HongKongPopular.com is the Hong Kong Business directory offering related websites in Hong Kong such as art, entertainment, economy, recreation, sport and more.
 

Hong Kong’s Financial System

Law makers believe that Hong Kong has the infrastructure, the transparent legal and regulatory surroundings, and the market depth to play a part in these areas for the advantage of the entire Mainland economy. They also reported that the window of opportunity will not stand the test of time. If sufficient steps are not taken now, inertia will set in, and the business will gravitate to popular financial centers overseas.

The report offered a five-pronged strategy to bring forth the nation’s economic development and financial reform in a more noteworthy manner. It comprises enhancing the presence of Hong Kong financial intermediaries in the Mainland to deliver financial services on location, and improving the outward mobility of Mainland investors, fund raisers and financial intermediaries.

It also comprises permitting financial instruments issued in Hong Kong to be marketed in the Mainland, bettering the capability of Hong Kong’s financial system in dealing with financial transactions denominated in renminbi, and intensifying financial infrastructure linkages between the Mainland and Hong Kong.

An international financial center, steps should be taken to make it more comfortable for overseas issuers to list in Hong Kong. Commitment should also be shown in realizing a more flexible regulatory and operational infrastructure for local, Mainland and overseas financial intermediaries and investors. On the establishment of a renminbi futures and options market, the report proposed strengthening Hong Kong’s lead in offshore renminbi, and widening the range of non-deliverable renminbi products. The lawmakers also pointed out that China is one of the world’s largest consumers and suppliers of commodities, precious metals and other raw materials.

Tags: , ,