MIL-OSI China: Hong Kong to contribute to national financial development in different areas: HKSAR chief executive

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Source: China State Council Information Office 2

Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said on Sunday that in the country’s financial development, Hong Kong will play a key role in promoting renminbi (RMB) internationalization, diversified financing, fund management, risk management and green development.
Lam delivered a video speech at a financial summit, saying that over the past two years, Hong Kong has experienced unprecedented challenges, but with the strong support of the central government, the practice of “one country, two systems” has returned to the right track, which also further opened up new developments for Hong Kong.
Hong Kong will actively participate in and contribute to the new development pattern of the country, which will, in turn, bring endless impetus to Hong Kong’s economy, she said.
Lam said Hong Kong is the world’s largest offshore RMB business hub. The HKSAR government will continue to explore with the industry and mainland authorities about the expansion of channels for the two-way flow of cross-border RMB funds, and to optimize and broaden the interconnection mechanism between the financial markets of the two places, she added.
She said that Hong Kong can provide reliable and diversified financing services for mainland enterprises. To strengthen Hong Kong’s role as an international asset management center, Hong Kong has introduced a new fund structure, which is beneficial for mainland enterprises to attract overseas funds outside traditional bank financing channels.
As for fund management, Hong Kong can provide parking and management services for overseas funds from the mainland, and can play the role as a risk management center. In the first half of this year, the HKSAR government has implemented a series of measures to consolidate Hong Kong’s position as an international risk management center, she said.
Hong Kong can support green enterprises and projects in the mainland, promote the construction of national ecological civilization and boost green development, cooperate with the country to cope with global climate change and promote sustainable development, she added.

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