Capital has continued to flow into Hong Kong, said Hong Kong Financial Secretary Paul Chan Mo-po Tuesday, two weeks after the national security law for Hong Kong took effect.
During an online forum, Chan cited statistics indicating that the international financial community has confidence in Hong Kong. Chan said that since April, the Hong Kong Monetary Authority has recorded capital inflows of more than HK$100 billion ($12.9 billion).
He refuted claims that the national security law for Hong Kong had dented investor confidence and resulted in capital outflows, calling such claims subjective guesses that ignore the facts.
Due to a low interest rate, the Hong Kong stock market has been performing more strongly in recent days, with daily turnover once surpassing HK$200 billion.
Chan said the figures showed that Hong Kong has not seen capital outflows, but rather continuous capital inflows. He added that the national security law for Hong Kong could keep the city’s investment climate stable.
Since July 1, about 53.48 billion yuan ($7.65 billion) from Chinese mainland investors flowed into the Hong Kong stock market, according to the Global Times’ calculations based on data from financial data provider Tonghuashun.
China’s central bank on June 29 announced the launch of a pilot program known as the cross-border wealth management connect regime in the Guangdong-Hong Kong-Macao Greater Bay Area, which may bring more capital inflows to Hong Kong.
Chan said the national security law for Hong Kong closed a loophole, ensured national security on the legal level and avoided making Hong Kong a tool to divide China.
The Hong Kong dollar has been nearing 7.7 against the US dollar and frequently hits the strong end of its dollar peg, according to Chan.
View of Hong Kong streets Photo: VCG
