shanghai-Hong Kong Stock Connect program and mutual recognition of investment funds.

    Of course, Hong Kong has benefited from these and other programs which involve closer cooperation and better integration with mainland economic activities. But they are not "gifts" in the way some people suggest.

    Hong Kong has earned these "favors" from the central government with its status as an efficient and mature financial center which has a global reach. Neither Shanghai nor Shenzhen come close to matching Hong Kong in international finance and commerce.

    Indeed, Shanghai is known to have harbored a strong ambition to becoming a prime regional hub for finance and trade. Not satisfied with one financial district in Pudong, it is in the process of building another one across the Huangpu River close to the historic Bund which was once home to many foreign banks and trading houses.

    Moreover, Shanghai has established a free-trade zone to set an example in the free flow of capital and goods. But both domestic and foreign banks and enterprises in the zone are known to be still trying to figure out what exactly they can do without breaching national laws.

    Shenzhen is faring no better in its bid for internationalization. The free-trade zone in Qianhai has yet to take off despite all the initial hype.

    Hong Kong was the obvious choice to be the testing ground of an offshore yuan center in order to blaze the trail for full convertibility of the currency. There has been a large amount of renminbi floating around in Hong Kong for years. An offshore market would simply allow people to deposit their renminbi funds in Hong Kong into the banking system so they can be put to more productive use.

    The Shanghai stock connect program benefits Hong Kong as much as it does Shanghai. It can help channel more foreign institutional investment funds into the mainland bourse.

    The mutual recognition scheme can help Hong Kong consolidate its lead as the regional fund management center. But it can also offer mainland investors a relatively safe and well-regulated channel to diversify their portfolios to include a larger proportion of overseas assets.

    These are just a few examples to show that Hong Kong has remained relevant to the development of the national economy. This is at a time when the government is seeking to speed up the pace of reform and the opening up of financial markets.

    (HK Edition 07/15/2015 page7)

    亚洲一区二区三区无码中文字幕| 中文字幕人成人乱码亚洲电影| 中文字幕精品一区二区精品 | 久久精品中文字幕一区 | 亚洲av中文无码乱人伦在线咪咕| 伊人久久一区二区三区无码| 无码人妻精品一区二区三区66 | 91中文在线视频| 18禁无遮拦无码国产在线播放| 无码乱码av天堂一区二区| 中文字幕乱偷无码AV先锋| 国产麻豆天美果冻无码视频| 无码日韩精品一区二区免费| 无码爆乳护士让我爽| 日本一区二区三区不卡视频中文字幕| 久久精品中文字幕大胸| 精品无码国产自产拍在线观看| 一夲道无码人妻精品一区二区| 中文字幕手机在线观看| 无码人妻少妇久久中文字幕| 欧美中文字幕在线视频| 中文毛片无遮挡高潮免费| 亚洲AV永久无码天堂影院| 无码国模国产在线无码精品国产自在久国产 | 无码永久免费AV网站| 成人午夜精品无码区久久| 中文字幕无码一区二区三区本日| 台湾佬中文娱乐网22| 中文字幕一区二区精品区| 大蕉久久伊人中文字幕| 最近中文字幕mv免费高清视频8| 99精品久久久久中文字幕| 亚洲日本中文字幕| 亚洲中文字幕成人在线| 一级片无码中文字幕乱伦 | 无码丰满熟妇juliaann与黑人 | 中文精品久久久久人妻| 免费A级毛片无码无遮挡内射| 精品多人p群无码| 亚洲A∨无码一区二区三区| 精品无码AV一区二区三区不卡 |