On July 7, 2026, Hong Kong launched its latest Connect programme, Delivery Connect, which is part of the city’s new gold clearing and settlement system. While much attention centered on gold, Delivery Connect represents a broader shift in China’s financial liberalisation strategy.

Unlike the sweeping deregulation and rapid capital account openings typical of many emerging economies over the past three decades, China is adopting a more measured approach. The country is incrementally expanding market access while maintaining oversight of capital flows and financial risks. This strategy involves carefully designed cross-border channels with Hong Kong serving as a crucial bridge.

Delivery Connect builds on previous initiatives such as Stock Connect, launched in 2014, which provided international investors unprecedented access to mainland equities and allowed mainland investors to invest in Hong Kong-listed shares. Bond Connect followed in 2017, opening China’s extensive fixed-income market.

Together, these programmes illustrate how China’s financial opening has evolved from isolated reforms into a comprehensive blueprint for integration with global markets.

Sources

South China Morning Post World, "Connect scheme for gold shines light on China’s financial liberalisation," Matteo Giovannini, July 15, 2026. Read more