Interview with Chen Maobo: Enriching the Diversified Development of the Financial Market and Promoting the Connectivity between Hong Kong and the Mainland

(25th Anniversary of the Return of Hong Kong) Exclusive Interview with Chen Maobo: Enriching the Diversified Development of the Financial Market and Promoting the Connectivity between Hong Kong and the Mainland

　　China News Agency, Hong Kong, June 24th: Interview with Chen Maobo: Enriching the diversified development of the financial market and promoting the interconnection between Hong Kong and the mainland

　　Author Zhu He Yang Chengchen

　　"Since the return to the motherland, Hong Kong's status as an international financial center has grown significantly, mainly due to the unique advantages and state support brought by 'one country, two systems'." Recently, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, said in an interview with reporters that the future will be Continue to make good use of national policies to enrich the diversified development of Hong Kong's financial market and promote interconnection with the mainland market.

Recently, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, said in an interview with reporters in Hong Kong that in the future, he will continue to make good use of national policies to enrich the diversified development of Hong Kong's financial market and promote the interconnection with the mainland market.

Photo by China News Agency reporter Cui Nan

　　The financial industry has always been one of the important economic pillars of Hong Kong.

According to Chen Maobo, in 1997, the financial and insurance industry contributed less than 11% of Hong Kong's GDP, and by 2020 this figure has exceeded 23%; more globally competitive.

This is the unique advantage brought by "one country, two systems".

　　"Under this system, Hong Kong implements a capitalist system and a common law system." Chen Maobo said that the regulatory system of Hong Kong's financial industry is in line with international standards, which can attract international funds and talents; at the same time, benefiting from the support of the mainland market and the state, Hong Kong The positioning as an international financial center has been further consolidated.

　　He said that in recent years, the outside world has raised doubts about Hong Kong's status as an international financial center, and there have been false reports, but this cannot change Hong Kong's institutional advantages and competitiveness.

In particular, the business environment in Hong Kong is constantly improving, and various data show that investors have full confidence in Hong Kong.

　　In 2021, the total deposits in the Hong Kong banking system will exceed HK$15 trillion, compared with about HK$13 trillion two years ago; in 2021, the parent company will have 9,049 overseas and mainland-based companies in Hong Kong, and more than 3,700 start-ups. Both figures are record highs.

Chen Maobo said, "We are very optimistic in this regard. The most important thing is to do our job well."

Recently, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, said in an interview with reporters in Hong Kong that in the future, he will continue to make good use of national policies to enrich the diversified development of Hong Kong's financial market and promote the interconnection with the mainland market.

Photo by China News Agency reporter Cui Nan

　　"For Hong Kong to develop well, it must be integrated into the overall national development situation and make good use of national policy support." He said that in the future, he will focus on building an offshore RMB business hub, a green and sustainable financial center, and enriching the diversified development of Hong Kong's financial market.

　　As the world's largest offshore RMB business hub, Hong Kong handles 75% of the world's offshore RMB settlement business.

Chen Maobo believes that as the country's economic influence continues to increase, the demand for RMB in international trade, investment and reserves will continue to increase.

He looks forward to building an ecosystem in Hong Kong to facilitate foreign investors to hold RMB investments and gain returns, and further promote the internationalization of RMB.

　　"In the past few years, we have spent a lot of effort on green finance and hope to develop it." Chen Maobo said that in the process of helping the country achieve the "dual carbon" goal and promoting the green transformation of the economy, Hong Kong's green bonds have developed rapidly and market size. , product variety and other aspects of progress.

　　In October 2021, the Shenzhen Municipal Government issued local bonds in Hong Kong, which was the first offshore RMB government bond issued by a mainland local government, and green bonds were actively subscribed.

This encouraged Chen Maobo. He said that preferential measures would continue to be introduced in the future, and more mainland local governments were welcome to issue bonds in Hong Kong to promote the development of Hong Kong's green and sustainable financial market.

Recently, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, said in an interview with reporters in Hong Kong that in the future, he will continue to make good use of national policies to enrich the diversified development of Hong Kong's financial market and promote the interconnection with the mainland market.

Photo by China News Agency reporter Cui Nan

　　In September last year, the pilot program of “Cross-border Wealth Management Connect” in the Guangdong-Hong Kong-Macao Greater Bay Area was launched. Chen Maobo described it as a milestone in the interconnection of funds in the Greater Bay Area. Conditional exchange-traded funds are included in the interconnection, which is regarded by Chen Maobo as "meeting investors' requirements for venture capital and deepening the interconnection between mainland and Hong Kong stock market transactions".

　　Chen Maobo said that in the future, Hong Kong will have more products that are interconnected with the mainland market, so as to better play the role of Hong Kong as a "super-connector" and an important gateway to the country.

When the new crown epidemic is over, he looks forward to continuing to tell Hong Kong stories and China stories internationally.

People from all over the world who come to Hong Kong will also find that "after the epidemic, Hong Kong is still the same as before, a dynamic and attractive place."

(Finish)