A forum has been held in Hong Kong to mark the 40th anniversary of China's reform and opening up policy, with participants vowing to make further contributions to China's national development for a new era.
The forum, called "A New Journey for a New Era: the Future of Hong Kong's Capital Market," was held at the offices of Hong Kong Exchanges and Clearing Limited.
Hong Kong's former chief executive CY Leung says the city has benefited a lot from China's reform and opening up policy and its capital market has been developing in accordance with China's national development.
The vice chair of China's top political advisory body, the Chinese People's Political Consultative Conference (CPPCC), points to the launch of two trading link programs, the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, as two of the most significant achievements.
Leung vows that Hong Kong will take further steps to contribute to China's development.
CY Leung, Hong Kong's former chief executive, and also vice chair of the Chinese People's Political Consultative Conference (CPPCC), speaks at the forum "A New Journey for a New Era: the Future of Hong Kong's Capital Market," held at the offices of Hong Kong Exchanges and Clearing Limited on June 1st, 2018. [Photo: provided to China Plus by Hong Kong Exchanges and Clearing Limited]
"As China's only international financial center implementing the 'One China, Two Systems' principle, Hong Kong must not only integrate its own development into China's overall development but also make contributions to such sectors as the country is deepening reform, further opening up and going global to exchange with the world," says Leung.
Since 1993, when the first mainland company was listed on the Hong Kong market, more and more mainland firms have chosen Hong Kong as their ideal market for financing, with mainland enterprises accounting for two-thirds of Hong Kong's total market value.
The chair of Hong Kong Exchanges and Clearing, Laura Cha, says China's reform and opening up policy has provided more opportunities for Hong Kong's booming capital market.
"State-owned mainland companies that debut on the Hong Kong market can draw the attention of global investors. At the same time, the Stock Exchange of Hong Kong Limited and the Securities and Futures Commission will keep upgrading their supervision capabilities so that the Hong Kong market can continue to globalize. Without the financing of mainland firms in Hong Kong, our capital market could not enjoy such a high status in the world," says Cha.
Hong Kong's financial sector will further help promote the Belt and Road Initiative, according to Edward Yau, Secretary for Commerce and Economic Development of Hong Kong Special Administrative Region's government.
"Hong Kong's financial sector will give a boost to the regional economic development by grasping the opportunities brought about by the Belt and Road Initiative and by making good use of the unique advantages of the 'One Country, Two Systems' principle. As an international financial center and the world's biggest offshore renminbi business center, and with a well-developed capital market, Hong Kong can provide the funds needed for the construction of infrastructure in the Belt and Road countries," says Yau.
In April, the Hong Kong Exchange announced new rules that allow companies that have dual-class shareholding structures, as well as biotech firms with no revenue yet, to apply for listing.