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Hong Kong: International Financial Centre & Gateway to China

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Hong Kong: International Financial Centre & Gateway to China Hong Kong: International Financial Centre & Gateway to China August 2018 Why Hong Kong? The dominant gateway to all things China A competitive international financial platform A forward-looking hub for new businesses 1 01 The dominant gateway to all things China 2 WHY HONG KONG The dominant gateway to all things China The Chinese economy is large and fast growing China is now the world’s 2 nd largest economy. … and the growth is expected to continue. By Annual growth of China is larger than the size of 2030, China is expected to make up 20% of the some major economies… world economy 1-year = USD1.1 trn Indonesia Mexico 50 China's GDP 25% 45 or 20% 40 20% > 17% 35 15% 30 15% 26.5 India UK 25 3-year = USD3.3 trn trn USD 20 10% 15.6 or 15 12.3 4% > France Russia 10 3% 5% 5 0.3 1.2 0 0% 1980 2000 2017 2020 2030 Size (LHS) Share of world total (RHS) Note: Projections for 2020 and 2030 by IMF and PwC respectively Source: IMF, PwC. Source: IMF 3 WHY HONG KONG The dominant gateway to all things China International investment in China is low but rising Foreign investment in China is far below international … but is set to rise exponentially average… Foreign ownership in domestic bond Foreign holding of China's domestic markets assets 68% 70% 1,400 64% 1,175 1,199 60% 1,200 50% 46% 1,000 +111% +79% 41% 39% 38% Average: 38.5% 40% 800 672 29% 30% RMB bn RMB 600 556 20% 400 13% 8% 10% 200 2% 0% - Equities Bonds 2014 2017 Source: ChinaBond, SCH, PBOC, BIS Source: PBOC 4 WHY HONG KONG The dominant gateway to all things China New opportunities from the “going out” of Chinese firms… China has more global top firms than most other … and they are actively expanding abroad economies… Number of world top 50 banks by assets China’s outward direct investment (2017) 200 China 14 170 UK 5 150 CAGR: 19% Japan 5 118 USA 4 103 100 Number of Fortune 500 companies (2017) 90 USD bn USD 77 USA 133 59 60 China 109 50 Japan 51 France 29 0 2010 2011 2012 2013 2014 2015 2016 Source: Accuity (RELX Group), Fortune Global 500 Source: China’s Ministry of Commerce 5 WHY HONG KONG The dominant gateway to all things China … and overseas investment by Chinese investors Demand for investment opportunities driven by … and investment abroad still has plenty of scope rapid wealth accumulation… to grow High-net-worth individual (HNWI) wealth External portfolio investment 20 14 18 16.8 12.4 16 12 14 10 12 10 8 6.9 USD trn USD 8 7.0 5.8 trn USD 6 6 4.2 2011-2017 4 CAGR: 16% 4 3.4 3.6 2.1 1.7 2 2.8 - 2 USA Japan China UK France 0.5 0.2 60% 66% 113% 34% 49% 0 USA Japan UK China 2016 HNWI Wealth 2011-2016 growth rate 2011 2017 Source: Capgemini Source: IMF 6 WHY HONG KONG The dominant gateway to all things China Hong Kong has been the dominant gateway to China Originates and intermediates 2/3 of China’s inward … and most financial investments foreign direct investment (FDI) and outward direct investment (ODI)… China's FDI & ODI RQFII quotas approved RMB bn 350 Hong Kong 308 300 South Korea 75 250 Singapore 75 170 UK 41 200 90 Australia 32 USD bn USD 150 59 France 24 100 US 17 134 115 124 50 Luxembourg 15 41 0 Germany 11 2000 2010 2013 2016 Canada 9 38% 54% 59% 59% Switzerland 7 China FDI China ODI HK's share of total Source: China’s Ministry of Commerce Source: SAFE 7 WHY HONG KONG The dominant gateway to all things China New channels have been opened to enhance connectivity QFII RQFII Mutual Recognition of Funds Bond Connect Invest in onshore equity & Extension of QFII Chinese and HK investment funds can be International investors can bond markets after opening to allow RMB distributed to each other’s public after trade and clear China bonds onshore accounts streamlined approval using HK 2002 2003 2011 2014 2015 2016 2017 Mainland-Hong Kong Closer Shanghai-HK Stock Connect Shenzhen-HK Economic Partnership Arrangement International investors can trade Shanghai Stock Connect (CEPA) stocks through HKEX and Chinese investors Extension of Stock Preferential trade & investment policies can trade HK stocks through SSE Connect to cover SZSE Benefits of investing via Hong Kong Legal certainty Follow international market practices Use existing infrastructure and counterparty relationships 8 WHY HONG KONG The dominant gateway to all things China By far the largest offshore centre for the increasingly popular RMB International use of RMB has been growing rapidly Hong Kong offers full RMB services, supported by ample liquidity RMB’s share as an international payment RMB deposit currency RMB bn 3.0% Hong Kong 618 +5.6x 2.5% 2.3% Singapore* 152 2.2% 2.0% 1.9% UK 62 1.7% 1.6% 1.5% 1.1% Outstanding RMB loans and bonds: RMB357bn at the end 1.0% of 2017 0.6% Hong Kong provides over 500 RMB-denominated investment products: Bonds, certificates of deposit, 0.5% 0.3% insurance, fixed income funds, currency futures, exchange- traded funds, real estate investment trusts, stock and derivative products, etc. 0.0% 2011 2012 2013 2014 2015 2016 2017 May-18 As of year end 2017. Source: SWIFT * Figures include certificates of deposit except for that of Singapore which is not available publicly Source: HKMA, IMF, MAS, BOE, FSTB 9 02 A competitive international financial platform 10 WHY HONG KONG A competitive international financial platform Hong Kong is the leader across many capital markets in Asia 2017 Notes Banking • 200 authorised institutions, including the world’s Assets (USD bn) 2,910 largest, and 70 of the world top 100 • +3.4 times from 2000 Stock market • Global #1 in IPO fundraising in 5 out of last 10 Market Capitalisation (USD bn) 4,351 years • +7 times from 2000 Bond market • #3 in Asia ex-Japan, after Mainland China and G3 and local currency bond issuance 467 Korea (USD bn) • +7 times from 2000 Asset management • Asia’s #1 international fund management hub Asset under management (USD bn) 3,112 • +16 times from 2000 • Largest international private wealth management of which: private wealth management 1,002 centre in Asia (USD bn) • +16 times from 2002 * * Data before 2002 is not available Source: HKMA, HKEX, World Federation of Exchanges, PwC, ADB, SFC 11 WHY HONG KONG A competitive international financial platform A banking centre for today and the future Hong Kong is Asia’s largest banking hub for China … and we are launching a number of initiatives to move and international banks… Hong Kong into a new era of smart banking Assets of HK banking industry Promotion of Virtual Banking 3,000 2,905 • The virtual banking licences are now open for application 2,475 2,500 • First licenses expected to be granted towards end 2018 or in Q1 2019 2,000 Enhanced Fintech Supervisory Sandbox 2.0 1,586 1,500 • Chatroom to provide speedy feedback USD bn USD • Give tech firms direct access 935 • Single point of entry for all regulators 1,000 854 Banking Made Easy 500 • Allow adoption of innovative technology, such as big data and 0 consumer behavioral analytics, for 2000 2005 2010 2015 2017 credit risk management Source: HKMA 12 WHY HONG KONG A competitive international financial platform Asia’s deepest international capital markets… The world’s largest equity fundraising centre and 3rd largest bond centre in Asia ex-Japan one of the fastest growing HK's market capitalisation 1,200 2017 Asia ex-Japan bond issuance 5,000 4,351 1,000 1,000 4,000 +7x 3,185 800 703 3,000 2,702 600 467 USD bn USD 2,000 bn USD 400 342 1,047 267 1,000 624 200 0 - 2000 2005 2010 2015 2017 China Korea Hong Kong Singapore Thailand Source: HKEX Source: ADB • Global #1 in IPO fundraising in 5 out of last 10 years • New initiatives to promote bond market: • Broadening listing regime: Pilot Bond Grant Scheme to subsidise Allow weighted voting right issuance Allow pre-revenue biotech firms Enhance Qualifying Debt Instrument Scheme Concessionary secondary listing route for Greater to broaden tax concession for bond investment China and international companies 13 WHY HONG KONG A competitive international financial platform … and #1 international asset management hub ... for conventional asset managers… … and alternative asset managers HK's asset under management USD trn AUM of alternative funds in 2017 2017 3.1 500 18.9 Asia’s largest hedge fund 2015 2.2 hub and second largest PE 400 centre after China 2010 1.3 +16.3x 2005 0.6 300 2000 0.2 450 63.2 200 Number of licensed asset managers in HK bn) (USD AUM 2017 2017 1,477 5.6 100 9.9 29.6 141 17.6 2015 90 1,135 67 66 41 36 1 0 2010 798 +7.3x 2005 475 2000 203 Private equity * Hedge fund * By capital under management Source: SFC Source: Asia Venture Capital Journal, Preqin 14 WHY HONG KONG A competitive international financial platform Preferred location for corporate treasury centres Growing need for Drawing more corporate centralization of treasury Hong Kong government’s treasury centres management tax incentives • > 8,000 MNCs in Hong Kong, more Corporate liquidity than half as Asian headquarters • Interest deductions under Forex profits tax for corporate • > 140 corporates have benefited treasury centres (CTCs); from our new CTC regime so far Interest rate and • ~ 50 notable corporates have set up or indicated plans to set up their Debt financing CTC operations in Hong Kong • 50% deduction on profits tax Collection and payment for specified treasury o e.g.
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