Page 72 - 2024 Special Report on the State of Business in South China
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p stimulate the vitality of the Hong Kong bond in these developments. In turn, the financial
market, encourage the innovation of offshore industries will contribute and take part in these
RMB bond products, increase investment in green developments by participating in the journey of
finance, and inject new energy into the financial China’s deepening reform and opening-up and
development of the GBA. the RMB internationalization. Hong Kong can
further strengthen its position as an international
2) The current landscape of the financial financial center.
industries in Shenzhen and Hong Kong
The financial industry plays an important role
Hong Kong’s financial strengths are manifested for Shenzhen. Shenzhen’s 14th Five-Year Plan
in its well-developed financial markets, legal and for the high-quality development of the financial
regulatory frameworks at international standards, industry proposes the vision of improving
simple and competitive tax system, free flow of financial policies and supporting the financial
capital, and the full range of financial products. system, strengthening the capability to service
Many international financial institutions consider the real economy, preventing financial risks,
Hong Kong as the first choice of location for deepening financial reforms, and enhancing
their Asia-Pacific headquarters. Furthermore, financial technology and the financial technology
Hong Kong, with its thriving Renminbi (RMB) ecosystem. Shenzhen is ranked at the top among
business, is the largest offshore RMB liquidity all cities in the Chinese mainland in many major
pool and offshore RMB clearing hub in the financial indicators, with solid growth capability
world. The financial industries in Hong Kong will to service the real economy. Shenzhen is also the
benefit from continuous national developments leading city in the Chinese mainland in respect of
in China and the unique role of Hong Kong financial technology development.
Hong Kong1 Shenzhen
The banking system of Hong Kong is stable As of the end of 2022, the total value of
and efficient, able to offer a wide array of bank assets in Shenzhen were valued at
products and services. RMB12.2 trillion. In terms of total assets,
deposits and loan volumes, Shenzhen
As of the end of 2021, the total assets ranked the third amongst the medium
of Hong Kong’s banking industry were and large cities in the Chinese mainland2.
valued at US$3.38 trillion, which is four
Banking times from 2000. There are more than
200 authorized institutions in Hong Kong,
including around three-quarters of the
world’s top 100 banks.
In respect of RMB business, RMB savings
in Hong Kong (including certificates of
deposit) amount to RMB945 billion,
being the largest offshore RMB liquidity
pool in the world. RMB-denominated
loans and bonds offering in Hong Kong
worth RMB395 billion. A broad offering
of RMB products and services is available
in Hong Kong.
1 The Hong Kong Monetary Authority, https://www.hkma.gov.hk/gb_chi/key-functions/international-financial-
centre/hong-kong-as-an-international-
financial-centre/
2 Local Financial Regulatory Bureau of Shenzhen Municipality, http://www.sz.gov.cn/szzt2010/sjfb/sjjd/content/
post_10520141.html
72
market, encourage the innovation of offshore industries will contribute and take part in these
RMB bond products, increase investment in green developments by participating in the journey of
finance, and inject new energy into the financial China’s deepening reform and opening-up and
development of the GBA. the RMB internationalization. Hong Kong can
further strengthen its position as an international
2) The current landscape of the financial financial center.
industries in Shenzhen and Hong Kong
The financial industry plays an important role
Hong Kong’s financial strengths are manifested for Shenzhen. Shenzhen’s 14th Five-Year Plan
in its well-developed financial markets, legal and for the high-quality development of the financial
regulatory frameworks at international standards, industry proposes the vision of improving
simple and competitive tax system, free flow of financial policies and supporting the financial
capital, and the full range of financial products. system, strengthening the capability to service
Many international financial institutions consider the real economy, preventing financial risks,
Hong Kong as the first choice of location for deepening financial reforms, and enhancing
their Asia-Pacific headquarters. Furthermore, financial technology and the financial technology
Hong Kong, with its thriving Renminbi (RMB) ecosystem. Shenzhen is ranked at the top among
business, is the largest offshore RMB liquidity all cities in the Chinese mainland in many major
pool and offshore RMB clearing hub in the financial indicators, with solid growth capability
world. The financial industries in Hong Kong will to service the real economy. Shenzhen is also the
benefit from continuous national developments leading city in the Chinese mainland in respect of
in China and the unique role of Hong Kong financial technology development.
Hong Kong1 Shenzhen
The banking system of Hong Kong is stable As of the end of 2022, the total value of
and efficient, able to offer a wide array of bank assets in Shenzhen were valued at
products and services. RMB12.2 trillion. In terms of total assets,
deposits and loan volumes, Shenzhen
As of the end of 2021, the total assets ranked the third amongst the medium
of Hong Kong’s banking industry were and large cities in the Chinese mainland2.
valued at US$3.38 trillion, which is four
Banking times from 2000. There are more than
200 authorized institutions in Hong Kong,
including around three-quarters of the
world’s top 100 banks.
In respect of RMB business, RMB savings
in Hong Kong (including certificates of
deposit) amount to RMB945 billion,
being the largest offshore RMB liquidity
pool in the world. RMB-denominated
loans and bonds offering in Hong Kong
worth RMB395 billion. A broad offering
of RMB products and services is available
in Hong Kong.
1 The Hong Kong Monetary Authority, https://www.hkma.gov.hk/gb_chi/key-functions/international-financial-
centre/hong-kong-as-an-international-
financial-centre/
2 Local Financial Regulatory Bureau of Shenzhen Municipality, http://www.sz.gov.cn/szzt2010/sjfb/sjjd/content/
post_10520141.html
72
