专访许正宇：打造国家“国际资产保管箱” 香港金融现新棋局

Core Insights - Hong Kong's financial markets have shown significant growth, with the Hang Seng Index rising over 30% and the Hang Seng Tech Index nearly 40% this year, outperforming major global markets [1] - The Hong Kong government is leveraging its unique "One Country, Two Systems" advantage to explore new growth areas in asset management, fintech, and commodity markets, aligning with national strategies [1] Financial Technology and Digital Assets - Hong Kong has risen to the top position in the Global Financial Center Index (GFCI) for fintech, reflecting a clear focus on empowering the real economy rather than speculative activities [2] - The government successfully priced its third batch of digital green bonds at 10 billion HKD, marking the largest issuance of tokenized government bonds globally [2] - The government is cautious about stablecoins, emphasizing their role in addressing real economic issues rather than speculation, with limited initial licensing planned for next year [3] Capital Market Reforms - The implementation of T+1 settlement is a key reform aimed at enhancing market efficiency, with plans to transition from T+2 to T+1 by next year [4] - The Hong Kong Stock Exchange anticipates that by 2027, 88% of global stock markets will adopt T+1 or T+0 settlement cycles, which will improve synergy with A-shares [4] - The government is working on optimizing the dual-class share structure to balance international market integration and protection for small investors [4][17] Asset Management and Global Capital - As of the end of 2024, Hong Kong manages over 4 trillion USD in assets, with approximately 60% from overseas, highlighting its role as a global asset custodian [5] - The government is actively attracting family offices and optimizing tax exemption policies to enhance its appeal as a financial hub [11] Commodity Market Development - Hong Kong has made significant strides in the commodity market, including being integrated into the London Metal Exchange's global delivery network and achieving over 8000 tons of metal storage in just nine months [6] - The government plans to increase gold storage capacity to 2000 tons and is working on a central clearing system for gold, aiming to enhance its influence in the global gold market [7][15] Supporting Mainland Enterprises - Hong Kong is increasingly becoming a platform for mainland enterprises to expand internationally, with a record number of companies registered in Hong Kong for overseas operations [8] - The government is consolidating various agencies to create a one-stop platform to support mainland companies in their overseas ventures [8] Legal and Regulatory Framework - Recent legal revisions allow companies registered abroad to re-domicile in Hong Kong, with nearly 20 applications received, including from large international firms [9] - The government is focused on creating a secure environment for global operations, enhancing Hong Kong's attractiveness as a stable financial center [13]