China News Service, Hong Kong, May 7 (Reporter Zeng Ping) The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, said on the 7th that the Hong Kong Monetary Authority (HKMA) is finalizing cross-border two-way financial management with the People’s Bank of China and Macau Monetary Authority. The detailed rules for the implementation of the pilot business will be implemented soon. The detailed rules for the southbound opening of the "Bond Connect" by the Hong Kong Monetary Authority and the People's Bank of China are also ready and I believe they will be implemented soon.
Chen Maobo made the above remarks in a speech at a financial summit that day.
He believes that Hong Kong and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) have complementary advantages. The Greater Bay Area is the best entry point for Hong Kong to integrate into the country’s new development pattern. It is also an important space for the future development of Hong Kong’s economy. This industry brings huge opportunities.
He pointed out that the "14th Five-Year Plan" will continue to support Hong Kong in enhancing its status as an international financial center and deepening and expanding connectivity with the mainland financial market in many aspects.
The Greater Bay Area Cross-Border Wealth Management System will allow residents of nine cities including Hong Kong, Macau and the Greater Bay Area to cross-border investment in wealth management products sold by banks in the area to meet residents' financial needs.
With the support of the central government, Hong Kong has developed into a global offshore renminbi business hub, with the world’s largest offshore renminbi capital pool and foreign exchange and over-the-counter interest rate derivatives market, as well as providing diversified renminbi products and services.
He said that since the implementation of the new listing system in Hong Kong in April 2018, 50 companies have been listed in Hong Kong under this system and the total amount of funds raised has exceeded HK$500 billion.
This not only strengthens Hong Kong’s competitiveness as the preferred listing platform, but also invigorates the Hong Kong stock market. It also promotes the country’s innovative development, especially innovation and technology companies in the Greater Bay Area, providing international financing channels.
"The 14th Five-Year Plan supports Hong Kong to build an international innovation and technology center, and incorporates the Shenzhen-Hong Kong Loop into one of the four major cooperation platforms in the Guangdong-Hong Kong-Macao Greater Bay Area, which fully reflects the central government's firm support and emphasis on the development of Hong Kong's innovation and technology." Chen Maobo stated that the Hong Kong Special Administrative Region Government will closely liaise with relevant central ministries and commissions, the Guangdong Provincial Government, the Shenzhen Municipal Government, and the Macao Special Administrative Region Government. On the basis of "One Country, Two Systems", it will seek policy innovations and breakthroughs, and will continue to work closely with local stakeholders. Communicate, deepen the understanding of the Greater Bay Area from all walks of life, and encourage all walks of life to actively participate in the development of the Greater Bay Area.
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