Hong Kong security law: China doubles down on support for city as finance hub as concerns mount over
Beijing is expanding existing financial schemes and voicing continued support for Hong Kong’s role as a gateway for international investors into China, amid concerns about the impact of a new national security law on the city.
China’s central bank on Friday celebrated the third anniversary of Bond Connect, a scheme that allows foreign investors to buy bonds in the onshore interbank market through financial institutions in Hong Kong.
The People’s Bank of China (PBOC) vowed to improve the programme, which has helped boost foreign ownership of Chinese bonds. About 9 per cent of China’s government bonds were held by overseas investors at the end of June.
Last week, China also launched a “wealth management connect” programme, which may allow foreign wealth managers to offer products through Hong Kong to clients in the Greater Bay Area, which includes China’s tech hub of Shenzhen and eight other cities in the Pearl River Delta.