Hong Kong capital market can help turn mainland tech firms into ‘global leaders’

Hong Kong should step up efforts to support the country’s tech enterprises using its capital market, helping such businesses secure more funding and become “global leaders”, a Beijing official has said.

Qi Bin, a deputy director at Beijing’s liaison office in Hong Kong, also said on Tuesday that fostering a strong capital market in the city to bolster the nation’s technological advances was the “obvious choice”.

The former vice-president of the China Investment Corporation added that such a move would also benefit Hong Kong.

Qi’s remarks echoed Chinese Vice-Premier Ding Xuexiang’s call earlier this month for the city to use its resources to support the country’s technological strides.

“The recent positive momentum of Hong Kong’s economic and social development shows that the key to Hong Kong’s economic growth is financial market development,” Qi told attendees on the first day of a summit hosted by HSBC.

“Fostering a strong capital market in Hong Kong is also an obvious choice for growing China’s technological innovation and industrial upgrades, while enabling both the Hong Kong and Asian stock markets to grow into world-class capital markets together.”