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At the annual financial industry conference Sibos 2024 in Beijing, James Alistair Fok, chief commercial officer of the central moneymarkets unit at the Hong Kong Monetary Authority (HKMA), shared his vision for China's economic future during an interview with CGTN's Michael Wang.
Fok emphasized the importance of long-term prosperity driven by innovation. He highlighted China's electric vehicle revolution and ongoing urban transformation as prime examples of how technological advancements are shaping the nation's economic landscape.
Looking ahead, Fok pointed out significant opportunities for diversifying Hong Kong's financial center. By expanding into new financial services and embracing cutting-edge technologies, Hong Kong aims to strengthen its position as a global financial hub. Additionally, he noted the global expansion of Chinese custodian banks as a strategic move to meet the rising demands of cross-border investments.
Fok's insights underscore the HKMA's commitment to fostering a dynamic and resilient financial ecosystem, ensuring sustained growth and prosperity for the region. As markets continue to evolve, innovation and diversification remain at the forefront of Hong Kong's economic strategy.
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