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Hong Kong aims to be a leading financial center

Reporter: Cathy Yang 丨 CCTV.com

01-20-2015 11:42 BJT

Kong's role as a connector of Mainland markets to the world, and deepened the city’s position as a premiere offshore RMB center as more people gained access to Mainland shares.

Hong Kong is hosting this year

Hong Kong is hosting this year's Asian Financial Forum with a goal: to renew its dual role as a leading financial center in China, as well as the world.

"This new development, together with Hong Kong's already well-established role as an offshore RMB center and asset management center, make us well-positioned," said Jack So, chairman of Hong Kong Trade Development Council.

Hong Kong is ratcheting up its global role as a prime RMB offshore center, against a backdrop of a slower-growing Asia, a sluggish eurozone, and early signs of recovery in the US.

Fan Jiang of J.P. Morgan believes 2015 will be a better year for Hong Kong.

"2014 was sort of the year investors were getting to know more about the Chinese equity market, internals and onshore market," Fan says.

Before the November launch of cross-border trading, Hong Kong had already lost Alibaba to New York when Alibaba chairman Jack Ma decided to list his US$25 billion IPO – the world’s biggest ever – in the US.

For Leung, all is not lost, so long as the city gets moving fast – diversifying beyond equities.

"We will continue to enrich our product offering which now includes bonds, shares, exchange traded and listed funds and insurance policies to cater to demand for renminbi investment," said Leung, chief executive of Hong Kong SAR.

Analysts say 2015 may be a defining year, but it all depends on how the leaders steer because the city stands at an economic crossroads.

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