China pledges continued support for Hong Kong as global financial centre

After weeks of unrest following imposition of controversial national security law, China’s banking regulator has vowed its continued support for Hong Kong as a financial hub. In dition, Beijing has also pledged to open up Chinese financial sector amid deepening discord with United States.

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China to continue 'supporting' Hong Kong

In a statement, Chinese Banking and Insurance Regulatory Commission (CBIRC) said mainland will offer essential services to residents and companies operating in city and will also provide support to its financial institutions that are operating in Hong Kong. Rising tensions between US and China have led to a series of back and forth sanctions between two nations.

Hong Kong’s global reputation as a financial hub has been greatly undermined in recent months in wake of new national security law that has raised concerns about level of influence and control Beijing has over city. Moreover, restrictions put on freedom of press and independent functioning of judicial system has also taken its toll on Hong Kong's reputation.

US President Donald Trump after passing of new law has stated that Hong Kong is w just ar ‘Chinese City’ and has since also rolled back preferential treatment in terms of tring with city.

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China Banking and Insurance Regulatory Commission furr reiterated that Hong Kong’s financial market was running smoothly and those recent developments would t affect its status as a global financial hub but in fact, city would be more ‘stable’ and ‘prosperous’ in future.

statement also ded that multiple foreign financial institutions were expected to join Chines market, reby expanding it and making it more robust. As per CBIRC, some foreign financial institutions have alrey submitted ir applications to ncy to open a unit.

statement from Chinese regulator also mentioned impact of coronavirus pandemic and how it was disaster of century.  regulator mitted that in order for ecomy to return back to rmal after pandemic, more financial contributions were needed.

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