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Xiao Geng: New Ground for Developing High-quality Shenzhen-Hong Kong Cooperation

In recent years, Shenzhen and Hong Kong have continued to expand their cooperation at an increasingly higher level, under continuously improving cooperation mechanisms and with cooperation models being constantly innovated. In the first three quarters of 2023, the combined GDP of Shenzhen and Hong Kong registered nearly RMB 4.5 trillion, accounting for approximately 44% of the economic aggregate of the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area)....


Lower Transaction Costs for Greater Innovation

HONG KONG – A century ago, the prevailing microeconomic theories defined economies as a continuous flow of spot transactions between individual buyers and sellers. But in practice, Nobel laureate economist Ronald H. Coase observed in the 1930s, market economies are organized into firms, which consist of individuals coming together to conduct economic activities according to the plans and priorities set by the company’s management. The reason, he concluded, is that market transactions are not costless, and firms are better equipped than individuals to minimize those costs....


Xiao Geng: Consolidate the Status as an International Financial Center and Promote High-level Financial Opening-up

On October 25, John Lee Ka-chiu, Chief Executive of the Government of the Hong Kong Special Administrative Region (HKSAR), released the second The Chief Executive’s 2023 Policy Address (“The Policy Address”) during his term of office. Xiao Geng, Chairman of the Hong Kong Institute for International Finance and Member of the Chief Executive’s Policy Unit Expert Group of the Government of the HKSAR, said in an exclusive interview with the journalists from Southern Finance Omnimedia Corp. that The Policy Address proposed several measures to consolidate the status of Hong Kong as an international financial center and Hong Kong must establish itself as an international financial center complemented by the industrial advantages in the Chinese Mainland to promote high-level financial opening-up....


How to Restructure Chinese Supply Chains

HONG KONG – “The old is dying and the new cannot be born,” the Italian Marxist theorist Antonio Gramsci wrote in the early twentieth century. We seem to be living in a similar interregnum today, likewise marked by “a great variety of morbid symptoms,” including, not least, the breakdown of global supply chains and the return of inflation. The only way forward is to support the development of new markets, industries, and institutions. But who will finance this effort?...


Reimagining Development

Hong Kong - The world is in the midst of a global permacrisis. As interrelated shocks – the war in Ukraine, the fallout of the COVID-19 pandemic, the escalating US-China rivalry, climate change, and a looming financial meltdown – threaten to engulf the world’s great powers, it is time for emerging-market and developing economies (EMDEs) to revisit and revise their development strategies....