Dual cycle, Wall Street continues to advance into China

This year, industry insiders believe that China opening up is not an act of "reconciling" with the United States to ease tensions, but out of self-interest. China has turned to a "dual cycle" strategy and will continue to open its doors. In this strategy, the domestic market becomes the main growth driver, supplemented by foreign demand..

So, the world's major banks and fund companies have increased their business in China, and a record US$212 billion of foreign capital has poured into China's bond and stock markets. At the same time, Washington has introduced various measures aimed at decoupling from China. But these turbulences have not shaken the chance of global finance rushing to China to seize profit share-it is estimated that by 2026, investment banking profits alone will increase to 47 billion US dollars. Goldman Sachs and JPMorgan Chase are currently pushing for full control of their joint ventures in China, and fund giants such as the Blackstone Group have also been approved to open branches.

There are indications that after Biden takes office, the US Congress will continue to confront the line, and the financial industry may fall into it.  At the same time, Beijing has vowed to continue to relax barriers to China's capital market.

In a year of turbulent world situation, China's push has paid off. After successfully containing the epidemic, China's economy has outperformed its major competitors. According to a September survey by HSBC Qianhai Securities, nearly two-thirds of more than 900 global institutional investors and large companies plan to increase their investment in China by an average of 25% in the next year.

China opening up actions were noticed by Washington. This week, a committee of the US Congress warned that China’s financial opening is part of a “well-planned strategy” to obtain foreign investment and use it to support the domestic economy. The US Congress passed a piece of legislation this week that could cause Chinese companies from the US  to delist.

So far, China’s response has been to continue along the path of further opening up. Openness shows that China is realizing that in order to have world leadership in politics and finance, they need to embrace openness and become one of the largest countries in the world in all these markets.

S. L. Li  Engineer
HKFDP

香港建設專業聯會

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國安法利劍出鞘，宵小盡四散。宵小者誰？潛逃著草者也。

一些前議員，政客，常常挂著捍衛香港民主自由法治，而實際上背道而馳。例如，前議員許智峯，梁頌恆，羅冠聰，前「民間外交網絡」發言人張崑陽，前「香港獨立聯盟」召集人陳家駒，棄保潛逃的本土民主前線前召集人黃台仰及前成員李東昇等人紛紛“著草”海外，美名其曰流亡。只要將法律説成惡法，將政府説成暴政，所以違反法律也不是太大問題，試問世間上有這道理嗎？如是者，社會上將沒有秩序，法治可言。影響極其惡劣。

其次，違反游戲規則便要承擔相應後果。“決心”要民主香港，走錯路，違反法律，爲何不敢接受當下的法律制裁?當真以爲世事如電腦游戲，輸了用鼠標點一下“退出游戲”便可?這顯示了前議員，政棍們毫無承擔，政治是衆人之事，我不相信沒有承擔，不肯負責，擔憂個人得失的人可促進香港的未來發展或者民主進程，因爲他們根本不會為其他人著想。一些香港人投票給那些前議員，資助那些青年政客，他們卻用行動抛棄那些香港人，何其諷刺。可惜一些香港人還活在夢裏，同情他們，相信他們，甚至仍支持他們。

這些前議員，政棍們的本質是自身軟弱，不堪一擊，取態投機，依靠洋大人，消費香港人。他們將被釘在歷史的恥辱柱上。

王其宇 香港大學學生
香港建設專業聯會青年部理事