CRI听力:Asian Financial Forum Opens in Hong Kong, Highlighting China

As a global financial hub, Hong Kong boasts a sound banking system, strong financial and legal services, a deep talent pool, and world-class financial infrastructure.

Chairman of China Securities Regulatory Commission Xiao Gang says Hong Kong is an important gateway for the mainland financial industry to integrate with the world.

"The launch of Shanghai- Hong Kong Stock Connect has greatly expanded the scope and the depth of our financial cooperation, further integrating our two markets. The demand for personal wealth management is huge on the mainland, but our services are limited at the moment, so we need to strengthen cross-border financial cooperation."

The historic trading link between Shanghai and Hong Kong has been operating for more than two months, but the daily quota usage is way below expectation.
 
According to KC Chan, Secretary for Financial Services and the Treasury of Hong Kong, it will take time for investors to learn the rules in both markets.

"Before the Shanghai-Hong Kong connect was implemented, the market feared that this channel will open up immense capital flows and cause disruptions to the market. And yet I think the market has been very rational, and the system is going very strong and smoothly. The market participants, policy makers and regulators can take the experiences and introduce more innovations to improve this tremendous channel. "

A similar scheme is expected to connect the Shenzhen and Hong Kong stock markets later this year, a move which could speed up the internationalization of the Chinese currency.
 
Jiang Jianqing, Chairman of Industrial and Commercial Bank of China, the world's largest bank in terms of assets, says Hong Kong has the advantage to strengthen its role as a leading RMB offshore market compared to its competitors.

"Currently, Hong Kong is the largest and most influential RMB offshore market with the most diversified products provided, but it is facing challenges from cities in the UK, France, Germany and Singapore, to name just a few. The Shanghai Free Trade Zone is another window for China's opening-up, which also poses challenges to Hong Kong. But Hong Kong can still take advantage of its early development and make better cooperation."

Chinese authorities have said reforms will be deepened in many sectors this year, including new special trade zones in many locations and in the banking sector, stock market, and capital market.

For CRI, this is Li Jing in Hong Kong.