特稿｜盛松成：沪港金融中心协同发展，构建金融强国“双引擎”

Core Viewpoint - The collaboration between Shanghai and Hong Kong as international financial centers is crucial for China's financial globalization, serving as a "dual engine" for global financial development and governance [1]. Group 1: Shanghai's Financial Market - Shanghai has established itself as an international financial center that aligns with China's economic strength and the international status of the RMB, with a total financial market transaction volume reaching 36.503 trillion yuan in 2024, a year-on-year increase of 8.2% [2]. - The Shanghai Stock Exchange ranks third globally in market capitalization and fifth in trading volume, while its bond market is the second largest worldwide [2]. - Shanghai is a core hub for RMB asset allocation, with RMB accounting for 70% of cross-border receipts and nearly 50% of national cross-border RMB settlements [2]. Group 2: Hong Kong's Financial Market - Hong Kong is highly internationalized, with a significant number of foreign banks and being the largest offshore RMB hub globally, holding approximately 1.1 trillion yuan in RMB deposits by the end of 2024 [3]. - The daily average transaction volume of Hong Kong's RMB instant payment settlement system reached 30.975 trillion yuan in 2024, marking a 50% year-on-year increase [3]. - Hong Kong processes about 75% of global offshore RMB payment transactions, maintaining the largest offshore RMB liquidity pool and foreign exchange market [3]. Group 3: Collaborative Development - The collaboration between Shanghai and Hong Kong is built on a solid foundation, with Hong Kong being the largest source of foreign investment for Shanghai and a key partner in service trade [4]. - There are established financial infrastructure connections, including the CIPS and RTGS systems, and various investment products such as "Shanghai-Hong Kong Stock Connect" and "Bond Connect" [4]. - The cooperation has deepened in areas like risk management for the Belt and Road Initiative and green finance product development [4]. Group 4: Advantages of Collaboration - Shanghai's strong resource allocation capabilities and efficient financial infrastructure position it as a crucial player in China's onshore financial market, while Hong Kong serves as a vital link to international markets [5]. - The collaboration helps both cities address challenges posed by international political changes and competition in technological innovation [5]. - The partnership enhances Shanghai's offshore financial system and increases foreign financial institutions' participation in its market [5]. Group 5: Enhancing RMB Market - The synergy between onshore and offshore markets is essential for improving the pricing mechanisms of RMB assets, enhancing market efficiency, and establishing a more transparent RMB exchange rate formation mechanism [6]. - Strengthening regulatory cooperation and exploring innovative financial systems will facilitate integration into the global economic and financial landscape [7]. - The collaboration will lead to the development of more financial products and services, increasing market liquidity and attracting more international financial institutions [8]. Group 6: Future Prospects - The cooperation aims to achieve a "chemical fusion" beyond mere physical connections, establishing a dual circulation model for RMB and enhancing the internationalization of the currency [9]. - Historical experiences from the collaboration between London and New York provide a reference for Shanghai and Hong Kong's financial integration [10]. - Leveraging Shanghai's pilot experiences and regulatory cooperation can yield significant institutional innovations and enhance market stability [11].