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Reflection on the Status of Hong Kong as an International Financial Center against the Background of Record Negative Economic Growth

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DOI: 10.23977/ferm.2021.040103 | Downloads: 9 | Views: 412

Author(s)

Chen Zhang 1, Lingke Wang 2, Yiming Ma 3

Affiliation(s)

1 Faculty of Business and Economics, the University of Melbourne, Melbourne 3010, Australia
2 College of Business and Public Management, Wenzhou-Kean University, Wenzhou 325060, China
3 School of the Atmospheric Sciences, Nanjing University, Nanjing210023, China

Corresponding Author

Lingke Wang

ABSTRACT

Recently, due to the influence of various unfavorable factors and the decline in total GDP for two consecutive quarters, there have been remarks that Hong Kong’s status as a financial free port and an international financial center no longer exists. This article starts with the history of Hong Kong’s financial industry development, discusses in depth the multiple challenges and opportunities that Hong Kong faces now, and finally clarifies the future development direction. The article believes that Hong Kong is now in a critical period of both challenges and opportunities. Despite the depreciation of the U.S. dollar, the China–U.S. trade war, the anti-amendment incident, the COVID-19 pandemic, as well as the challenge for the rise of mainland financial centers, Hong Kong's development can usher in a good situation if it seizes the strategic opportunities, such as the “Belt and Road” policy, actively develops the RMB offshore financial market, and strengthens mutually beneficial cooperation with emerging financial centers in the mainland while striving to develop financial technology to promote industrial transformation. Hong Kong will not be "marginalized" and its unique financial status will not be repla

KEYWORDS

Hong Kong’s Status, International Financial Center, Financial Free Port, Financial Technology

CITE THIS PAPER

Chen Zhang, Lingke Wang, Yiming Ma, Reflection on the Status of Hong Kong as an International Financial Center against the Background of Record Negative Economic Growth. Financial Engineering and Risk Management (2021) 4: 43-59. DOI: http://dx.doi.org/10.23977/ferm.2021.040103

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