China
HK economy looking forward to better future
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Source: CCTV.com | 06-26-2007 13:41
Special Report: HK 10 Years |
In the past ten years, the Hong Hong economy has experienced many ups and downs. And through it all, Hong Kong has retained its status as a financial center and international trade hub.
The Industrial and Commercial Bank of China made history with its Hong Kong listing. The Mainland's largest bank raised more than 19 billion US dollars. And the IPO was the largest ever in the global stock markets, a major achievement for the Hong Kong stock market.
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Lee Yeh-Kwong, former chairman, HK stock exchange, said, "The ICBC IPO attracted a huge number of international investors. On the one hand, this demonstrated their confidence in ICBC as well as in the Chinese economy. On the other hand, it showed that they have confidence in Hong Kong market. "
But ICBC is not the only Mainland player to push the Hang Seng index high. Other giants, including the Bank of China, the China Construction Bank, and the Bank of Communications, have all contributed to the bull trend through H-share IPOs. In 2006, the market value of the Hong Kong stock market exceeded 13 trillion HK dollars, ranking the 7th in the world.
Lee Yeh-Kwong said, "There are three international financial centers in the world. One is in America, one is in Europe and the other is in Asia. I believe that Hong Kong has the capability to stand equally with New York and London and become the center in Asia."
