Politics
20:27, 26-Jun-2017
Standard Chartered exec on Hong Kong's evolving role as financial hub
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By CGTN's Tao Yuan
Hong Kong has long served as the bridge between China and the world, facilitating trade and investment. That role has diminished in recent years, as China increasingly opens its domestic markets to the global economy.
Will Hong Kong remain a regional and international financial hub? What is its financial role today? CGTN spoke to Benjamin Hung, Regional CEO for Greater China and North Asia at Standard Chartered Bank.
“Hong Kong remains very relevant,” he said, perhaps even more so now, considering the greater amount of money coming and going from China.
“If you look back 20 years ago, the region including Greater China and North Asia only accounted for 10 percent of the world’s GDP and 10 percent of the world’s change,” according to Hung. “Today, it’s more than 25 percent. Within that dynamic, you’re talking about a much bigger economy bloc which requires a central international financial center to connect the dots. And that’s where Hong Kong kicks in.
“Fundamentally, China acts as the last stop before any multinational gets into China and also the first stop for any mainlanders to go out.”