Beijing sends clear message to Hong Kong: join forces with Shanghai and boost China’s financial power
- Hong Kong and Shanghai can complement each other as financial centres and jointly help China boost its competitiveness globally, say top officials
Hong Kong and Shanghai have different starting points in internationalisation and different missions, but they have the same goal, which is to serve China’s needs of reform and opening-up and boost the country’s financial competitiveness in the world, according to a former top Chinese official, reiterating the political message from Beijing.
At a meeting with a delegation of top officials and business leaders from Hong Kong and Macau earlier this month, Chinese President Xi Jinping praised the city’s role in China’s successful reform and opening up over the past 40 years. He urged them to support further opening up and integration into the nation’s development plans.
“China is big enough to house two unique, heavyweight international financial centres and let them both fully develop,” Li Jiange, former vice-chairman of China Securities Regulatory Commission, said on Thursday at a financial forum in Hong Kong, adding that Hong Kong and Shanghai can work together and help each other.
He said that they can build a common capital market so that they can better serve China’s real economy, play a role in the Belt and Road Initiative, yuan internationalisation and Shanghai Pilot Free Trade Zone.
Carrie Lam Cheng Yuet-ngor, Chief Executive of Hong Kong, said at the same forum that she expected Shanghai and Hong Kong to expand their scope of cooperation, as a bigger market will be mutually beneficial.