html From September 21 to 22, in order to further enhance the international competitiveness of Guangdong-Hong Kong-Macao Greater Bay Area , in the context of increasingly close cooperation between the mainland and Hong Kong-Macao financial markets, the "Phoenix Bay Area Financial Forum 2022" was held simultaneously in Hong Kong and the mainland. On the first day of the forum, Li Jiachao, Chief Executive of the Hong Kong Special Administrative Region, delivered an opening speech. In his speech, Li Jiachao first explained the opportunities brought to Hong Kong by the Guangdong-Hong Kong-Macao Greater Bay Area strategy. Li Jiachao said that the construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a major development strategy under the national reform and opening up in the new era, and shoulders great significance to the country's implementation of innovation-driven development and adherence to reform and opening up, and also brings huge opportunities and development momentum.
Li Jiachao said that Greater Bay Area cities have the same origin and are blindly dating. As a highly open and international city in the Greater Bay Area, Hong Kong is an international finance, shipping, trade center and aviation hub . Its professional services are well-known worldwide. With the unique advantages of ", one country, two systems ", it is absolutely capable of playing an important role in the construction of the Greater Bay Area.
Li Jiachao also mentioned that the theme of today's forum "changes and confidence" came very well, and briefly stated the current situation in Hong Kong: under the face of the "changes" of the world's geopolitical and economic structure, we have "confidence" to consolidate and enhance the status of Hong Kong's international financial center and promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
In his speech, Li Jiachao said, "Now, Hong Kong has crossed the turbulent days; now, Hong Kong has embarked on a new journey from governance to prosperity; now, we have unprecedented confidence on the road of development. The next five years will be a critical period for us to open a new chapter for Hong Kong's development."
is the transcript of Li Jiachao's speech at the Phoenix Bay Area Financial Forum 2022
Mayor Qin Weizhong, Chairman Mao Chaofeng, Chairman Xu Wei, Executive Director Sun Yusheng, Dear guests, friends:
I am very happy to participate in the "Bay Area Financial Forum" and communicate with all the political and business talents and academic elites.
The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a major development strategy under the national reform and opening up in the new era. It shoulders great significance to the country's implementation of innovation-driven development and adheres to reform and opening up. It also brings huge opportunities and development momentum.
As a highly open and international city in the Greater Bay Area, Hong Kong is an international finance, shipping, trade center and aviation hub. Its professional services are well-known worldwide. With the unique advantages of "one country, two systems", it is absolutely capable of playing an important role in the construction of the Greater Bay Area.
The theme of today's forum is "Changes and Confidence". I think this topic is very appropriate and briefly describes the current situation in Hong Kong: under the face of the "changes" of the world's geopolitical and economic structure, our "confidence" in consolidating and enhancing Hong Kong's position as an international financial center and promoting the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
This "Bay Area Financial Forum" was held in Hong Kong today. What everyone is most concerned about is naturally Hong Kong's future financial development and how can it help the development of the Greater Bay Area. Here, I will share with you the five major advantages of deepening financial cooperation between Hong Kong and the Mainland, thereby promoting the construction of the Greater Bay Area and promoting the development of the local financial industry.
first, Hong Kong's offshore RMB business leads the world. Hong Kong has the world's largest offshore RMB fund pool , processing about 75% of the world's offshore RMB payments. People's Bank of China and Hong Kong Monetary Authority announced in July this year that it would optimize the currency swap protocol as a standing agreement, Hong Kong Monetary Authority and further optimize the arrangements for RMB liquidity to support the sustainable development of Hong Kong's offshore RMB market.
Second, the interconnection between Hong Kong and the mainland capital markets is constantly strengthening.Projects such as " Shanghai-Hong Kong Stock Connect ", "Shenzhen-Hong Kong Stock Connect" and "Bond Connect" have flourished in the past few years, and exchange-traded funds (ETFs) have been officially included in the "Shanghai-Shenzhen-Hong Kong Stock Connect" in July this year, providing more diversified asset allocation options for domestic and foreign investors. In August this year, the average daily transaction volume of northbound transactions exceeded RMB 26 million; the average daily transaction volume of southbound transactions exceeded HK$350 million.
In addition, the regulatory agencies of the two places have carried out interconnection (swap connectivity) in the interest rate swap market of the two places, and have introduced interconnection arrangements in the field of financial derivatives for the first time. At the same time, China Securities Regulatory Commission will promote securities of major listed overseas companies in Hong Kong that are qualified to be included in the scope of qualified securities of Hong Kong Stock Connect, and study the addition of RMB stock trading counters in Hong Kong Stock Connect , as well as support the launch of treasury bond futures in Hong Kong.
At the beginning of this month, the SAR government and Qianhai Administration jointly released 18 new measures to "support the coordinated development of Qianhai Shenzhen-Hong Kong venture capital and venture capital", to facilitate the domestic investment business of the Hong Kong private equity fund industry, and at the same time promote scientific and technological innovation cooperation between the two places. This is a good example of Hong Kong and Shenzhen supporting the high-quality development of in the Greater Bay Area through financial cooperation. We will continue to discuss with the Mainland to further expand the scope of the Unicom plan and promote capital flows in the Greater Bay Area, in addition to interconnection, we can achieve mutual benefit and win-win results.
3, Hong Kong has the world's top investment and financing platform. As of the end of last month, a total of 78 companies have been listed in the new system implemented by the Hong Kong Stock Exchange to support emerging and innovative industry companies, and the amount of funds raised for the IPO has exceeded 580 billion yuan, making Hong Kong a leading biotechnology financing center in the world. In the next step, the China Securities Regulatory Commission and the Hong Kong Stock Exchange will strive to make specific suggestions as soon as possible, revise the listing conditions of the main board, and cooperate with the financing needs of advanced technology companies with scale but not yet profitable or performance support, bringing endless momentum to Hong Kong's investment and financing platform.
4th, Hong Kong is a world-class wealth and risk management center. The asset scale managed by Hong Kong reached HK$35.5 trillion last year, of which 65% of the funds came from abroad, which shows that Hong Kong has the strength to become the preferred asset and wealth management hub in the Greater Bay Area and even Asia. We have introduced a series of measures to promote the development of related businesses and will make legislative recommendations to provide tax relief for qualified family investment control tools managed by single family office , and fully promote the development of family office business in Hong Kong.
In terms of strengthening the functions of the risk management center, the SAR government has reduced the profit tax rate for maritime and special insurance business since last year, expanded the underwriting risk scope of exclusive self-insurance insurance company , optimized the supervision of insurance groups, established exclusive regulatory systems for insurance-linked securities, and launched a funding pilot program. These measures inject impetus into the insurance market and have so far led to the issuance of two catastrophe bonds in Hong Kong, providing protection for losses caused by the storm in the Mainland and Japan.
In order to promote the interconnection of the insurance market, we are striving to allow the Hong Kong insurance industry to set up an insurance after-sales service center in mainland cities in the Greater Bay Area as soon as possible to provide all-round support to the residents of the Greater Bay Area who hold Hong Kong insurance policies. We are also promoting the implementation of the "equivalence first recognition" policy of cross-border automobile insurance as soon as possible, bringing convenience to relevant Hong Kong vehicles entering Guangdong Province through the Hong Kong-Zhuhai-Macao Bridge.
Fifth, Hong Kong will make every effort to build a green financial center in the Greater Bay Area. Hong Kong's financing platform and professional services are experienced, and can fully support green enterprises and projects in the Greater Bay Area, and conduct green and sustainable investment and financing and certification. The SAR government has successfully issued government green bonds with an equivalent value of nearly US$10 billion. In May this year, green retail bonds were issued for the first time, establishing a market benchmark and enriching green and sustainable financial ecology.
In addition, we have relaxed the loan threshold for applying for external review funding under the "Green and Sustainable Financial Funding Program" to support more companies to obtain green financing.We will continue to promote green finance talent training, standard setting, carbon market opportunities and other aspects to help the green development of the Greater Bay Area.
Dear guests and friends, this year marks the 25th anniversary of Hong Kong's return to the motherland, and the next five years are a critical period for Hong Kong to achieve a new leap. In the process of actively investing in the development of the Greater Bay Area, on the one hand, it will promote and support the economic development within the region, and at the same time it will more conveniently facilitate the development of Hong Kong's advantageous industries in the region, and use Hong Kong's strengths to serve the needs of the country.
Finally, I wish this forum a complete success and good health for everyone here! Thank you everyone.
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