一帶一路丨完善規劃、支援業界 ─ 切實把握「十三五」、「一帶一路」機遇（一）

上月我在本欄提過,今年 的《 施政報告 》重視“ 十三五 “規劃 及“ 一帶一路 “構 想是走對了方向, 接下來港府應該盡快展開有關的推進工作,而關鍵就 在於政府有沒有站得夠高、看得夠遠來掌握全局,製訂目標及推進工作的藍圖。

Last mouth, I mentioned in this column the this year’s Policy Address Has set a right direction to value the “13th Five-Year Plan” and the “One Belt and One Road” Initiative. The right direction shall be followed by the Hong Kong Government’s launching relevant work as soon as possible, the key of which lies in whether the Hong Kong Government has the needed vision to set up objectives and to implement the blueprint.

就金融業而言,隨 着國家深化金融開 放改革,香港作為 最大的人民幣離岸中心,大有潛力發展成為全球最重 要的離岸人民幣定價中心。而隨着中國與全球市場加快互相融合,港府應考慮擴充及延伸互聯互通模式至新資 產類別,構建最有效率的跨市場互聯互通平台,以及發展匯集中外產品的本地市場,例如在定息及貨幣產品、 大宗商品及債券方面建立新平台,確立基準價格,並開發風險管理工具, 以配合現有股票及衍生產品業務。另 外,單就“ 一帶一路 “基建的龐大 資金需求估計已達 1.04 萬億美元, 香港完全有能力成為其“ 財資中心 ” 及“ 一帶一路 “沿綫國家企業首要的多渠道集資融資中心。但很可惜,在 《 施政報告 》未見到政府有這個氣魄 去設定以上的目標。

As our country deepens the opening- up policy and reform of financial sector, Hong Kong, being the largest offshore RMB (“CNH”) center, is well positioned to develop into the world’s most important offshore RMB (“CNH”) price fixing center. With China integrating with the global market, the Hong Kong government should consider expanding and extending the interconnectivity model to new asset classes, as well as constructing the most effective cross-market interconnectivity platform, so as to develop a local market that converges domestic and foreign products. New platforms for fixed-income and currency products, commodities and bonds can be set up to establish benchmark prices, while risk management tools can also be developed to complement the existing equity and derivatives business. On the other hand, the huge capital requirement for the infrastructures of the “One Belt and One Road” Initiative alone is estimated at USD 1.04 trillion. Hong Kong is fully competent to become its “financing center”, acting as the primary multi- channel financing hub for companies of the countries along Belt and Road. Deplorably, the Hong Kong Government has not shown the vigor to set up these fore-mentioned objectives in the Policy Address.

       跟進施政報告的正確方向 

       Following up with the right direction of the Policy Address 

在發展債券市場方面,本港金融業正 好藉“ 一帶一路 “的資金需求發展成為包括伊斯蘭債券等的多渠道融資中心,而施政報告亦有提及想達至有關目標,問題是本港債券市場發展大幅 滯後,即使政府多年前已承認香港必須建立一個流通和活躍的債券市場, 但至今大部分債券只集中在外滙基金 票據或以個別法定機構的名義發行債券集資,根本與我們國際金融中心的地位並不匹配。很可惜,《 施政報告 》亦未見提出有力的措施來促進債券市場突破發展的樽頸,財政司司長隨後發表的《 財政預算案 》亦只表示政府會適時推出第三輪伊斯蘭債券,未有提及會如何深化債券市場發展。事實上,今年施政報告中“ 金融業 “的章節篇幅只有短短四段,且與“ 十三五 ” 及“ 一帶一路 “的章節分隔開來, 彷彿兩者毫不相干。但其實政府只要站得夠高,便會看到把產業的發展與 “ 十三五 “及“ 一帶一路 “的機遇結合,才可以得到全局發展。

Regarding the development of bond market, Hong Kong’s financial industry can now leverage on the capital requirement from the “One Belt and One Road” Initiative and develop into a multi-channel financing center for financial products like sukuk. As a matter of fact it was mentioned in the Policy Address that Hong Kong is aspired to achieve the relevant objective. The problem is that Hong Kong’s bond market is substantially lagging behind. While the Hong Kong Government had acknowledged that Hong Kong must establish a liquid and active bond market many years ago, most bond products are only focusing on exchange fund notes, or fund gathering by bond issuance in the name of specific statutory bodies. These do not match up with our status as an international financial center. It is a pity that there is no sign of any powerful measure to drive any breakthrough in this bottleneck of our bond market in the Policy Address. In the budget delivered by the Financial Secretary, it was only mentioned that the Hong Kong Government would roll out the third round of sukuk in a timely manner; nothing about how to deepen development in the bond market was touched upon. In fact, the “financial industry” was only mentioned in four short paragraphs in this year’s Policy Address, and they are separated from those about the “13th Five- Year Plan” and the “One Belt and One Road” Initiative, as if there is no connection amongst them whatsoever. Had the Hong Kong Government stood up high enough, it would actually be able to recognize that full-scale development is only possible if industrial development is combined with the opportunities arising from the “13th Five-Year Plan” and the “One Belt and One Road” Initiative.

另外,近年“ 金融科技 “發展迅速, 在支付、融資、投資理財、風險管理等多個範疇的發展一日千里,香港作為國際金融中心,本來大有潛力好像紐約和倫敦一樣,發展成為領先的金融科技中心,卻因為本港的法規跟不上新出現的創新商業模式,以致手機錢包、點對點(P2P)貸款及眾籌等範疇的發展一直落後其他城市,令“ 金融科技 “蝸步發展。

Meanwhile, “financial technologies” have been developing rapidly in recent years. Accelerated advances are noted in the scopes of payment, financing, investment and risk management, etc. Hong Kong as an international financial center could have been well-positioned to grow into a leading financial technology hub, just like New York and London. However, due to the inability to enact local laws and regulations timely with emerging innovative business models, progresses in mobile phone wallets, P2P loans and crowdfunding now all fall much behind other cities, and our “financial technologies” are only developing at a snail’s pace.