China News Service, Hong Kong, November 25 (Reporter Wang Jiacheng) The Hong Kong Securities and Futures Commission (Hong Kong Securities Regulatory Commission) held a forum on the 25th to invite experts to discuss the future development and regulatory agenda of Hong Kong as an international financial center.
The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, said in his speech that although the new crown epidemic has had a serious impact on business, society and personal life in the past two years, Hong Kong's financial system remains stable and flexible.
He also encouraged foreign investors to expand their business in Hong Kong.
Regarding the performance of Hong Kong's financial system, Chen Maobo pointed out, for example, that last year's Hong Kong IPO (initial public offering) raised 400 billion Hong Kong dollars, an increase of 27% over 2019.
As of September, the total amount of IPO funds raised exceeded 280 billion Hong Kong dollars.
In addition, the role of financial services in Hong Kong’s gross domestic value cannot be ignored. In 2019, the industry contributed more than 21%, surpassing trade and logistics to become the undisputed engine of Hong Kong’s economy.
In September this year, Hong Kong ranked third in the Global Financial Center Index, second only to New York and London.
Data map: Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government.
Photo by China News Agency reporter Chen Yongnuo
Chen Maobo said that the country’s 14th Five-Year Plan gives Hong Kong unlimited business opportunities. As a bridge, Hong Kong will play a greater role in allowing international investors to enter the Chinese mainland market and allowing mainland funds to flow to the international market.
He pointed out that Hong Kong's listing policies and regulatory procedures should keep up with market changes to enhance the competitiveness of Hong Kong's listing and consolidate Hong Kong's position as the premier fund-raising center.
Chen Maobo said that Hong Kong will create more opportunities for the fund management business and its participants.
Hong Kong also encourages foreign investors to expand their businesses locally. The new fund registration mechanism implemented on November 1 aims to attract foreign investors to register and operate locally.
The tax incentives for family office business are also under serious consideration.
He said that the launch of cross-border financial management is a milestone in Hong Kong's asset and wealth management, and Hong Kong will strive to expand the two-way capital flow of RMB.
He is leading a group that hopes to promote the diversified development of Hong Kong's bond market and is confident that Hong Kong will become the third largest bond market in Asia.
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