Through greater integration with mainland China, which has now helped restore “stability” in the city, Hong Kong’s strategy is to strengthen the city’s global financial hub status, as told by Chief Executive Carrie Lam on Sunday.
Hong Kong's strategy to strengthen the city's global financial hub status is through greater integration with mainland China, now that Beijing has helped restore "stability" in the city, Chief Executive Carrie Lam said on Sunday. pic.twitter.com/KmfSk6LsBQ
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Opening up to China will inject fresh vigour into Hong Kong’s economy, will also contribute to China’s financial reform and will embrace opportunities created by China’s plan to integrate Hong Kong, Macau and part of Guangdong in a development zone, Lam said, to a financial forum in Beijing.
Many non-Chinese investors are worried increasingly over what they see as vanishing rights and freedoms in the city after Beijing’s imposition of sweeping national security law in response to mass 2019 protests.
There has been a mixed response, the former British colony’s high degree of autonomy from Beijing like independent judiciary form the bedrock on which it has flourished as a global hub. As others reconsider their presence, many investors still see access to vast China markets as an important draw in Hong Kong.
Lam said Hong Kong can play key roles in promoting China’s financial development, including facilitating yuan internationalisation, providing an offshore haven for Chinese money and helping finance mainland companies.
“Hong Kong has never been absent from the country’s reform and opening, providing capital, technology and talents,” Lam said. She added, The city “will serve China’s needs while injecting fresh vigour into Hong Kong’s economy.”