Page 174 - 2024 Special Report on the State of Business in South China
P. 174
Fig 11 Hong Kong is a hub for both inbound and outbound direct investment.
Source: 2023 UNCTAD World Investment Report, EY analysis Recent policies and reforms
Hong Kong is not only an important banking The Chief Executive’s 2023 Policy Address92
and financial center in Asia Pacific, but also the
fourth leading financial center globally, according Recently, the Chief Executive of Hong Kong
to the Global Financial Centre Index90. According has released the 2023 policy address, which
to SWIFT’s latest report, Hong Kong was the largest reaffirmed Hong Kong’s continued commitment to
offshore RMB clearing center in 2022, handling 74% the implementation of long-term strategies such
of the world’s RMB payments. Meanwhile, the stock as promoting the development of the GBA. It also
market in Hong Kong ranked the fourth largest in proposed specific short-term policy measures to
Asia and the seventh largest in the world, with the try to revive the stock and property markets as
total market capitalization reaching US$4.7 trillion well as to attract talent and high earners to live and
in March 2023. work in the city.
After a resurgence in IPO activity in 2022, Main tasks:
Hong Kong slid into ninth place worldwide for
IPOs in H1 2023. With the relaxation of pandemic - Uphold the principle of “One country,
prevention and control measures, mainland two systems” and safeguard national security:
Chinese companies increasingly dominated the Legislate for Article 23 of the Basic Law and
Hong Kong IPO market. By sector, TMT along with complete the exercise in 2024; strive to enhance the
biotech and health care both ranked top in terms cybersecurity of our critical infrastructure, including
of number of deals; retail led other sectors in energy, telecommunications, transportation, and
terms of proceeds raised and accounted for 37% financial institutions, etc; promote patriotic education.
of the total proceeds raised91.
- Improve governance: Set 150 indicators
90 https://www.longfinance.net/media/docu- for specified tasks, of which 73 are new; fully
ments/GFCI_33_Report_2023.03.23_v1.1.pdf implement the renewed district governance
91 EY, https://www.ey.com/en_cn/news/2023/06/ structure; establish the Committee on the Financing
hk-market-expects-to-pick-up-in-2h-2023 of Major Development Projects and the Office
for the Financing of Major Development Projects
to advise on feasible investment and financing
92 The Chief Executive’s 2023 Policy Address,
https://www.policyaddress.gov.hk/2023/en/policy.html
174
Source: 2023 UNCTAD World Investment Report, EY analysis Recent policies and reforms
Hong Kong is not only an important banking The Chief Executive’s 2023 Policy Address92
and financial center in Asia Pacific, but also the
fourth leading financial center globally, according Recently, the Chief Executive of Hong Kong
to the Global Financial Centre Index90. According has released the 2023 policy address, which
to SWIFT’s latest report, Hong Kong was the largest reaffirmed Hong Kong’s continued commitment to
offshore RMB clearing center in 2022, handling 74% the implementation of long-term strategies such
of the world’s RMB payments. Meanwhile, the stock as promoting the development of the GBA. It also
market in Hong Kong ranked the fourth largest in proposed specific short-term policy measures to
Asia and the seventh largest in the world, with the try to revive the stock and property markets as
total market capitalization reaching US$4.7 trillion well as to attract talent and high earners to live and
in March 2023. work in the city.
After a resurgence in IPO activity in 2022, Main tasks:
Hong Kong slid into ninth place worldwide for
IPOs in H1 2023. With the relaxation of pandemic - Uphold the principle of “One country,
prevention and control measures, mainland two systems” and safeguard national security:
Chinese companies increasingly dominated the Legislate for Article 23 of the Basic Law and
Hong Kong IPO market. By sector, TMT along with complete the exercise in 2024; strive to enhance the
biotech and health care both ranked top in terms cybersecurity of our critical infrastructure, including
of number of deals; retail led other sectors in energy, telecommunications, transportation, and
terms of proceeds raised and accounted for 37% financial institutions, etc; promote patriotic education.
of the total proceeds raised91.
- Improve governance: Set 150 indicators
90 https://www.longfinance.net/media/docu- for specified tasks, of which 73 are new; fully
ments/GFCI_33_Report_2023.03.23_v1.1.pdf implement the renewed district governance
91 EY, https://www.ey.com/en_cn/news/2023/06/ structure; establish the Committee on the Financing
hk-market-expects-to-pick-up-in-2h-2023 of Major Development Projects and the Office
for the Financing of Major Development Projects
to advise on feasible investment and financing
92 The Chief Executive’s 2023 Policy Address,
https://www.policyaddress.gov.hk/2023/en/policy.html
174
