Special Topic: Global Wealth Management Forum · 2025 Shanghai Suhewan Conference On October 19, industry reports revealed that the Global Wealth Management Forum · 2025 Shanghai Suhewan Conference was held from October 18 to 19 in the Jing'an District of Shanghai. Xu Haifeng, Vice President of BOC Hong Kong, attended the conference and delivered a speech.

Xu Haifeng stated that in the future, China's financial opening-up will continue to deepen, and Hong Kong, as a vital component of a robust international financial center, must seek "the future path under global change."

Xu believes that Hong Kong can further leverage its unique advantages as a "super connector," focusing on cooperative development to establish new competitive edges in global finance from both international and domestic perspectives.

Firstly, creating a new landscape for deepening international exchanges and cooperation. The government work report from this year's Two Sessions highlighted support for Hong Kong to "deepen international exchanges and cooperations," which outlines an effective path for reinforcing Hong Kong's status as an international financial center. On one hand, Hong Kong should continue to strengthen its role as a hub for Chinese capital "going out," converting its institutional advantages, professional services, and international network into a strong momentum for mainland enterprises to expand into global markets. This year, the Chief Executive's Policy Address proposed consolidating Hong Kong's overseas offices, including the Invest Hong Kong and the Trade Development Council, into a one-stop platform and establishing a dedicated outbound team to actively recruit mainland enterprises interested in expanding overseas through Hong Kong. In October, the Special Administrative Region government officially launched the "Mainland Enterprises Outbound Team," and specific policies and measures are expected to roll out continuously. On the other hand, Hong Kong must vigorously utilize its strategic role as a platform for overseas investors allocating Chinese assets, continually expanding both the depth and breadth of the Hong Kong dollar and offshore renminbi markets. This includes attracting long-term capital investments from sovereign funds and central banks in the "Belt and Road" regions, particularly ASEAN and the Middle East, into Hong Kong and mainland Chinese assets, creating a "foreign capital - Hong Kong allocation - mainland assets" circulatory model to attract more foreign financial institutions and long-term capital to develop business in China.

Secondly, the coordinated development of Shanghai and Hong Kong to serve the new development pattern. The Central Financial Work Conference emphasized enhancing the competitiveness and influence of the Shanghai International Financial Center while solidifying and elevating Hong Kong's status as an international financial center. As the two most competitive financial center cities in China, Hong Kong and Shanghai are expected to strengthen core elements of a financial powerhouse through collaborative development of offshore and onshore finance, driven by a dual-engine approach. This is not only a crucial aspect of exploring a uniquely Chinese path to financial development but also a financial support for constructing a new development framework for China. "The coordinated development of the Shanghai-Hong Kong financial centers can consider focusing on expanding the factor market, supported by infrastructure connectivity, with renminbi internationalization as a breakthrough, and enhanced innovation and regulatory cooperation as safeguards. By utilizing institutional opening and functional division of labor, we can steadily improve China's financial asset pricing power and say in international financial rule-making, creating favorable conditions for comprehensively enhancing the international competitiveness and risk resilience of China's financial system. Moreover, it can fully utilize the synergistic effects of the domestic and international markets, along with diverse resources, to jointly improve the quality and efficiency of financial services for the real economy, injecting strong momentum into the nation's high-quality economic development." Xu Haifeng remarked.