Savantas Liberal Arts Academy Public Policy Study Programme Summer 2021 - Lecture 7

10 July ,2021

The seventh lecture of the "Savantas Liberal Arts Academy Public Policy Study Programme Summer 2021" was held on 10 July. Mr Joseph Yam, member of the Executive Council and former Chief Executive of the Hong Kong Monetary Authority, was the speaker. The lecture was titled "The Status of Hong Kong as an International Financial Centre" with Mrs Regina Ip, Principal of SLAA, as the moderator. Participants interacted with Mr Yam to discuss Hong Kong's currency and finance system, and government budget.

Mr Yam first analyzed factors like the international monetary system, economic growth, balance of trade, and financial position of China and the United States to explore whether the US dollar is still the most suitable currency for the linked exchange rate.

Then Mr Yam discussed with participants the digitalization and internationalization of RMB, modern monetary theory, emphasis of China on financial security, and the opening of Mainland capital accounts. He also shared his views on how Hong Kong can help the internationalization of RMB in the capital market.

In addition, Mr Yam spoke on the government's financial situation and fiscal discipline, as well as structural surplus, current account deficit, capital accounts and the use of housing reserves. Regarding some large-scale projects, such as Lantau Tomorrow Vision, Mr Yam proposed the possibility of establishing a Special Purpose Vehicle to convert annual expenditures into investment.

Finally, in view of the development of the Greater Bay Area, Hong Kong, as an international financial center in China and the first offshore RMB market, could play a leading role in the development of "dual circulation". Mr Yam suggested that Hong Kong can actively provide financial service support for the economic development of the GBA and continue to provide financing service between the Mainland and other regions.

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