Editorial | State leader has made clear Hong Kong’s pivotal role as a financial centre
Vice-Premier He Lifeng lays out three challenges city must meet to help China achieve its development goals
At a time of global uncertainty and unpredictable change it has never been more important for Hong Kong to have a clear sense of direction and purpose about its role in China’s development. Vice-Premier He Lifeng, on a visit to the city, has left no doubt about its future as the country’s international financial centre. But to maintain and develop that role it must rise to three challenges. The state leader and senior economic official spelled them out to an audience of 300 at the Global Financial Leaders’ Investment Summit.
They are to deepen financial reforms and innovate to boost the city’s competitiveness; expand international cooperation; and dovetail with national developments such as further opening up. He’s remarks reflect Hong Kong’s integral part in the nation’s development envisaged by the Communist Party’s third plenum in July that mapped out the country’s comprehensive economic strategies for the next five to 10 years, including how Hong Kong should further enhance its role as an international financial centre.
The fact the state leader came to the city at the head of a large delegation including Li Yunze, a ministerial-level official from the National Financial Regulatory Administration, Wu Qing, chairman of the China Securities Regulatory Commission, and Zhu Hexin, deputy governor of the People’s Bank of China, speaks volumes about Beijing’s support for the city’s national and international roles.
It also means that now is seen as the time for Hong Kong to step up to the three challenges. The goals have been set to complement the mainland’s ambitions for further reform and opening up. There should also be room for new ideas and a reform-oriented mindset.
Before coming to Hong Kong, He visited Guangdong, including port facilities, a reminder of a clear division of roles within the Greater Bay Area, with Hong Kong responsible for providing financial services to an export and technological powerhouse, and to connect the world. Hence He’s emphasis on Hong Kong enhancing its status as an international financial centre.
Indeed, in a separate keynote address, Hong Kong Financial Secretary Paul Chan Mo-po said the city would remain a strong foothold for mainland companies going global. “Mainland enterprises require a wide range of services, from trade financing and logistics to consulting services on ESG compliance and other international regulations,” he said. Hong Kong could also be a platform for managing corporate treasury and marketing operations.
