Financial Services A Key Sector: CE

(To watch the whole media session with sign language interpretation, click here.)

Chief Executive Carrie Lam today said she has submitted to the central government proposals for transforming Hong Kong into a private wealth management hub, as the financial services sector is not only important to Hong Kong, but also to the country.

Hong Kong & Macao Affairs Office Deputy Director Zhang Xiaoming had noted at a webinar on the 30th anniversary of the Basic Law's promulgation yesterday, that Mrs Lam had submitted a proposal to the central authorities on ways to strengthen Hong Kong’s role as an international financial centre.

“I have been putting forward proposals on how we could enhance and promote Hong Kong’s status as an international financial centre, of course, in consultation with the Financial Secretary and the Financial Leaders Forum chaired by the Financial Secretary and also ideas put to me by the regulators - that is the Monetary Authority, the Securities & Futures Commission and more recently, the Insurance Authority together with the Hong Kong Exchanges & Clearing.”

Mrs Lam did not disclose exact details of her latest proposal, but noted it revolved around a plan to make Hong Kong more international, turn it into a more prominent offshore renminbi centre and transform the city into a private wealth management hub.

“By so doing, we should also be promoting greater connectivity between Hong Kong's financial markets and the Mainland's financial markets. So over the years we have the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and the Bond Connect.

“There are other connectivities that we have been talking about, whether we could have an insurance connect, an initial public offering connect or private wealth connect. So these are the things that we will continue to put forward to the central government.”

The Chief Executive also highlighted the importance of financial services to the city.

“Since taking office as the Chief Executive, I have taken a very deep interest and personal involvement in promoting Hong Kong’s financial services because I feel very strongly that this is the most valuable industry in Hong Kong, now accounting for almost one-fifth of our gross domestic product.

“And this is also one area which is important not only to Hong Kong, but also to the country because we are not just Hong Kong’s financial centre or the People’s Republic of China’s financial centre, we are an international financial centre.”