Peaceful Hong Kong back on track as global financial center: Philippine scholar

MANILA, Sept. 29 (Xinhua) -- China's Hong Kong is back on track as a global financial center as stability reigns in the city, a Philippine political scholar said on Wednesday, predicting a bright future of Hong Kong in the coming years.

Hong Kong, which ranks third in the recent edition of the Global Financial Centers Index (GFCI) report, has regained its "proper place" as one of the top financial hubs in the world, Herman Tiu Laurel, founder of Philippine-BRICS Strategic Studies, told Xinhua in an interview.

"It is very clear that with the restoration of normality, a calm and business-as-usual spirit, Hong Kong has regained its proper place in the ranking of global financial centers," Laurel said, adding "with the prospect of rising faster and more vigorously as the economic and financial center-of-gravity in the world continues to shift to Asia."

Laurel noted that Hong Kong's ranking bodes well with China's Guangdong-Hong Kong-Macao Greater Bay Area "plans and promise."

The Greater Bay Area refers to the integrated economic and business hub comprised of Hong Kong, Macao and several cities in neighboring Guangdong province including Guangzhou, Shenzhen and Zhuhai.

The Greater Bay Area development plan integrates one of the largest urban areas in the world with high concentration of economic activities and innovations, and this will certainly sustain and expand Hong Kong's role as the gateway to the huge market of the integrated and focused economic region, the expert said.

Laurel noted that the Greater Bay Area possesses a fantastic eco-system of industries, start-ups, innovators, venture financing, into many fields from biotechnology to information technology.

Meantime, Laurel said the national security law contributed to Hong Kong's stability by protecting the international businesses and investors in the city.

"There is not a single complaint about problems with free capital flow, and it is obvious that the financial system is stable and draws confidence hence the return of economic growth," Laurel said.

Hong Kong's economy surged by 7.5 percent year-on-year in the second quarter of 2021, maintaining a rapid pace of recovery after an 8.0-percent increase registered in the first quarter.

"This will certainly strengthen the 'one country, two systems' principle as a robust economy in Hong Kong will ensure its viability under its present system."

The genuine rule of law guarantees a stable and peaceful Hong Kong in the years to come, Laurel added.