The 2026 China Chief Economist Forum (Hong Kong) will be held in Hong Kong on the 9th. The theme of this forum is "Outlook for the 15th Five Year Plan: Responding to Global Changes, Inheriting National Strategies, and Opening up Opportunities for Hong Kong". The attending chief economists and cross-border finance and real industry executives at home and abroad expressed that accelerating the construction of the northern metropolitan area is of great significance in the "15th Five Year Plan" outline. Hong Kong needs to strengthen its offshore RMB core hub, improve financial market support, leverage the Guangdong Hong Kong Macao Greater Bay Area to deepen cooperation in science and technology innovation industries, and unleash its unique financial and open advantages of connecting domestic and foreign markets.
On the forum, accelerating the construction of the northern metropolitan area has become a highly anticipated policy signal. Wang Chunxin, Deputy Head of the Policy Group of the Chief Executive of the Hong Kong Special Administrative Region, stated that for the first time, the country has included accelerating the construction of the northern metropolitan area in the "15th Five Year Plan" outline from a strategic perspective, which means that the northern metropolitan area has risen from Hong Kong's "northern capital" to a national level development platform. He mentioned that the SAR government is intensively preparing the first five-year plan, which is expected to be officially announced in the third quarter of this year. He believes that Hong Kong needs to demonstrate four types of responsibilities in this process, namely, providing industry narrative, innovation strategy, financial empowerment, and escorting overseas expansion.
Liu Min, Chairman of Bank of China International Holdings Limited, also pointed out that the Hong Kong International Financial Center is expanding from the traditional stock and bond market to a broader financial ecosystem such as an offshore RMB hub and an international asset management center. "The value of super contacts and super value added individuals is becoming increasingly prominent," and it is necessary to jointly tell the new financial story of Hong Kong.
On the issue of RMB internationalization, Hong Kong's role as a hub for the world's largest offshore RMB market has attracted much attention. In a video speech, Xia Bin, Chairman of the China Chief Economist Forum, proposed that strengthening the offshore RMB core hub is the primary focus of Hong Kong's service to the national financial strategy. It should rely on a sound offshore RMB deposit and loan, bond, foreign exchange, and wealth management market, expand cross-border investment and financing tools, and serve the diversified reform of the international monetary system.
Experts attending the meeting also discussed the underlying reasons and timing for promoting the internationalization of the renminbi. Spanish Foreign Bank's Chief Economist for Asia, Xia Le, pointed out that the Chinese economy is becoming increasingly interconnected with the world, and enterprises are expanding their overseas and foreign trade exports. It is urgent to rely on a strong currency to build a solid foundation for national financial security. The current country attaches great importance to financial security, and promoting the internationalization of the renminbi can lay a solid foundation for long-term economic development.
When talking about how to expand the "cake" of the offshore RMB market, Wang Tao, a senior consultant of UBS Global Research, mentioned that expanding the "capital pool" and "asset pool" is the most urgent task at the moment. It is not only necessary to enrich the main issuers of RMB bonds, but also to improve risk hedging tools such as treasury bond futures.
While discussing financial system innovation, the attending experts also turned their attention to industrial synergy in the Guangdong Hong Kong Macao Greater Bay Area. Qu Hongbin, Vice Chairman of the China Chief Economist Forum, pointed out that the Shenzhen Hong Kong Guangzhou Innovation Cluster has jumped to the top in the world, fully demonstrating that cross-border synergy far outweighs individual efforts. We should further deepen the role of platforms such as Qianhai and leverage Hong Kong's unique advantages in international financing and professional services.
Dong Yiyue, Executive Director of the Hong Kong Financial Development Council, proposed that the overall layout should be based on "ecosystem thinking". Whether it is gold trading, bond market or Web3 (the third generation Internet) stable currency, we should start from the integrity to build a sustainable financial ecology.
Zhu Hong, Executive Secretary General of the China Chief Economist Forum, stated that in the first year of the 15th Five Year Plan, the value of Hong Kong's internal and external connectivity has become increasingly clear - it is not only the "first stop" for China to enter the world, but also the "gateway" for the world to enter China. As the country's institutional opening-up deeply integrates with the advantages of "one country, two systems", new financial opportunities are slowly unfolding on the banks of the Hong Kong River. (Looking into the New Era)