On the “Past and Present” of Hong Kong’s Finance

Zhou Boya(University of Clermont Auvergne)
Wang Zifei(University of Clermont Auvergne)

Abstract

Finance is vital to a country, and Hong Kong, as a special part of the large economy of China, has unique advantages and development history. And Hong Kong’s growth from a small fishing village to a financial centre has its inevitable factors: historical, geographical and policy advantages. After nearly a century of rapid development, Hong Kong has achieved many proud accomplishments in the following fields: economy, medicine, education, etc. In the process, the cooperation between Hong Kong and the mainland has become increasingly close, and the two sides of the Strait have become excellent “partners”. In recent years, due to the COVID-19 epidemic and the rise of China as a big economy, Hong Kong is facing an unavoidable dilemma. In view of this, the authors suggest that Hong Kong can develop financial technology, enhance financial security,  implement green finance, and promote corporate innovation. At the same time, Hong Kong should also strengthen the relationship with the mainland. Generally speaking, under the current circumstances, Hong Kong will continue to exist as an important financial center of China, but Hong Kong should also actively face the challenges of the times and explore new developments directions in the future.

Keywords

Hong Kong changes; Hong Kong finance; Hong Kong development prospects

References

The Central Committee of the Communist Party of China State Council issued the Outline of the Development Plan of Guangdong, Hong Kong and Macao Greater Bay Area. http://www.gov.cn/zhengce/2019-02/18/content_5366593.htm#1www.gov.cn. [2019-03-11].

Data sources include: World Bank (https://www.macrotrends.net/countries/HKG/hong-kong/gdp-gross-domestic-productRetrieved 2021-09-18.)

Interview on "Enhancing Hong Kong's status as an international aviation hub and promoting high value-added logistics development" by Chan Fan, Secretary for Housing and Transport of the HKSAR Government, on 2 September 2021, China Radio and Television Corporation's Greater Bay Area Voice.

Data source: NOAA (https://www. ncdc.noaa.gov/).

White Paper on "The Practice of "One Country, Two Systems" in the Hong Kong Special Administrative Region" (full text) ． Information Office of the State Council of the People's Republic of China[citation needed2017-02-17].

"Maintaining the Prosperity and Stability of Hong Kong's Financial Markets in the New Development Landscape" Contributing Researcher, Xi Jinping Research Centre for Socialist Thought with Chinese Characteristics for a New Era, Chinese Academy of Social Sciences Hu Bin, Secretary of the Party Committee and Deputy Director, Institute of Finance, Chinese Academy of Social Sciences.

Breakdown of population in Hong Kong 2016, by language published by C.Textor, Aug 3,2021 (https://www.statista.com/statistics/329051/hong-kong-population-breakdown-by-language/) .

"Shanghai's GDP up 12.7% year-on-year in first half" Liberation Daily https://news.sina.com.cn/c/2021-07-22/doc-ikqciyzk6897251.shtml.

"5.27 trillion yuan! Guangdong's GDP up 13 percent in first half of year" Source: Southern Daily Online http://www.gd.gov.cn/gdywdt/bmdt/content/post_3351065.html.

"Outlook for the Development of Hong Kong's Financial Markets under the Double Crisis" Ma DaiXuan Guo BaiLi

DOI:10.13768/j.cnki.cn11-3793/f.2021.0045.

From Chapter 61 of the Outline of the Fourteenth Five-Year Plan and Vision 2035 for the National Economic and Social Development of the People's Republic of China (the "14th Five-Year Plan"), Section I on Supporting Hong Kong and Macao in Consolidating and Enhancing Their Competitive Advantages.

On 30 May 2018, the HKMA issued a revised guideline on "Recognition of Virtual Banks", which clearly states that "banks, financial institutions and technology companies may apply to hold and operate virtual banks in Hong Kong".

The Financial Secretary of the HKSAR Government, Mr Paul Chan, presents the HKSAR Government's Budget for the financial year 2021-2022 in the Legislative Council.

Tang YJ. Confidence in Hong Kong's financial sector is stable [N]. Global Times, 2020-07-04 (007).

DOI: http://dx.doi.org/10.26549/jfr.v5i2.8528