Bashusong: Scientific and technological innovation should become the primary "new driving force" for future global economic growth

Per the reporter Zhang Yi Chengdu photography report per the editor Yi Qijiang

On April 29, the "2021 Capital Empowerment High-quality Development Summit" hosted by Chengdu Local Financial Supervision and Administration Bureau and Guosen Securities, guided by the Hong Kong Stock Exchange and hosted by Guosen Securities (Hong Kong) was held in Chengdu.

At the summit, Ba Shusong, managing director of HKEX, chief China economist and chief economist of the China Banking Association, pointed out in a video link speech that scientific and technological innovation should become the primary "new driving force" for future global economic growth. To achieve high-quality development of China's economy, it must achieve connotative growth driven by innovation.

He believes that the current market concern will form a style shift with the economic recovery, but in the medium to long term, technological progress and innovation remain the key to improving labor productivity, for China and for the world. In addition, the impact of the epidemic has objectively provided space and opportunities for the innovative development of the new economy, and coupled with the new international environment, it will force the transformation of kinetic energy.

"New economy companies enhance the long-term attractiveness of Hong Kong's capital market." Ba Shusong introduced that the more inclusive listing rules for new economy enterprises have changed the ecological structure of Hong Kong's capital market. As one of the world's largest initial public offering markets, HKEX brings together outstanding new economy companies, further increasing its attractiveness to global investors. In 2020, the number of first-time offerings in Hong Kong reached 154, and the total amount of funds raised reached US$51.3 billion, ranking second in the world.

Ba Shusong also specifically mentioned that in the Hong Kong capital market, the medical and health and biotechnology sectors have begun to take shape. As of the end of March this year, a total of 172 healthcare companies were listed in the Hong Kong market, with a total market capitalization of nearly HK$4.1 trillion. Since the new listing rules came into effect, HKEX has welcomed 63 healthcare and biotechnology companies listed in Hong Kong with an initial public offering of HK$196.4 billion. "These have flowed into the real economy of biomedicine, promoting the innovation of biotechnology, many of which are on the front line of the fight against the epidemic."

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