Bilingual Editorial: Financial interconnection with mainland
雙語社評:金融互聯互通再邁步 把握機遇香港要奮發
文章日期:2021年10月15日

雙語社評齊齊聽

[英語 (足本收聽)] Presented by Mr NG, Raymond Wai-man, Lecturer of Hong Kong Community College, The Hong Kong Polytechnic University

[普通話 (足本收聽)] Presented by Ms CHENG, Mei-seung Catherine, Lecturer of Hong Kong Community College, The Hong Kong Polytechnic University

Some new measures have been announced to promote the financial interconnection between Hong Kong and the mainland. The Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBoC) announced a few days ago that they would launch the southbound trading of Bond Connect next Friday (September 24).

[ENG audio 1]

The mainland has been increasing the openness of the financial industry domestically and to the outside world, and the financial interconnection between Hong Kong and the mainland has continued to deepen. Since the crash in the mainland's stock markets in 2015, the central government has been paying great attention to financial security. The conflict between China and the US has made the international situation increasingly complicated. This, together with the outbreak of the anti-amendment storm in Hong Kong, has made the mainland even more prudent when promoting the openness of the financial market and interconnection with Hong Kong.

[ENG audio 2]

Since the beginning of this year, the mainland has been cracking down on Internet platform companies and other businesses. The storm of regulation has attracted widespread attention domestically and abroad. From the central government's point of view, the crackdown is aimed at bringing about a fair playing field, tackling monopolies, combating unhealthy trends in the industry, and promoting "shared prosperity". However, some people are accustomed to looking at mainland policies from ideological perspectives such as "state enterprises in, private enterprises out", arguing that the central government is tightening its control of private enterprises and foreign capital and suspecting that there might be uncertainties over the mainland's policies of increasing openness. In Hong Kong, some people are concerned about the long-term impacts of the establishment of a stock exchange in Beijing and the deepening reform plan of the Qianhai Cooperation Zone on Hong Kong in the long run.

[ENG audio 3]

Money always goes to where there are profits. This does not change because of political speculation. Bloomberg has reported that since the end of last year, funds from investors around the world have continued to flow into mainland stocks and bonds. Last month, overseas investors bought RMB26.9 billion worth of mainland stocks, the highest in three months. Compared with its stock and foreign exchange markets, Hong Kong's bond market have always been a weak link in the development of Hong Kong's financial market. The southbound flow of money from the north will bring domestic investors and capital to the Hong Kong bond markets. In the long run, this will also help expand the scale and development of the Hong Kong bond markets.

[ENG audio 4]

China is a socialist country, and the central government looks at the development of the financial market from a top-down perspective. Many of its ideas are different from those of Hong Kong people. The central government emphasises the role of the financial market in supporting industrial development. The establishment of a stock exchange in Beijing reflects that the central government does not intend to put all eggs in one or two baskets to avoid the monopolies of one or two financial markets. The move is also aimed at dividing the tasks of financing, as the central government hopes that the stock exchange in Beijing can become the main venue for supporting innovative SMEs, a different positioning strategy from the Shanghai, Shenzhen and Hong Kong markets. Pan Gongsheng, the deputy governor of the PBoC, recently stated that the functions of Qianhai, as a "pilot zone for the increase in the openness of the financial industry to the outside world", should be linked up with Hong Kong's role as an international financial centre. On the one hand, it is about using Hong Kong's status as an international financial centre to promote the internationalisation of the RMB. On the other hand, it is about using Qianhai as a testing ground for the connection with international standards. Hong Kong's financial development can complement the mainland's. The key is whether Hong Kong can strive to become stronger and make good use of every opportunity. Given the murkiness of international politics, China attaches great importance to financial security. When Hong Kong deepens financial cooperation with the mainland, it is also necessary for Hong Kong to raise awareness in this regard and work harder on financial security.

[ENG audio 5]

金融互聯互通再邁步 把握機遇香港要奮發

香港內地金融互聯互通再有新舉措,金管局和人民銀行日前宣布,下周五開展債券通南向交易。

[PTH audio 1]

內地擴大金融業對內對外開放,香港與內地金融互聯互通亦不斷深化。2015年內地股災後,中央非常關注金融安全,隨着中美交惡,國際形勢愈益複雜,加上香港反修例風暴爆發,內地推進金融開放和互聯互通,更是份外審慎。

[PTH audio 2]

今年以來,內地對互聯網平台企業等作出整頓,一場監管風暴在國內外引起廣泛關注。從中央角度,整頓是為了促進公平競爭環境反壟斷,打擊業界不良風氣,推動「共同富裕」,然而部分人習慣以「國進民退」一類意識形態概念,看待內地決策,認為中央收緊對民企和外資的控制,懷疑內地擴大開放政策可能有變;在香港,一些人則關注北京設立證券交易所,以及前海合作區深化改革方案,長遠對香港有何影響。

[PTH audio 3]

資金永遠流向有錢賺的地方,不會因為政治炒作而變。彭博社報道,去年底以來,世界各地投資者的資金,持續流入內地股債,上月海外投資者購買了269億元人民幣的內地股票,為3個月來最高。比起股市匯市,債券市場一直是香港金融市場發展的薄弱環節,北水南流可為香港債市帶來境內投資者及資金,長遠亦有助擴大本港債市規模及發展水平。

[PTH audio 4]

中國是社會主義國家,中央以「全國一盤棋」的高度,看待金融市場發展,很多想法都跟港人不一樣。中央強調金融市場支持實業發展的作用,北京證交所的設立,除了反映中央無意將所有蛋放在一兩個籃子、避免一兩個金融市場獨大,同時亦是為了融資分工,希望北京證交所可以成為服務創新型中小企主陣地,有別於滬深港市場的定位。人行副行長潘功勝最近表示,要聯動前海作為「擴大金融業對外開放試驗示範窗口」,以及香港作為國際金融中心的作用,一方面借助香港國際金融中心地位,推動人民幣國際化,另一方面則以前海作為對接國際標準的試驗地點。香港金融發展,可與內地相輔相成,關鍵是香港能否奮發圖強,善用眼前每個機遇。當下國際政治波譎雲詭,國家重視金融安全,香港與內地深化金融合作,亦必須提升這方面的意識,就金融安全多下工夫。

[PTH audio 5]

明報社評2021.09.16