香港國際金融中心的比較優勢: 兼論上海金融中心所面臨的挑戰和機遇

As the international financial centre in the Asia Pacific region, Hong Kong faces the challenge and competition from other international financial centers, including counterparts on the mainland. This paper investigates Hong Kong’s comparative advantages in terms of the strength of its financial institutions and clustering of experts in monetary and securities business. Particularly, the Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA) facilitates financial market accessibility and customer accessibility between the mainland and Hong Kong. CEPA also facilitates the training and exchange of Hong Kong’s monetary and securities experts. CEPA further facilitates the merge and acquisition of Hong Kong’s small and medium-size banks, market capitalization and trading of its financial market. This paper postulates that, on the one hand, the economic and trade cooperation between mainland and Hong Kong could strengthen the economic capability of Hong Kong. On the other hand, through utilizing the economic platform of Pan-Pearl River Region and that of Yantz River Region respectively, Hong Kong and its mainland counterparts can help and complement one another, while compete with the other Asia-Pacific financial centers. Competition could lead to cooperation and accommodation in financial regulation, so as to effectively utilize the limited economic and financial resources.