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Plush toys of Paris 2024 Olympics mascot Phryge are on display for sale at a licensed merchandise store in Shanghai. Photo: IC

The financial regulatory authorities of the Hong Kong Special Administrative Region are set to embrace new development opportunities, supported by the strategic vision and policies laid out by the central government, and ensuring the city's position as a leading international financial center, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) Darryl Chan told the Global Times in an interview via email on Friday.

Chan said that the just-concluded third plenary session of the 20th Central Committee of the Communist Party of China emphasized the importance of strengthening Hong Kong's position as a global hub for finance, transportation and trade. This fully demonstrates that the central government attaches great importance to the development of the financial industry in Hong Kong, which has boosted the city's confidence.

Referring to a resolution adopted at the reform-themed meeting on July 18, Chan said that Hong Kong's monetary authorities are fully determined and confident that the city will continue to be a major international financial center, which will benefit the long-term development of its financial sector and promote China's high-level opening-up.

To solidify Hong Kong's status as a global financial hub and drive innovation, the HKMA will prioritize maintaining financial system stability, developing a robust financial ecosystem and capitalizing on long-term growth opportunities, according to Chan.

He said that the HKMA is poised to capitalize on the opportunities outlined in the resolution. These include expanding the financial market interconnectivity of Hong Kong and the Chinese mainland, promoting the internationalization of the yuan, developing offshore markets for the yuan, advancing the digital yuan's application cautiously and deepening cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area.

The latest response from the financial regulatory body of Hong Kong also sent strong signals to some Western media and politicians who paint a grim picture of Hong Kong's future as a global financial hub.

Hong Kong's unique advantage under the One Country, Two Systems policy has been identified as a key driver for the continued growth and resilience of its financial sector, Chan said. As one of the leading international financial centers, Hong Kong is a prime location for financial services and home to many financial institutions, including banks, securities firms, investment banks and insurance companies. 

With its strengths in banking, capital markets and asset management, Hong Kong provides an all-encompassing and high-quality financial platform for investors, financiers, asset managers, funds and financial institutions alike from all over the world, Chan said.

The city thrives on close financial integration with the Chinese mainland and extensive networks with the rest of the world, Chan said, adding that with more than 40 years of reform and opening-up of the mainland, Hong Kong has successfully navigated a path to effectively leverage its unique advantages as an international and market-oriented city to proactively connect domestic and overseas markets.

"There are clear signs and breakthroughs, driven by a slew of policies and measures in recent years, demonstrating our commitment to aligning with international high standards and promoting connectivity in the financial sector," he added.

The financial regulatory authorities of Hong Kong and the Chinese mainland recently announced policy measures to promote and deepen cross-boundary financial connectivity and cooperation. One of the key focuses is the "Three Connections, Three Facilitations" initiative, jointly announced by the HKMA and the People's Bank of China earlier this year, comprising six policy measures to support the yuan's internationalization and facilitate business activity.

Chan reiterated Hong Kong's commitment to promoting the high-quality development of the financial sector and building China's financial strength.

Meanwhile, the "going out" of Chinese firms and Chinese investors' demand for overseas investment in turn can create lots of opportunities for Hong Kong as well, Chan said.