Xu Zhengyu: The coordinated cooperation between Shenzhen and Hong Kong highlights strategic value, complementary advantages inject strong driving force into the Greater Bay Area.

On May 27, at the opening ceremony of the 20th SHENZHEN INT'L Financial Expo, the Financial Secretary of Hong Kong, Christopher Hui Ching-yu, stated in his speech that the connection between Hong Kong and mainland China's financial markets continues to deepen, leveraging Hong Kong's unique financial advantages to accurately meet the needs of the country and inject strong momentum. Against this backdrop, the collaborative cooperation between Shenzhen and Hong Kong further highlights its strategic value. He encouraged mainland enterprises, including those in Shenzhen, to leverage Hong Kong's international network to actively expand their global businesses, achieve internationalization through Hong Kong, and reach out to the world. Christopher Hui mentioned that the SHENZHEN INT'L Financial Expo has always adhered to the core values of "innovation, exchange, cooperation, and development". The upgrade of each session's theme and the expansion of its scale resonate with the national financial development strategy and are closely linked to the financial cooperation between Shenzhen and Hong Kong. This year, the expo celebrates its 20th anniversary with the theme "The Era of AI: Collaborative Development of Manufacturing and Service Industries". It particularly emphasizes the open collaboration of "Shenzhen-Hong Kong Linkage", which aligns closely with Hong Kong's vigorous promotion of the direction of "AI+" and "Finance+". Currently, the country is fully implementing the "14th Five-Year Plan". The "14th Five-Year Plan Outline" specifically supports Hong Kong in consolidating and enhancing its status as an international financial center, strengthening its functions as a global offshore RMB business hub, international asset and wealth management center, and international risk management center, and building a commodity trading ecosystem. It also promotes the continuous deepening of the connection between Hong Kong and mainland financial markets, allowing Hong Kong to play a more important role in the new development pattern of a dual-cycle economy. Christopher Hui stated that Shenzhen, as the forefront of the country's reform and opening-up, is a vibrant hub of innovation, while Hong Kong fully leverages its unique advantages as an international financial center. The two regions are closely connected, sharing cultural ties and coexisting in collaboration. In the context of building a strong financial nation, Hong Kong is committed to accurately meeting the country's needs and injecting strong momentum with its own strengths. Firstly, Hong Kong has a mature, stable, and internationally aligned financial system. In the latest Global Financial Center Index, Hong Kong continues to rank third globally and first in the Asia-Pacific region. In the field of financial technology, it remains at the top, showcasing international recognition of Hong Kong's financial strength. Hong Kong also possesses a globally recognized rule of law environment and regulatory framework, operating under a common law system. The average capital adequacy ratio and liquidity coverage ratio of banks in Hong Kong are significantly higher than the international minimum requirements, strictly adhering to the highest international regulatory standards, providing stable and secure institutional support for financial transactions. Secondly, Hong Kong is also the world's largest offshore RMB business center. Last year, it processed over 75% of global offshore RMB settlement businesses, with the total amount of RMB business funds arrangements doubling to 200 billion RMB in February this year, further solidifying its position as an offshore RMB hub and providing crucial support for RMB internationalization. Thirdly, Hong Kong has a comprehensive financial market system. In 2020, the fundraising amount of Hong Kong IPOs reached 286.9 billion HKD, ranking first globally. Family office and asset management sectors continue to strengthen, with green and sustainable bond issuances ranking first in Asia for eight consecutive years, providing diversified and high-quality financial services for the development of the real economy, as well as playing an important role in promoting regional economic development. Christopher Hui emphasized that in this context, the collaborative cooperation between Shenzhen and Hong Kong further highlights its strategic value. Although separated by a river, Hong Kong and Shenzhen perfectly embody a cooperative model of "complementary advantages, shining together". Leveraging Hong Kong's mature international financial network, professional financial service capabilities, free-flowing capital markets, and rich cross-border financial experience, together with Shenzhen's technological innovation strength in areas such as artificial intelligence, chip design, and blockchain, a deep integration has been formed in leading global fields, creating a new development pattern and opening up unlimited possibilities. In recent years, financial cooperation between Hong Kong and Shenzhen has continued to deepen, focusing on key areas such as financial market connectivity, financial technology collaboration, green financial cooperation, and financial talent exchange. Shenzhen financial institutions have established financial technology subsidiaries in Hong Kong, and Shenzhen technology companies have utilized Hong Kong's convenient policies on biotechnology, patented technologies, and technology listings to raise funds in Hong Kong. Currently, 160 Shenzhen enterprises, including TENCENT (00700), Ping An Insurance, BYD Company Limited (01211), XUNCE Technology (03317), and XTALPI (02228), are listed in Hong Kong, making Hong Kong's capital market a cradle for the growth of Shenzhen's tech innovative enterprises. Christopher Hui also pointed out that assisting enterprises in going global is an important lever for Hong Kong to serve the country's high-level opening-up. The Special Administrative Region government established a dedicated team last year to help mainland enterprises go global, aiming to create a one-stop platform, making use of Hong Kong's international advantages and network to tailor overseas plans for mainland enterprises. As of early May this year, the Invest Hong Kong had assisted approximately 310 companies in setting up or expanding their businesses in Hong Kong, bringing in over 26 billion HKD in first-year direct investment. He expressed that the "14th Five-Year Plan" period is a crucial stage for the country's construction of a strong financial nation, as well as a golden period for deepening cooperation and promoting development between Hong Kong and Shenzhen. He hoped that through this expo, participants can engage in in-depth exchanges, build consensus, deepen cooperation, seize the opportunities for financial development under the national "14th Five-Year Plan", and work together to elevate the financial industries of the two regions to new heights, together writing an exciting chapter in the construction of a strong financial nation.