Hong Kong has been China’s primary gateway to global markets, especially as a channel for inbound foreign capital. But the territory’s role is gradually shifting. Hong Kong is increasingly emerging as a controlled outlet for Chinese households to invest their vast pool of savings in foreign assets through carefully calibrated liberalization mechanisms.
Hong Kong’s transformation comes as Beijing seeks to balance two competing imperatives: projecting financial power globally while preserving its strict controls over capital outflows. At the same time, Hong Kong’s evolution is unfolding against a backdrop of profound political change.
In early 2025, Enodo Economics and the Asia Society Policy Institute’s Center for China Analysis co-organized and co-chaired a closed-door roundtable on China’s deepening financial integration with Hong Kong and its impact on global markets. The event convened senior policymakers and financial practitioners with expertise in Hong Kong’s financial system. The roundtable explored several key themes, with discussions organized around five main areas of inquiry:
- Hong Kong’s present status in relation to the mainland
- Hong Kong’s evolution toward a controlled channel for mainland investment outflows
- The future of the Hong Kong dollar peg
- Hong Kong’s position within the changing international financial order
- Implications for the international community
The roundtable was conducted under Chatham House Rule.
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