上海立信会计金融学院肖本华：发挥沪港协同优势助力突破人民币国际化瓶颈

Core Viewpoint - The collaboration between Shanghai and Hong Kong aims to establish a global financial center that can compete with New York and London, enhancing China's financial security and international influence [1][3]. Summary by Sections Strategic Significance of Shanghai-Hong Kong Collaboration - The collaboration is essential for building a strong international financial center, as neither Hong Kong nor Shanghai can independently challenge the dominance of New York and London [3]. - According to the GFCI38 report, Hong Kong ranks third and Shanghai eighth globally, but both lag significantly behind New York and London in key financial metrics [3]. - As of June 2024, the market capitalization of listed companies in New York is $69.48 trillion, compared to $3.87 trillion in Hong Kong and $6.3 trillion in Shanghai [3]. Importance of Renminbi Internationalization - A robust currency is crucial for becoming a financial powerhouse, and advancing the internationalization of the Renminbi is a key component of this strategy [4]. - By the end of 2024, the Renminbi is projected to be the fourth largest payment currency globally, but its international status does not match China's economic strength [4]. - The Renminbi's "currency international payment coverage rate" is only 0.25, significantly lower than the dollar (1.82), euro (1.51), pound (2.17), and yen (0.97) [4]. Progress in Financial Connectivity - The "Shanghai-Hong Kong Stock Connect" has seen significant upgrades, enhancing capital market connectivity [6]. - By May 2025, net inflows through the Hong Kong Stock Connect exceeded 4.35 trillion HKD, with southbound trading accounting for 22.5% of Hong Kong's market turnover [6]. - The launch of the "Cross-Border Payment Link" in June 2025 has streamlined cross-border payments between Hong Kong and mainland China [7]. Action Plan for Collaborative Development - The "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" focuses on four key areas: deepening connectivity, enhancing cross-border financial services, promoting standardization and innovation, and optimizing institutional collaboration [8]. - The collaboration aims to elevate China's voice and influence in the global financial system [8]. Future Opportunities and Challenges - The collaboration faces both opportunities from national strategies and challenges from infrastructure connectivity and regulatory differences [10]. - The experience of London and New York provides valuable insights for Shanghai and Hong Kong's financial collaboration, emphasizing the importance of complementing each other's strengths [10]. Proposed Directions for Advancement - Six key areas for advancement include enhancing financial infrastructure connectivity, promoting offshore and onshore financial integration, developing cross-border finance, advancing green finance, fostering fintech collaboration, and establishing a robust support mechanism [11][12].