China Daily | Former HKEX CEO Li: China must journey from easy to hard money
As the half-century of global prosperity built on China-US complementarity is reaching its natural limits, the era of "easy but low-margin money" is drawing to a close.
China now must learn to earn "hard money" — by rebuilding balance within, advancing technological strength, climbing up the global value chain and carving out new markets worldwide, according to Li Xiaojia, former CEO of Hong Kong Exchanges and Clearing Ltd (HKEX).
Li said in an exclusive interview with China Daily that he sees this transition, though painful, as both inevitable and timely, aligning with the upcoming 15th Five-Year Plan's (2026-30) focus on rebalancing growth and reinforcing self-sufficiency. He emphasized that this is not merely a response to external pressures but a necessary evolution for the Chinese economy.
"For the next five to 10 years, we are shifting gears on an uphill road," Li said. "It's risky. But once the gears catch, the engine roars forward — and you accelerate faster than ever." [...]