Placeholder Image

字幕表 動画を再生する

審査済み この字幕は審査済みです
  • Hong Kong is the world's gateway to China, but it's more than that.


  • It's China's gateway to the world, especially when it comes to what makes the city really tick - finance.


  • Hong Kong is run under a different set of rules to the rest of China known as One Country Two Systems.


  • It has its own currency, an independent legal system, and a quasidemocratic government that in theory at least operates under a high degree of autonomy.


  • However, three months of increasingly violent demonstrations have exposed the fault lines in the system and are forcing Beijing to face an uncomfortable question.

    しかし 3 ヶ月に渡ってますます激化するデモは、その制度に欠点が存在することを明らかにし、北京政府はある厄介な問題に直面しました。

  • Just how important is Hong Kong?


  • When the territory was handed over from the British to the Chinese in 1997, Hong Kong's economy was equal to about a fifth of China's.

    領土が 1997 年にイギリス政府から中国政府に返還された時、香港の経済圏は中国のおよそ 5 分の 1 に相当しました。

  • Spectacular growth in China over the two decades since then have shrunk that to the equivalent of less than three percent.

    それ以来 20 年に渡る中国の急成長によって、3 % 以下にまで縮小しました。

  • Surely, China could live without that if it needed to.


  • The truth isn't that simple.


  • Capital controls on the renminbi mean that if a Chinese company wants to expand overseas, it needs to raise money outside mainland China.


  • At the moment, a third of all dollar bond issuance by Chinese companies happens in Hong Kong.

    現時点では、中国企業によるドル起債の 3 分の 1 は香港で起きています。

  • Could companies raise foreign currency in New York or London?


  • In theory, yes, but the lack of knowledge and familiarity would make it a whole lot more difficult for many of them.


  • It's a similar story when it comes to the stock market.


  • Three-quarters of all funding from offshore IPOs is raised in Hong Kong, where investors are comfortable putting their money into mainland-based companies.

    オフショアの IPO(新規公開株)による資金調達の 3 分の 1 は香港で行われ、そこでは投資家たちが安心して中国本土に拠点を置く企業に投資することができます。

  • With the Hong Kong currency pegged to the US dollar, that means Chinese companies can get ready access to some of the deepest capital markets in the world.


  • Chinese companies could list elsewhere, but a highly liquid market on their doorstep makes Hong Kong an easier and more attractive option.


  • It isn't just companies looking to expand overseas that want foreign investment.


  • Hong Kong's stock connects with markets in Shanghai and Shenzhen and allow foreign investors to put their money into Chinese companies without worrying about China's capital controls, which could stop them getting back out.


  • Hong Kong may have become politically unstable and a source of discomfort for the government in Beijing.


  • But if China was to dismantle the firewall between the mainland and Hong Kong, it's not just the Asian financial hub that would suffer.


  • Corporate China would also find itself left in the lurch.


Hong Kong is the world's gateway to China, but it's more than that.


審査済み この字幕は審査済みです

ワンタップで英和辞典検索 単語をクリックすると、意味が表示されます