Regulators add voices, support to Hong Kong’s role in connecting China with world markets

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Chinese officials, speaking in Hong Kong, say they support the city as the bridge between the mainland and the rest of the world

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(L to R)Eddie Yue, Chief Executive of Hong Kong Monetary Authority; Li Yunze, Minister, National Financial Regulatory and Administration; Wu Qing, Chairman, China Securities Regulatory Commission; Zhu Hexin, Deputy Governor, People’s Bank of China and Administrator, State Administration of Foreign Exchange; at the Global Financial Leaders’ Investment Summit at the Grand Hyatt hotel in Wan Chai on 19 November 2024. Photo: Dickson Lee

Mia Castagnonein Hong KongandYuke Xiein Beijing

Published: 11:04am, 19 Nov 2024Updated: 7:58pm, 19 Nov 2024

Chinese officials in charge of three parts of the world’s second-largest capital market descended on the nation’s offshore financial centre to lend their voices and support to Hong Kong’s role in connecting the mainland with the rest of the world.

Commodities may be added to the stocks, bonds, options and wealth management products that are currently tradeable in the so-called Connect scheme, which allows global investors and mainland capital to tap into each other’s markets via Hong Kong, said Wu Qing, the chairman of the China Securities Regulatory Commission (CSRC), who is the point person on equities. More options and futures will also be added to the pipeline, he said.

The regulator plans to “steadily widen the openings in the commodities and financial futures market” to global capital, Wu said during the Global Financial Leaders’ Investment Summit organised by the Hong Kong Monetary Authority (HKMA). “We want to improve the stability, transparency and predictability in our policies.”

Wu is among a coterie of mainland financial officials attending the HKMA’s flagship event in Hong Kong, led by Chinese Vice-Premier He Lifeng.

Beijing will help more mainland companies list in Hong Kong, improve mutual market access, issue treasury bonds and strengthen its position as a global offshore yuan hub, which will help the city become a stronger international financial centre and support China in opening up its economy, said He, the highest-ranking Chinese financial official to visit the city in years. He delivered a recorded speech via satellite last year.

Vice-Premier He Lifeng speaks at the Global Financial Leaders’ Investment Summit in Hong Kong on November 19, 2024. Photo: Dickson Lee

“Once again, it is proved that with a good system of ‘one country, two systems’, the sturdy support of the country and hard work of the people, Hong Kong’s status as an international financial centre will be more prominent,” he said in his opening remarks at the conference.