CBN丨Hong Kong SAR celebrates 28th anniversary of establishment
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Here’swhatyouneedtoknowaboutChinainthepast24hours
HongKongChiefExecutiveJohnLeehasunderscoredtheimportanceofcarryingoutreformsinsteadofbeingcomplacent,whileurgingHongKongtograspopportunitiestoshineontheinternationalstage.
Inanaddressmarkingthe28thanniversaryoftheSAR'sestablishmentonTuesday,hesaidopportunitiesforthecityoutweighedchallenges.
"Wewouldratherbereformerswhorisetochallengesthanbecomecomplacentidlers.Amidanever-changinggeopoliticallandscapeandconstantlyincreasinguncertainties,HongKongisabletoshowcaseexactlytotheworldthecertaintiesofsafety,stabilityanddevelopmentopportunities,"hesaid.
OutlininghisvisionforHongKong'sfuture,thecitychiefpledgedtobalancehigh-qualitydevelopmentandsecurity,fast-tracktheNorthernMetropolisprojectandaddresslivelihoodissues.
SincethereturnofHongKongtothemotherland28yearsago,withthesolidsupportofthecentralgovernmentandthecontinuousfinancialopening-upintheChinesemainland,theattractivenessofHongKongasaninternationalfinancialhubhascontinuedtorise.
AccordingtostatisticsfromtheHongKongExchangesandClearingLtd,thecapitalizationoftheHongKongstockmarketreachedaboutHKD43trilliononFriday,13.4-foldfromHKD3.2trillionattheendof1997.
HongKong'sfinancialmarketboastsmatureinstitutions,transparentregulation,andfreecapitalflows.Backedbystrongsupportfromthecentralgovernment,ithasemergedasakeyassetallocationplatformforglobalinvestors.
AccordingtoDeloitteChina,theHongKongstockmarketheldtheNo.1spotinglobalfundraisinginthefirsthalfofthisyear,withatotalofHKD102.1billion,followedbytheNasdaqandNewYorkStockExchange.
Withmoreinnovativeenterprisesandnew-economycompanieslistinginthecity,coupledwiththecontinuousexpansionoftheStockConnectmechanism,HongKong'scompetitivenessinattractinghigh-qualitybusinessesandglobalcapitalwillcontinuetogrowsteadily,expertsnoted.
IntermsofconnectivitybetweenthemainlandandHongKong,withtherolloutofinitiativessuchastheStockConnect,BondConnect,SwapConnect,Cross-boundaryWealthManagementConnect,andthenewly-launchedcross-boundaryPaymentConnectlinkingusersinthemainlandandHongKong,two-wayopening-uphascontinuedtodeepen,contributingtothestabilityandprosperityofHongKong'sfinancialmarket.
AspartoftheJuly1celebrations,thecityoffersfreeridesandfreemuseumvisitstoresidentsandvisitorsalike.Over3,800restaurantsandmerchantswillalsoofferspecialpromotions,withmosteateriesallowingpatronstopayonly71percentoftheoriginalprice,echoingthedate.
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