CE satisfies Chairman of China Securities Regulatory Commission (with image)
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The Chief Executive, Mr John Lee, today (August 2) met the Chairman of the China Securities Regulatory Commission, Mr Wu Qing, at Government House to exchange views on deepening the shared gain access to in between Hong Kong and Mainland monetary markets. The Financial Secretary, Mr Paul Chan; the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan; the Chairman of the Securities and Futures Commission of Hong Kong (SFC), Dr Kelvin Wong; and the Chief Executive Officer of the SFC, Ms Julia Leung, likewise participated in the conference.
Mr Lee invited Mr Wu and his delegation to Hong Kong. He stated that Hong Kong takes pleasure in distinct benefits of having strong assistance of the motherland and being carefully linked to the world under the “one country, two systems” concept, and has an extremely internationalised market environment and fully grown monetary facilities. The National 15th Five-Year Plan supports Hong Kong in combining and boosting its status as a worldwide monetary centre, enhancing its functions as an international overseas Renminbi (RMB) organization center, a global possession and wealth management centre, and a global threat management centre. The Hong Kong Special Administrative Region (HKSAR) Government is pushing ahead at complete speed with the preparation of Hong Kong’s First Five-Year Plan, and is totally dedicated to its solution to proactively take the chances brought by the advancement of the nation, continually advance the top quality advancement of Hong Kong as a worldwide monetary centre, and support the top-level opening up of the Mainland’s monetary markets.
Mr Lee stated that worldwide need for RMB in trade financing, financial investment and reserves is progressively increasing. Hong Kong, as a center for international overseas RMB deals and monetary activities, with the world’s biggest overseas swimming pool of RMB funds, has actually been actively advancing the updating of its monetary facilities, item development and market growth in different crucial locations. He was pleased to keep in mind that the launch of Mainland federal government bond futures in Hong Kong tomorrow (August 3) supplies a reliable overseas threat management tool for financiers, and assists bring in worldwide financiers to take part in the Mainland bond market and to hold RMB treasury bonds on a long-lasting basis. This is a crucial action in improving the RMB item community, and even more combines Hong Kong’s status as the world’s overseas RMB service center. Mr Lee thanked the Central People’s Government and appropriate Mainland regulators for their ongoing assistance, and stated that he anticipated additional deepening co-operation with the Mainland and boosting the liquidity of overseas RMB to assist in the sensible and strong improvement of the RMB’s internationalisation.
Mr Lee stated that the HKSAR Government will continue to work carefully with Mainland regulators to collectively carry out practical steps to deepen co-operation in between the 2 markets. Hong Kong will continue to broaden the shared gain access to in between Hong Kong and Mainland monetary markets, developing on the existing structures of Stock Connect, Bond Connect and Cross-boundary Wealth Management Connect, to provide a vast array of financial investment and threat management items to the marketplace. Hong Kong and the Mainland will attain complementary benefits and promote synergistic advancement and item development in the monetary markets to add to the advancement of the nation as a monetary powerhouse.