Hong Kong backed by mainland for a better future

orisox.com | Updated: 2022-06-27 06:45
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Hong Kong will maintain its role as a gateway, springboard and intermediary in the exchanges between China and the rest of the world. Further, it has more space to integrate its own development with the national development strategy.

Aerial photo taken on May 29, 2022 shows a view of the Two International Finance Centre in Hong Kong. [Photo/Xinhua]

1. 14th Five-Year Plan (2021-25)

Under the 14th national Five-Year Plan, the central government continues to support Hong Kong's effort to strengthen its pillar industries, including international finance, shipping and trade, and has designated new roles to the city - as an international innovation and technology center, an international aviation hub and a regional intellectual property trade center.

Also, the national plan expresses staunch support for Hong Kong to strengthen its functions as a global offshore renminbi business hub, an international asset management center and a risk management center, as well as to deepen and widen mutual access between the financial markets of Hong Kong and the mainland.

Hong Kong has maintained its status as a leading financial center, third place globally. To date, the net inflows of foreign investment into the A-share market via the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect schemes have topped 1.6 trillion yuan ($240 billion).

Under the national plan, Hong Kong will strengthen its status as an offshore renminbi business hub. The city issued 5 billion yuan in offshore renminbi green bonds - the first RMB-denominated bonds - in November.

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