[金融時報] 香港：中國的中轉屋接下來會怎樣？

香港：中國的中轉屋接下來會怎樣？

Hong Kong: what next for China’s halfway house?

Any military intervention by Beijing would threaten the role the city plays in opening China’s economy to the world
北京任何的軍事干預都會威脅到香港在中國經濟向世界開放中所扮演的角色

2019年8月3日

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As Beijing weighs its options, the headline figures suggest that Hong Kong has become less important. When the UK handed back control in 1997, the Hong Kong economy was equivalent to 18 per cent of the mainland’s gross domestic product. Now it accounts for less than 3 per cent of China’s economy.
在北京權衡輕重時，參考的標題數字表明香港已變得不再那麼重要。當英國在1997年交回控制時，香港經濟相當於大陸國內生產總值的18％,而現在它佔中國經濟的比例還不到3％。

But those numbers disguise the role that the city still plays. In order to raise funding in US dollars, Chinese companies lean heavily on Hong Kong’s financial markets — markets which are rooted in the city’s independent legal system based on English Common Law.
但那些數字掩蓋了香港仍然在扮演的角色;為了籌集美元資金，中國公司嚴重依賴香港的金融市場 - 市場植根在香港建基於英國普通法的獨立法律體系。

Without the legal framework, China’s legion of state and privately owned companies could struggle to continue to raise war chests of US dollars in the city, while Hong Kong’s status as a safe base for those companies to invest overseas could also be threatened.
如果沒有那法律框架，中國大批的國有和私營公司很難繼續在香港籌措美元資金，同時香港作為那些在海外投資公司的安全基地的地位也可能岌岌可危。

“I do not see an entirely open capital account, as we know it, being adopted any time soon on the mainland of China,” says Joseph Yam, former chief executive of the Hong Kong Monetary Authority, the city’s de facto central bank.
香港的實然中央銀行香港金融管理局前首席執行官任志剛（Joseph Yam）表示，“正如我們所知道，我看不到一個完全地開放的資本賬戶，在中國大陸會很快被採用。”

Hong Kong’s capital markets are now dominated by Chinese corporations, which accounted for 91 per cent of the $9.4bn raised in initial public offerings this year in the city. In debt capital markets, Chinese companies have borrowed $647bn in US dollar fundraising, or 75 per cent of all US dollars raised in Asia this year. Most of those debt deals are launched in Hong Kong.
香港的資本市場現在由中國企業集團主導，佔今年首次公開發行募集資金94億美元的91％; 而在債務資本市場，中國公司已經借入6,470億美元的美元融資，佔今年在亞洲籌集的所有美元的75％,大部分的債務交易都是在香港推出的。

https://www.ft.com/content/3c0860a0-b506-11e9-bec9-fdcab53d6959