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Chinese mainland's top regulators back Hong Kong to consolidate status as global financial hub

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Hong Kong's status as an international financial center and offshore yuan hub is receiving fresh backing from Chinese mainland's top financial regulators at the fifth Global Financial Leaders' Investment Summit, with new steps to deepen cross-border capital market connectivity and two-way opening between the mainland and Hong Kong Special Administrative Region.

The three-day event, hosted by the Hong Kong Monetary Authority from November 2 to 4, has gathered around 280 financial leaders from across the world.

Chinese mainland's top financial regulators, including the People's Bank of China (PBOC), the State Administration of Foreign Exchange (SAFE), and China Securities Regulatory Commission (CSRC), pledged coordinated policy support to deepen cross-border market links, expand two-way opening and shore up Hong Kong's long-term prosperity and stability.

View of the Victoria Harbor, Hong Kong, China, September 30, 2026. (Photo: VCG)

Zou Lan, PBOC deputy governor, said the PBOC will consolidate Hong Kong's role as a global offshore renminbi (RMB) business hub and support the development of a deeper pool of RMB assets in the city.

Li Hongyan, deputy administrator of the SAFE, said the SAFE will support Hong Kong's development as an international financial center and reinforce its role as an offshore RMB hub.

(Left-Right) Eddie Yue, chief executive of the Hong Kong Monetary Authority, Zou Lan, deputy governor of the People's Bank of China, Xiao Yuanqi, vice minister of the National Financial Regulatory Administration, Li Chao, vice chairman of China Securities Regulatory Commission, and Li Hongyan, deputy administrator of the State Administration of Foreign Exchange, at the Global Financial Leaders' Investment Forum in Hong Kong, China, November 3, 2026. /HKMA

(Left-Right) Eddie Yue, chief executive of the Hong Kong Monetary Authority, Zou Lan, deputy governor of the People's Bank of China, Xiao Yuanqi, vice minister of the National Financial Regulatory Administration, Li Chao, vice chairman of China Securities Regulatory Commission, and Li Hongyan, deputy administrator of the State Administration of Foreign Exchange, at the Global Financial Leaders' Investment Forum in Hong Kong, China, November 3, 2026. (Photo: HKMA)

Li Chao, vice chairman of the CSRC, said the CSRC will push forward practical cooperation between the mainland and Hong Kong capital markets and deepen two-way opening-up to help Hong Kong consolidate and elevate its global financial standing.

The commission will accelerate inclusion of RMB-denominated stock trading counters under the Stock Connect scheme, and roll out an optimized framework for qualified foreign institutional investors to deliver a more streamlined regulatory environment, Li stated. He added that the CSRC will also support mainland firms seeking global expansion to list in Hong Kong, enabling both markets to better channel capital toward the development of new-quality productive forces.

The pledges come against a buoyant IPO backdrop in Hong Kong. The city recorded 118 new IPOs in the first nine months of 2026, a 71% rise from a year earlier. Total IPO proceeds reached HK$388 billion ($49.4 billion), surging 106% year on year.