Editorial
HK's supportive role 2008年12月16日 thisurl=escape(parent.window.location.href); document.write ('');
【明報專訊】CHIEF EXECUTIVE Donald Tsang is on a duty visit in Beijing between next Wednesday and next Friday (December 17 and December 19), and good news has come from the capital. The General Office of the State Council has unveiled a 30-point plan to reduce the impact of the financial tsunami and foster rapid, steady economic growth. According to the plan, Hong Kong businesses and financial institutions that have sizable operations on the mainland would be allowed to float yuan bonds in the SAR, and measures would be taken to develop yuan business in Hong Kong.
It is a fact that Hong Kong cannot but rely on the mainland for its development. It is right and proper for the SAR to turn to the central government for support to meet its needs. It is the case that all the measures the central government has taken to support Hong Kong benefit not only the SAR but also the mainland.
We cannot see what is wrong with Hong Kong proposing to the central government what would benefit both the mainland and the SAR. Last week, Donald Tsang (who is about to set out on a duty visit) said he would discuss with the central government ways of boosting yuan business in Hong Kong so that the SAR could better meet the nation's needs and better carry out the functions it had as an international financial centre. Such a move would certainly lead to a win-win situation. It is gratifying that this will happen.
Since the financial tsunami began, the mainland has seemed feeble and in passivity in the financial world because its financial sector is backward. It is aware that the US, to save its economy, must issue treasury bonds and print money. It knows the US will be even deeper in debt, and US-dollar assets will be worth less and less. However, it has no option but to keep buying US treasury bills with the Chinese people's hard-earned money. The global order will be reshaped in the wake of the financial tsunami. How can China seize the opportunity to gain a place becoming its economic power in the financial world? This issue is now high on the Chinese government's agenda.
Many mainland experts and scholars have explored what will become of the yuan. They are of the opinion that now is an opportune moment to try to internationalise it. If the mainland wants the yuan to become an international currency, Hong Kong, with its financial infrastructure, rule of law, professions and sound supportive systems, should be the best place in which to pilot its measures.
By looking at the 30-point directive the General Office of the State Council has issued, one can have a rough idea of the central government's overall plan to develop China's financial sector. It is clear from what the financial tsunami has exposed that financial services are the weakest, most backward link of the Chinese economy. The central government is pondering what can be done to change this situation. Financial services are one of Hong Kong's strengths. The SAR government should of course ask the central government to use Hong Kong to help the country to develop its financial sector. In looking at this matter, Hong Kong people should think Hong Kong only fears the central government would not make use of it. That should not be mentioned in the same breath as asking for benefit like a prodigal.
An article by Convenor of the Executive Council Leung Chun-ying published in this newspaper last Friday says, "Opportunities will arise in the next decade. China can greatly boost its economic power if it makes good use of them. If Hong Kong makes good use of them, it will be clear what functions it can fulfil with respect to the nation's development, and it can make long-term, regular contributions. Hong Kong should become that by which China can exert its influence in international finance. Strategic importance should be attached to this issue, which should be part of the central government's strategy for development. Hong Kong should surmount ideological and political obstacles that have appeared or may appear. The SAR government should devote its all."
We cannot agree with him more. Any place that has such an opportunity can do what may benefit both the mainland and itself. Such an opportunity is beyond other places (including Singapore). However, Providence is so kind to Hong Kong that it is its for the asking. Therefore, Hong Kong must stop hesitating. It must surmount all ideological and political obstacles. It is time it fully integrated its economy with the mainland's.
明報2008.12.15 社評﹕配合內地整體金融佈局 全情投入開創雙贏局面
行 政長官曾蔭權周三至周五(17至19日)到北京述職前夕，北京傳來了好消息，國務院辦公廳就應對金融海嘯衝擊、促進經濟平穩較快發展提出了30條意見，包 括允許在內地有較多業務的香港企業或金融機構在港發行人民幣債券、支持香港人民幣業務發展等，有利於創造內地與本港的雙贏局面。
現實上，香港發展離不開內地，香港因應本身需要，向中央要求支援，也屬理所當然。而證諸實際情，過去中央支援香港，不但對香港有利，也有益於內地。
所以，如果香港主動提出來的建議，對內地和本港都有利，看不出有任何不妥。曾蔭權就這次述職，上周一曾預告將與中央商討逐步擴大香港的人民幣業務，使香港更能配合國家發展需要，發揮國際金融中心的功能。這個議題，肯定會開創雙贏局面，如今能夠成事，確是好事。
金 融海嘯演變過程中，內地金融業發展滯後，致使在金融世界中有被動無力之感，例如明知道美國要以發國債和印鈔票來挽救經濟，債台將更高築，美元資產將更不值 錢，但是中國在無所選擇之下，仍然要耗用辛苦積累的民脂民膏購買美國國債。金融海嘯導致國際秩序重組，中國如何把握這個歷史轉折契機，在金融世界爭取與經 濟實力相稱的一席之地，已經擺在中國政府面前。
近期許多內地專家學者，紛紛探討人民幣的前路，認為現在是推動人民幣國際化的契機。內地如果要逐步讓人民幣成為國際貨幣，以香港的金融基建、法治基礎、專業人才和相對完備的配套設施，應該是最佳試點平台。
中 央在整體金融佈局還有什麼構思，從國務院辦公廳提出的30條意見可知梗概，而這次金融危機所暴露的問題，說明金融仍是整體中國經濟最弱和最落後的一環，中 央正在尋思改變這種局面。金融是香港的強項，爭取國家多利用香港協助國家發展金融業，是應有之義。港人應以「不怕中央利用，只怕中央不利用」的思維認識此 事，伸手覑數的「二世祖」，根本不能相提並論。
上周五，行政會議召集人梁振英先生在本報的專欄「筆陣」中，提到「未來10年的機遇期，如 果中國也把握好，將可以為經濟實力作重要補充，如果香港也把握好，將可以不斷發展新的和壯大固有的金融業務，香港對國家未來發展的功能就可以有清晰的定 位，可以做好長期的穩定的貢獻。因此，發展香港的中國國際金融力量，這個課題，要放在戰略高度：在全國層次，應該作為國家發展策略的一部分，在香港方面， 要突破過去和現在的種種思想和政治障礙，特區政府要全情全力投入」。
我們完全同意他的觀察和分析。一個與內地互利雙贏甚至多贏的機遇，其他國家(例如新加坡)求之而不可得，香港卻是得天獨厚，機遇唾手可得。所以，突破種種思想和政治障礙，不再遲疑，全方位與金融和中國經濟融合，此其時矣！
MingPao 2.3 by Leies Chan
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