(ECNS)--Hong Kong is certain to make great progress ahead if it can actively integrate into the overall development of the country, according to an article authored by Paul Chan Mo-po, financial secretary of Hong Kong Special Administrative Region (HKSAR) government.
In the article, commemorating the 40th anniversary of China’s reform and opening-up, Chan said Hong Kong has both contributed to and benefited hugely from the country’s growth.
Over the extraordinary four decades, the fate of Hong Kong and the mainland have been closely linked, while the city has always played an important role at different stages of the country’s development, he wrote.
More and more mainland enterprises have entered the international market since China joined the World Trade Organization in 2001, and Hong Kong, as an international financial center, has provided financing and services to help a growing number of mainland companies “go global”.
Among the companies listed in Hong Kong, more than half are mainland enterprises that now account for more than 66 percent of Hong Kong stock market capitalization and over 70 of turnover.
That shows Hong Kong has become the preferred platform for mainland companies to raise international financing. Listing in Hong Kong has also promoted corporate reform and governance of mainland firms, making it easy to attract talent and increase international influence.
With a robust, efficient and mature financial market infrastructure, Hong Kong can work as “firewall” and “test field” for the country to promote financial reform and RMB internationalization under risk controls.
Hong Kong has pioneered the renminbi business in recent years and introduced measures and platforms including Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, which further promoted reform and opening up of the financial sector in the mainland and accelerated RMB internationalization, said the article.
Chan also said in the article that Hong Kong has grown stronger in the course of the country's 40 years of reform and opening up. It’s safe to say that the more open the mainland is and the more it is in line with international standards, the more important Hong Kong’s role will be as an international hub, naturally showing the advantages of the "one country, two systems" approach.
