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FINANCIAL SERVICES | Cesar Tordesillas, Hong Kong

Hong Kong promoted as China's global financial hub in Frankfurt

The Hong Kong Economic and Trade Office, Berlin, is intensifying Hong Kong's strategic positioning as being China's global financial centre.


Speaking to an audience of senior financial service executives and economists at the Global Finance Conference, the Director of HKETO, Berlin, Mr Stephen Wong, explained this entails two meanings: first, Hong Kong can ride on the rich opportunities in the Mainland of China by using the means of global connection; second, Hong Kong is located in China yet able to manage financial activities all around the world.

He added that this is based on Hong Kong's competitive edge of being the only place in the world where the China advantage and global advantage converge in one single city. Moreover, as set out in the National 12th Five-Year Plan, Hong Kong is in a position to facilitate the internationalisation of the Renminbi.

"The international use of RMB is good for the Mainland of China, Hong Kong and the world. It does not only enable foreign companies to reduce foreign exchange risks while doing business with China, but also offers private investors a wider choice of investment instruments. To facilitate the RMB internationalisation process, our Vice-Premier Li Keqiang has announced several measures including expansion of RMB trade settlement scheme all over the Mainland of China and Hong Kong, offshore RMB funds' access of portfolio investments in the Mainland of China via RMB Qualified Foreign Institutional Investors, use of RMB in direct investment in the Mainland of China and issuance of RMB-denominated bonds by Mainland enterprises," Mr Wong added. His presentation met with a robust response from the audience in the question-and-answer session.

After the conference, Mr Wong gave interviews to local German and Chinese media, updating them on Hong Kong's latest financial developments. He explained that as China's industries have become more integrated with the global economy, the integration of its financial sector with the global financial system will take on a strategic role, and this is where Hong Kong can help. In addition, he said the presentation in Frankfurt was the fourth one within 10 days in Europe, the first three having been concluded in Zurich, Geneva and Luxembourg by the Under Secretary for Financial Services and the Treasury, Ms Julia Leung.

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