香港金融體系對大陸金融體系的重要性

摘要: 本文由上海要建立國際化的金融中心開始，討論了香港金融市場現在的優勢，以及香港金融市場對中國金融體系改革的重要性，在本文的最后，作者給出了結論。

關鍵詞:金融改革 金融體系 重要性

Abstract: This passage is talking about the advantages of Hong Kong’s financial system compared with Chinese mainland’s financial system， and the importance of Hong Kong’s financial system to the China mainland’s financial system reforming. At the end of this passage， the author gives a conclusion.

Key words: Finance reform the importance of Hong Kong’s financial system

In the latest developing plan of urban being announced by China’s government， Shanghai is going to be the next international financial centre; as a corresponding concern， someone believes that Hong Kong’s future as a financial centre seems very dim and will soon be replaced by Shanghai. But this concern is flawed in several aspects; Hong Kong’s financial system is very important for Chinese mainland’s financial system now and will be very important in a very long period.

There are several reasons why Hong Kong’s financial market is important. The first one is that Hong Kong’s financial market is highly developed and has a well-working regulatory system. In fact， Hong Kong’s financial market is one of the best and most important financial markets in the world at present. Another reason is that Hong Kong dollar is a convertible currency but RMB still can’t be exchanged freely， and that is a very huge advantage compared to Shanghai. A convertible currency is the foundation of an international financial centre， and RMB’s internationalization has a long way to go. Besides， Hong Kong’s financial market plays a very important role in the world wide financial market， and his well-designed market and regulatory system have been recognized by the foreign investors.

Hong Kong’s financial system is also important for the reforming of Chinese mainland’s financial system. Hong Kong is much more valuable to Beijing in this respect. Firstly， the social culture of Hong Kong is the same with Chinese mainland， and the experience of Hong Kong is more valuable than that of western financial system. What’s more， as Hong Kong is a part of China， Beijing tends to trust Hong Kong more compared with other foreign countries in political. Secondly， Hong Kong’s financial system has a long history; the experience of Hong Kong’s financial market in the past was of certain reference value for China’s financial system reforming. Otherwise， Hong Kong’s performance in the future would also be very critical to Beijing because Hong Kong’s financial system is much more advanced than that of Chinese mainland. In addition， as a familiar methodology that China’s government used in economical reforming， Hong Kong would play a role in China’s financial system reforming just as what Shenzhen did in the economic system reforming in 1980s. Thirdly， it will take a long time before Chinese mainland’s capital market to be internationalized while Hong Kong has been a well international financial centre already. During this time， Hong Kong’s financial market can function as a mature financial system while Chinese mainland’s financial system can not. In this process， Chinese mainland’s financial market would learn a lot from it.

Chinese mainland’s financial market is still under-developed compared with Hong Kong’s financial market. It will cost a lot of time for Shanghai to become a financial centre like Hong Kong. There are so many problems lying in the head of the China’s financial system internationalization such as the internationalization of RMB， the improvement of China’s financial regulatory system， the enactment of law about financial market and so on. None of these problems above can be solved in a short time. Therefore， Hong Kong’s financial system would act as a bridgehead of China’s financial market in the development of China in a long time. China’s government and society must have a clear understanding that the construction of an international financial centre is a very difficult work and will take many generation’s efforts. The financial system is the engine of economy. If the financial system works well， it can provide the economy huge developing energy. However， we must notice that a defective financial system can destroy the economy even more easily. There are too many examples illustrated this phenomenon such as what has happened in Asian in 1997. Beijing is clear with this fact， so China’s government would be very careful in the reforming of Chinese mainland’s financial market， and that will make the process of Chinese mainland’s capital market internationalized longer.

At the end， we can conclude that it is not true that the financial market of Hong Kong has been marginalized in Beijing’s economical plan. Compared with those pessimism prevails， the facts are just the opposite. Hong Kong’s financial system would be more important during the time when Chinese mainland is reforming his financial system， and it would take a long time for Chinese mainland to realize his financial system internationalization. Beijing will threat the Hong Kong’s well working and fully opened financial market as a precious resource， a valuable reforming example and an important strategy force. The consideration that Hong Kong is going to become an inconsequential city of China would be proved wrong. Hong Kong’s financial market would enter into a new and promising stage of development.

Reference

[1]張純威 (Zhang Chun Wei)， Hong Kong’s RMB Offshore Financial Market Development and Internationalization of RMB， The Journal of Guangdong University of Finance

[2]王志勇; 王彩玲(Wang Zhiyong， Wang Cailing)， 香港金融市場研究(Research on Hong Kong Financial Market)， Tianjin Economy

[3]程煊(Cheng Xuan)， The evolution of the financial regulatory system in Hong Kong， Popular Business And the speech gives by Professor Huang Shiyou in Hong Kong University， Feb 2011.

（責任編輯：王平勇）