SCIO press conference on the development of Hengqin and Qianhai

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On Sept. 9, the State Council Information Office (SCIO) held a press conference in Beijing to brief the media on the development of Hengqin, an island in Zhuhai city, and Qianhai, a special cooperation zone in Shenzhen city, both in the southern Guangdong province.

China.org.cnUpdated:  September 16, 2021

Chen Wenjun:

The previous questions raised by Phoenix TV involve two aspects. Mr. John Lee Ka-chiu has replied, and we now invite Mr. Pan Gongsheng to add some more details.

Pan Gongsheng:

Thank you. Mr. John Lee Ka-chiu from the Hong Kong SAR has already given good answers to the questions raised by the reporter. Let me add something. As you all know, Hong Kong is a major international financial center. It has a highly open business environment, an in-depth financial market system, a complete financial infrastructure and an international financial supervision system. It has been the world's freest economy for 25 consecutive years. It is the world's largest offshore renminbi (RMB) market, the fifth-largest stock market and foreign exchange trading center, the third-largest bond market in Asia, and the largest fund management and private wealth management center in Asia. Since 2019, international funds have continued to flow into Hong Kong's financial market, the exchange rate of the Hong Kong dollar has remained stable, the scale of IPOs ranks among the top in the world, and Hong Kong's status as an international financial center has been continuously consolidated.

The People's Bank of China will follow the "one country, two systems" principle and the unified deployment of the CPC Central Committee and the State Council, to thoroughly implement the national 14th Five-Year Plan and the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. Qianhai will be coordinated to further experiment and showcase financial openness and boost Hong Kong's role as an international financial center, in order to provide high-quality financial services for the Greater Bay Area and the whole country.

First, we will leverage Hong Kong's status as an international financial center to promote the internationalization of the RMB. As an international financial center, Hong Kong has a large number of global financial institutions. At present, Hong Kong's RMB fund pool exceeds 800 billion yuan, which provides important support for the promotion of RMB internationalization. In the future, the cross-border RMB business innovation pilot program will be trialed in Qianhai, which will help expand the depth and breadth of Hong Kong's offshore RMB business and consolidate Hong Kong's position as the world's largest offshore RMB market.

Second, we will accelerate the interconnection of the financial markets of the mainland and Hong Kong. The Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect established between the mainland and Hong Kong provide convenient and efficient channels for foreign investors to invest in the mainland's capital and bond markets. At present, more than 70percent of mainland stocks held by foreign investors are purchased through the Shanghai- and Shenzhen-Hong Kong Stock Connects. In the future, the Qianhai cooperation zone can continue to play a pioneering role in connecting the financial markets of the Chinese mainland and Hong Kong.

Third, we will promote cooperation between the mainland and Hong Kong in green finance, technology finance, financial technology, financial innovation, and financial supervision.

Fourth, we will treat Qianhai as a test field for implementing the negative list of the financial industry and connecting with international standards. We will gradually build a financial rules system that is in line with international standards, promote the integrated development of financial rules, and lead China's financial opening up to the outside world. Thanks.

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