Abstract: Recently, the China Finance 40 Forum (CF40) held a luncheon on the theme of Building China into a Financial Powerhouse and the Role of Hong Kong. Laura Cha, Academic Advisor for CF40 and then Chair of the Hong Kong Stock Exchange, stated that Hong Kong would fully leverage its advantages as a financial sector and contribute significantly to China’s financial development by focusing on core financial elements that are essential for building a financial powerhouse.
Stephen Roach, a senior fellow at the Yale Law School Paul Tsai China Center, expressed his deep concerns about Hong Kong's future development. He noted that Hong Kong's rise had significantly benefited from the mainland’s economic miracle. However, facing the economic transformation of the Chinese mainland and geopolitical pressures, Hong Kong's development prospects are encountering unprecedented uncertainty, suggesting that Hong Kong's golden age may be a thing of the past. Mrs. Cha agreed with some of Mr. Roach's views but did not believe that Hong Kong's prosperity was about to end. The factors that made Hong Kong a premier international financial center have not changed, and Hong Kong's strengths and resilience remain intact, offering a promising development outlook.
The attendees proposed policies for consolidating and enhancing Hong Kong's position as an international financial center: First, Hong Kong should continue to maintain its international features and play its role as a global hub. Second, Hong Kong should actively develop wealth management and asset management services. Third, Hong Kong could also support mainland’s business and talents for their development abroad. Fourth, Hong Kong should implement various measures to enhance capital market efficiency and address liquidity issues.
