Hong Kong must capitalise on global financial trends to maintain hub status, pro-Beijing think tank says

Hong Kong should use its edge to position itself as an offshore yuan centre, an ESG investment hub and a digital-asset trading centre, says One Country Two Systems Research Institute report

Mainland China has high hopes for the development of Hong Kong’s financial industry, says the think tank’s chairman Peter Lee

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Hong Kong can play a major role as a leading financial hub to promote the use of the yuan, according to a pro-Beijing think tank. Photo: Getty Images

Published: 7:30am, 26 Nov 2021

Hong Kong needs to embrace new developments in the global financial markets with an open attitude and take risks to ensure its position as a leading global financial centre, according to a report from a pro-Beijing think tank.

Internationalisation of the yuan and sustainable investments are among the many opportunities the city can target, according to the Hong Kong: The International Financial Center for the Future report released by the One Country Two Systems Research Institute and Haitong International Securities on Thursday.

“Mainland China has high hopes for the development of Hong Kong’s financial industry,” Peter Lee Ka-kit, chairman of the One Country Two Systems Research Institute, said at the launch of the report. “I believe that Hong Kong will be able to contribute to the country through concrete actions, including proactively reforming and innovating the financial industry framework, enhancing its financial market quality, and cultivating new competitive edges.”

The research centre was co-founded in 1990 by former chief executive Leung Chun-ying.

Former chief executive Leung Chun-ying co-founded the One Country Two Systems Research Institute in 1990. Photo: Tory Ho

“As a forward-looking international financial centre, Hong Kong must [continue to] play a key role in connecting mainland China with the global markets,” Lee said.