Acting FS speaks on expansion of investment scope for offshore wealth management services by banks on the Mainland (With photo and video)

Acting FS speaks on expansion of investment scope for offshore wealth management services by banks on the Mainland (With photo and video)
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Following is the transcript of remarks (English portion) of the media session by the Acting Financial Secretary, Mr Stephen Ip, at the ground floor lobby of Central Government Offices (West Wing) this afternoon (May 11):

Acting Financial Secretary: The HKSAR Government welcomes the announcement of the China Banking Regulatory Commission (CBRC) today about the expansion of investment scope for offshore wealth management services provided by commercial banks on the Mainland to include equity investments, subject to certain conditions. At the same time, we feel encouraged by the CBRC's decision to use the Hong Kong market and Hong Kong authorised and regulated financial products and intermediaries to implement it.

The introduction of these measures will facilitate orderly outflow of funds from the Mainland, and fully utilise Hong Kong's advantages as an international financial centre to develop a mutually supportive, complementary and inter-active relationship between the financial systems of the Mainland and Hong Kong.

Thank you very much.

(Please also refer to the Chinese portion of the remarks)

Ends/Friday, May 11, 2007
Issued at HKT 18:50

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