Amp up HK's finance in tandem with mainland
China DailyDespite the COVID-19 pandemic and geopolitical situation that have led to global supply chain disruptions, as well as high inflation, interest rate hikes and tightened monetary conditions, the Hong Kong Special Administrative Region government and the city's finance sector have remained steadfast in safeguarding Hong Kong's position as a premier international financial center. Offshore Renminbi business services and mutual market access between Hong Kong and Chinese mainland continue to be the city's singular advantages. Hong Kong Exchanges and Clearing Ltd. is one of the world's top listing venues in terms of funds raised by initial public offerings, supported by Hong Kong's well-developed financial infrastructure and long-established investment strengths. Applauding the HKSAR government's aspiration to perfect these cross-boundary schemes, Sally Wong, chief executive officer of the Hong Kong Investment Funds Association, expects "major relaxations and even structural breakthroughs" to be made. "We expect Hong Kong's IPO market to rebound in 2023 as factors such as major interest rate hikes by central banks are gradually digested," PwC Hong Kong Entrepreneur Group Leader Benson Wong said.
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