This screencap of a video posted on the website Hong Kong Exchanges and Clearing Limited shows the exchange's chief executive Nicolas Aguzin speaking in an interview.

HONG KONG - China's equity and bond markets combined are expected to surpass the $100-trillion mark in about 10 years, chief executive officer of the Hong Kong Exchanges and Clearing Limited Nicolas Aguzin said Wednesday.

"That's like creating a capital market the size of the US financial markets in a decade," Aguzin said in his first blog in 2022.

Continued growth in China's economy and significant changes in the financial sector will drive what Aguzin called a "big bang of finance," which is an ongoing once-in-a-generation structural change to global finance.

Noting that Hong Kong is uniquely positioned for the "big bang of finance," Hong Kong Exchanges and Clearing Limited chief executive officer Nicolas Aguzin said he believes the financial hub's role is more vital than it has ever been

"I feel pretty confident that we are going to see China's onshore capital markets continue to expand in breadth and depth," he said.

China's capital markets in the past two years saw explosive growth, with the combined value of the onshore bond and stock markets growing from $18.6 trillion to $30.7 trillion between 2018 and 2020, he added.

ALSO READ: HKEX to open New York office to bolster global presence

Further reforms to open capital markets and drive yuan's internationalization will accelerate capital flows into and out of the Chinese mainland through the Hong Kong Special Administrative Region, according to Aguzin.

"The stream of reforms introduced to China's financial markets in recent years has already begun the process by which the orbit of global markets has begun to steadily shift towards the East, and specifically China," he said.

Noting that Hong Kong is uniquely positioned for the "big bang of finance," Aguzin said he believes Hong Kong's role is more vital than it has ever been.

For years Hong Kong has been a conduit between East and West, a vital global hub supported by its deep talent pools, robust infrastructure, internationally-aligned regulatory regimes and practices, free-flow of capital, and transparent, open and globalized markets, he said.

READ MORE: HKEX mulls high bar for SPAC investors to ensure listing quality

"Hong Kong must remain nimble and responsive. It must look to make its markets ever more competitive and attractive," he said.