FS Fosters UK Green Finance Ties

Financial Secretary Paul Chan continued his visit to London by meeting UK members of Parliament and business figures, and exploring collaboration in green finance and wealth management.

Mr Chan had a breakfast meeting with the All Party Parliamentary China Group of the UK Parliament to discuss the developments in both places in various fields such as land and housing and economic development. He also updated them on the Hong Kong Special Administrative Region Government's efforts in response to recent social incidents.

He then joined UK industry players in a green finance roundtable discussion organised by HSBC and the Hong Kong Economic & Trade Office in London.

Mr Chan said Hong Kong is determined to develop into a green finance hub and takes a four-pronged approach in enhancing its development, namely standard setting and certification, supervisory framework, market infrastructure and international collaboration.

He also spoke on Hong Kong's continual effort in promoting green finance with the international community, noting that the Hong Kong Monetary Authority has set up a Centre for Green Finance under its Infrastructure Financing Facilitation Office.

Mr Chan said he hoped Hong Kong could establish closer green finance ties with the UK, which has a mature green finance industry.

Before the discussion, the Financial Secretary met HSBC Group Chairman Mark Tucker to exchange views on the financial services sector.

At a luncheon on asset and wealth management, Mr Chan introduced Hong Kong's latest developments as the international asset management centre of the Guangdong-Hong Kong-Macao Greater Bay Area, from the implementation of the open-ended fund company regime to the profits tax exemption offered to different types of onshore and offshore funds meeting certain conditions.

He encouraged UK companies to grasp the opportunity to work with Hong Kong in tapping into the bay area's immense prospects.

The finance chief also addressed a dinner organised by the Hong Kong Trade Development Council to reassure about 400 guests from the political and business sectors that Hong Kong remains a competitive economy despite the recent social situation and has won recognition from international rating agencies.

Noting that Hong Kong connects the Mainland and international markets, Mr Chan said the city's rapid development in green finance will meet the needs of the Belt & Road Initiative's infrastructure projects.

Speaking on Hong Kong’s latest developments in innovation and technology including financial technology, he expressed hope for closer collaboration between the Hong Kong and UK economies.

Mr Chan also visited University College London and met its senior management to understand their efforts in nurturing innovation and technology talents.