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How Hong Kong Became an International Financial Centre

In: Proceedings of the 4th International Conference on Economic Development and Business Culture (ICEDBC 2024)

Author

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  • Haoran Jin

    (Zhejiang University of Finance and Economics, School of Accounting)

Abstract

This paper studies the history of Hong Kong becoming an international financial center, analyzes its development status, history and advantages and disadvantages of becoming a global financial center. The study found that the development of Hong Kong’s financial markets is influenced by factors such as economic freedom, the Belt and Road policy, and relations with the mainland. Foreign banks in the colonial era, the early development of the insurance industry, and changes in the gold market and monetary system laid the foundation for the prosperity of Hong Kong’s financial market. With the transformation of economic structure and the formation of six pillar industries, Hong Kong has gradually become an industrial economy and attracted investment from Chinese capital. However, the development of Hong Kong’s financial center also has some disadvantages, such as unbalanced development of financial institutions, insufficient innovation and small hinterland for development. Finally, this paper looks forward to the future development of Hong Kong’s finance, pointing out the need to further develop technology finance, expand the overall scale and other measures. Through this study, it is helpful to understand the course of Hong Kong becoming an international financial center, and it is of great significance to further promote the development of Hong Kong’s financial market.

Suggested Citation

  • Haoran Jin, 2024. "How Hong Kong Became an International Financial Centre," Advances in Economics, Business and Management Research, in: Zhikai Wang & Guijie Zhang & R. Ganesan & Abdul Hadi Zulkafli & Teh Sin Yin (ed.), Proceedings of the 4th International Conference on Economic Development and Business Culture (ICEDBC 2024), pages 4-10, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-538-6_2
    DOI: 10.2991/978-94-6463-538-6_2
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