Xu Zhengyu: Further Expanding Offshore RMB Business and Deepening Market Connectivity between Hong Kong and Mainland China

The Zhitong Finance App learned that Hong Kong's Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, wrote that looking forward to the beginning of the “15th Five-Year Plan”, Hong Kong will continue to promote the vigorous development of the financial market, further expand offshore RMB business, consolidate Hong Kong's position as the world's largest offshore RMB hub; vigorously develop green and sustainable finance to help the country achieve the “dual carbon” goal; actively promote fintech applications and deepen the interconnection mechanism with the mainland market.

Xu Zhengyu added that Hong Kong will strengthen its role as a super contact person and super value-added person, attract more family offices and asset management institutions to settle in Hong Kong, further strengthen Hong Kong's position as an international asset and wealth management center, and continue to attract more international capital and expertise to gather in Hong Kong.

Xu Zhengyu said that in the past year, with the firm guarantee of “one country, two systems” and the strong support of the central government policy, Hong Kong's position as an international financial center has been further consolidated. It will actively connect with the country's “15th Five-Year Plan”, deepen financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area, promote reform and innovation in the fields of stocks, bonds, commodity markets and asset management, and continue to attract more international capital and expertise to Hong Kong.

He said that the Central Hong Kong and Macau Administration recently issued a document fully affirming Hong Kong's remarkable achievements in the economic, financial and other fields over the past year, and looking forward to the future development of the Special Administrative Region. Regarding Hong Kong's third largest global financial center last year, leading the Hong Kong stock market in terms of IPOs, outstanding performance in the Hang Seng Index, and a record high number of companies based in Hong Kong, Hui Ching-yu pointed out that these achievements were hard to come by. They were also driven by the joint efforts of the Hong Kong Special Administrative Region Government and the financial industry. They were also driven by strong support from the central government and the country's high-quality development.

Hong Kong's financial industry will continue to take advantage of its unique advantages of “backing the motherland and connecting the world”, actively integrating into the overall development of the country and contributing to the country's modernization drive.