Hong Kong: Inevitably irrelevant to China?

Abstract

The protests in Hong Kong that took place in 2019 and are still ongoing in 2020 have attracted worldwide attention. This article presents an analysis of the relationship between Hong Kong and Mainland China through a number of different lenses, including past economic relations in financing, trade, capital flow, and renminbi (the Chinese currency) internationalisation, future economic relations against the

The brokerage role of Hong Kong in global financial networks: the case of mainland Chinese companies’ US listings

“…Empirically, this paper also contributes to longstanding debates about Hong Kong's status as an enduring international financial centre (Chan, 2007;Li, 2020;Liu, 2020;Bennett, 2021;Meyer, 2021), and how its 'gateway' function has evolved over time.…”

The changing structure of financial intermediation in Asia: Benefits and risks

“…However, the contribution of Hong Kong, China, to overall Chinese corporate equity and bond financing has been marginal (Liu, 2020;Figure A.A.4) Kong, China, in overall Chinese corporate equity and bond financing has been mostly weakened 2 A considerable volume of "H-shares", i.e. shares of Chinese firms, is traded in Hong Kong, China.…”

“…Hong Kong, China, was the first offshore market to launch Renminbi business back in 2004. Hong Kong, China, is the largest offshore Renminbi centre and is playing an increasingly significant role in the process of RMB internationalisation (Liu, 2020). The economic development of China has fostered increased use of the Renminbi internationally by corporates and international investors, which provides several benefits such as greater price transparency, shorter settlement cycles and enhanced access to financing and (HKMA, 2016).…”