Hong Kong will stay China’s financial gateway to the world, former top banking official says
- Liu Mingkang, one-time chairman of the CBRC, says the rule of law and personal freedom are foundations of the city’s status
- Greater Bay Area needs to improve financial infrastructure and joint oversight, he says
Hong Kong will continue to be an international financial centre in parallel with New York and London, and remain an important financial gateway for China to connect the rest of the world, a former top banking official said on Saturday.
Liu Mingkang, former chairman of the China Banking Regulatory Commission, offered the assessment in an online forum, saying he “was very disappointed at recent discussions about [the weakening] financial role of Hong Kong”.
“People circulating those views don’t know economics, finance, or politics … Dissemination of such views on the mainland and in Hong Kong is harmful,” he said at the forum hosted by the Chinese University of Hong Kong’s Shenzhen Finance Institute.
Liu said Hong Kong’s financial status was based on the rule of law, which made business predictable, and personal freedom. It was also supported by its use of English and application of common law.
Hong Kong had also been the world’s top centre for initial public offerings six times in the past 10 years, proving the city’s attraction to global investors.
“If more Chinese companies returned [from the US], Hong Kong could grab another No 1 title next year,” he said.