HK must strengthen its role as an IFC: He Lifeng

RTHK：Video News

Vice Premier He Lifeng says Hong Kong must enhance its status as an international financial centre to fast-track the country's development as a financial powerhouse. Delivering a speech at the Global Financial Leaders' Investment Summit on Tuesday, he said Hong Kong has a pivotal role to play, with its robust financial system, growing appeal to investors and sound capital markets. "We will support more quality enterprises to list and issue bonds in Hong Kong. We will continue to expand mutual market access between the mainland and Hong Kong in areas such as stocks, bonds, financial management and interest rate swaps," he said. "We will improve the mechanism for the regular issuance of treasury bonds, steadily upscale the issuance in Hong Kong and support Hong Kong in consolidating its position as a global offshore renminbi business hub." He also said the central authorities will continue to support Chinese financial institutions in Hong Kong, enabling them to expand and enhance the city's financial development. "We will continue to deepen financial cooperation in the Greater Bay Area, and take forward the interfacing of rules and mechanisms between mainland cities in the GBA, Hong Kong and Macau in order to create more room for financial development in Hong Kong," he said. "The general principle is that so long as it is conducive to the plan of the central authorities, to the financial reform and development of our country and to the development of Hong Kong as an international financial centre, we will explore and implement it." He added that he hopes Hong Kong will continue to leverage its unique advantages, being backed by the motherland while connecting to the world, and will seize opportunities from the country's deepening reforms and Chinese modernisation while dovetailing with the national development strategy. He said this will help Hong Kong contribute to high-quality national development, exemplifying the One Country, Two Systems principle on its journey.