The event was hosted by the China Chief Economist Forum, co-hosted by the Financial Centre of the Hong Kong Chinese Enterprises Association, and organized by BOC International and Harvest Global Investments, with support from the Hong Kong Chinese Securities Association, the Hong Kong Chinese Asset Management Association, and the Hong Kong Chinese Financial Association.
Assessing the Changing Landscape: Global Order and Economic Transformation
In the opening session, Xia Bin, former Director of the Financial Research Institute at the Development Research Center of the State Council and founder of the China Chief Economist Forum, stated that amid global restructuring and the launch of the national 15th Five-Year Plan, Hong Kong should strengthen its role as a core offshore RMB hub, build a Greater Bay Area nexus for science, technology, and financial integration, and establish a service platform for Chinese enterprises going global. Liu Min, Vice President of the Hong Kong Chinese Enterprises Association and Chairman of BOC International, noted that economists are expected to identify certainty assets, channel capital toward new quality productive forces, tell Hong Kong’s new financial story, and sustain Hong Kong’s role as a “super connector and super value-added facilitator.” Wang Chunxin, Deputy Head of the Policy Unit at the Hong Kong Chief Executive’s Office, explained that the 15th Five-Year Plan endows Hong Kong with a strategic positioning of “ten centers, two hubs, and three highlands,” with the Northern Metropolis development incorporated into the national strategic vision. Hong Kong’s first five-year plan will focus on infrastructure, industry, and livelihoods, creating a world-class environment for business, innovation, and living.
In the keynote session, Xing Ziqiang, Chief China Economist at Morgan Stanley, presented on “Global Order Reshaping and China’s Economic Transformation in the 15th Five-Year Plan Period.” He noted that amid geopolitical conflicts, the AI revolution, and shifting global monetary cycles, the Chinese and U.S. economies have shown resilience, but also exhibited K-shaped structural divergence, with sectors such as semiconductors, AI hardware, and new energy booming while real estate, consumption, and broad employment remain under pressure. He suggested that the 15th Five-Year Plan should not only advance computing power and energy network construction, but also strengthen the social safety net, unleash household consumption potential, and optimize outbound investment regulation under the premise of financial security.
Qu Hongbin, Vice Chairman of the China Chief Economist Forum, discussed “Hong Kong’s New Economic Positioning and Economic Assessment of 15th Five-Year Plan Strategic Opportunities.” He stated that Hong Kong should consolidate its traditional strengths in finance and shipping while accelerating the cultivation of new growth drivers in technology and innovation. Compared to Singapore and Shenzhen, Hong Kong still has room for improvement in industrial diversification, R&D investment, and hard technology commercialization, but the Shenzhen-Hong Kong-Guangzhou innovation cluster advantage is prominent. Going forward, Hong Kong can leverage platforms such as Qianhai and Hetao to combine its capital, professional services, and talent advantages with Shenzhen’s manufacturing and commercialization capabilities.
Three Roundtables: RMB Internationalization, Bay Area Synergy, and Global Allocation
The roundtable on “RMB Internationalization and Hong Kong’s International Financial Center Development under the 15th Five-Year Plan” was moderated by Xia Le, Chief China Economist at BBVA. Panelists included Wang Tao, Senior Advisor for Global Research at UBS; Ding Shuang, Chief Economist for Greater China and North Asia at Standard Chartered; Xiong Yi, Chief China Economist at Deutsche Bank; and Wang Shengzu, Head of Asset Management at Haitong International. The panelists noted that financial security and trade surpluses provide long-term support for RMB internationalization. Hong Kong should complement Shanghai with differentiated positioning, expand the scale of offshore RMB, improve derivatives infrastructure, and optimize cross-border financing arrangements for Chinese institutions.
The roundtable on “Greater Bay Area Economic Synergy and New Opportunities for Opening Up” was moderated by Zhou Hao, Chief Economist at Guotai Junan International. Panelists included Dong Yiyue, CEO of the Hong Kong Financial Services Development Council; Yang Yuting, Chief Economist for Greater China at ANZ; Tan Weimin, Chief Strategist at BOCOM International; and Shen Jianguang, Chief Economist at JD.com. Multiple panelists stated that Hong Kong should leverage the institutional advantages of “One Country, Two Systems” to connect its financial, legal, and professional services and international networks with the Pearl River Delta’s hard technology industrial chain, serving mainland enterprises going global. The Northern Metropolis, low-altitude economy, HKEX institutional reforms, and mainland platform companies’ expansion in Hong Kong provide new leverage points for Hong Kong’s participation in Bay Area synergy.
The roundtable on “Global Economic Outlook and Investment Strategy” was moderated by Zhao Wenli, Chief Economist at CCB International. Panelists included Qiao Hong, Chief Greater China Economist at Bank of America Merrill Lynch; Chen Haofei, Chief Strategist at BOC International; Jiang Yiqian, Chief Investment Officer at Harvest Global Investments; and Hong Hao, Chief Economist at Lotus Asset Management. The panelists discussed global asset rotation, noting that the K-shaped global recovery continues, AI’s long-term trend remains supported, but sector rotation is accelerating. Federal Reserve policy, inflation, exchange rates, and gold allocation were key discussion topics. China’s exports remain resilient while domestic demand still needs repair, with Hong Kong stock valuations and allocation opportunities drawing attention.
In closing, Zhu Hong, Executive Secretary-General of the China Chief Economist Forum, stated that the forum, grounded in the launch of the 15th Five-Year Plan, offered pragmatic recommendations on global changes, national strategy, and Hong Kong’s development priorities. On behalf of the forum’s organizing committee, he expressed gratitude to co-host the Financial Centre of the Hong Kong Chinese Enterprises Association, organizers BOC International and Harvest Global Investments, and supporting organizations including the Hong Kong Chinese Securities Association, the Hong Kong Chinese Asset Management Association, and the Hong Kong Chinese Financial Association. Going forward, the forum will continue to anchor itself in Hong Kong and deepen its engagement in the Greater Bay Area, conducting regular seminars on macroeconomics, finance, and technology innovation, supporting Hong Kong in consolidating its position as an offshore RMB hub and international financial center, and deeply integrating into the national high-quality development landscape.
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