Wang Yi, Financial Secretary of the Ministry of Finance: China’s sovereign debt is a pinnacle of the sea
Yesterday, Wang Yi, the Financial Secretary of the Ministry of Finance of China, came to Hong Kong to introduce a $3 billion sovereign debt. The conclusion of the 60-minute roadshow attracted more than 160 investor representatives. Long-term applause, “The bond was very good and successful last year. The bond trend is basically close to the AAA level of sovereign bonds. This year, some institutions predict that US bonds may have completed a 30-year high growth cycle, while emerging market sovereign bonds fluctuate greatly. As the “Dinghaishen" of the international sovereign bond market, you don’t buy Chinese sovereign bonds. Who else can you buy?"
The Ministry of Finance also launched online video introductions in both Chinese and English, and more than 150 organizations from Asia, Europe and other regions have access to online listening and presentations. It is expected to complete the bidding for RMB 5 billion sovereign bonds on Wednesday and complete the pricing of US$3 billion in sovereign bonds on Thursday.
The Hong Kong Financial Secretary, Mr. Chen Maobo, said in a welcome speech that Hong Kong has played a unique and important role in the 40 years of reform and opening up in the Mainland. Hong Kong is a “test field" and a “firewall" to help the country’s financial markets connect to the international market. open. The reform and modernization of the mainland financial system is an important cornerstone for the country to successfully achieve sustained, rapid and stable economic development.
Responding to the war in China
Wang Yi conducted a comprehensive interpretation of the latest trends in China’s economic development, and faced issues such as tax cuts, leverage levels, real estate regulation, green economy, trade protection and other hot issues. When talking about the Sino-US trade friction, he pointed out that the IMF recently announced the latest global economic outlook. Due to the uncertainty of global trade, the global economic growth and global trade volume have been lowered by 0.2 percentage points, but the forecast of China’s economic growth of 6.6% is still maintained. constant. He said that the US trade deficit in August was $53.2 billion. In the past six months, the Sino-US deficit level has not been reduced because of increased tariffs. He also pointed out that according to the field visits to various parts of the United States, including large supermarkets, it is expected that Sino-US trade friction will directly affect the lives of ordinary Americans, but it does not necessarily bring a large number of industrial returns to the United States because of the labor force in China and the United States. The wage levels are too different, and high-tech such as AI will have a higher replacement rate for low-end labor.
The actual impact of Sino-US trade friction on China’s economic growth remains to be seen. Wang Yi said that the coastal provinces with large export share will have greater impact than the inland provinces. Overall, the short-term impact is greater than the long-term impact, and the psychological expectation is greater than the actual impact. He stressed that the total market of 1.4 billion people in mainland China is huge, and any forward-looking entrepreneur will not ignore the Chinese mainland market.
Wang Yi stressed that in order to cope with the potential negative impacts, China has put forward six measures to stabilize employment, stabilize finance, stabilize foreign trade, stabilize foreign investment, stabilize investment, and stabilize expectations. A series of policy measures are being introduced one after another. China has a backhand. There are countermeasures and emboldened.