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1、9-112-035REV:OCTOBER4,2011KARTHIKRAMANNAGWENYUG.A.DONOVANChinaortheWorld?AFinancialReportingStrategyforHongKong’sCapitalMarkets―WewillcontinuetodevelopHongKongasaglobalfinancialcenter…,attractingcapitalandtalentfromwithinandoutsidethecountry.‖—HongKon
2、gChiefExecutiveDonaldTsang,October20091―HongKongonlyhasasmuchpowerasauthorizedbythecentralgovernment.‖—WuBangguo,Chairman,PRCNationalPeople‘sCongress,June20072WhentheChineseeconomyopenedtogreatertradeandinvestmentbeginningin1979,HongKongwasuniquelypos
3、itionedtoplayamajorroleintheMainland‘seconomictransformation.ABritishcolonysince1841,HongKonghadweatheredChina‘sMaoistisolationismduringthemid-twentiethcenturybydevelopingitselfasaninternationaltradingandfinancialhub.AsChina‘seconomybegantoboominthe19
4、80s,HongKong‘swell-developedcapitalmarkets,stronggovernanceinstitutions,andindependentjudiciaryhelpeditcapitalizeonChina‘sgrowthpotentialtobecometheleadingentrepôttotheMainland.From1986to2010,HongKong‘sre-exportsfromChinaincreasedbyafactorofmorethan35
5、(seeExhibit1),whilethecapitalizationofcompaniesontheHongKongStockExchangeincreasedfromUS$31billiontoUS$2.7trillion.However,by2011Chinahadbegunbuildingupitsowncapital-marketsinfrastructureandHongKongfacedstiffcompetitionfromemergingfinancialcentersinSh
6、anghaiandShenzhen.3Moreover,othermatureAsiancommercialhubssuchasSingaporehadannouncedinitiativesthatputthemindirectcompetitionwithHongKong,4andstockexchangesworldwidewereincreasinglyseekinglistingsfromChinesecompanies.HongKongneededtomakesomeimportant
7、decisionstoprotectitsextantstatusastheregion‘snumber-onefinancialdestinationandthuspreserveitsfirst-worldlivingstandards.AsthecitylookedaheadtoChina‘sroleintheworldeconomyoverthenextdecade,wasitbetterpositionedastheworld‘sgatewaytoChinaorasChina‘sgate
8、waytotheworld?Andmorebroadly,howtightlyaligneddidHongKong‘sfutureneedtobewiththatofChina?OnespecificdecisionthathingedonthesequestionsinvolvedthefinancialreportingregimeforcompanieslistedinHongKong.Overthefirstdecadeofthetwenty-firstcentury,mu
