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The Financial Secretary, Mr John C Tsang, today (October 7, Eastern Standard Time) continued his visit to Washington, DC.
Mr Tsang first held a meeting with the US Secretary of the Treasury, Mr Jacob Lew. Issues of mutual concern, including global economic performance as well as economic and financial situation in Hong Kong, were discussed.
At a luncheon hosted by HSBC, Mr Tsang spoke on the recent major developments and business opportunities in Hong Kong and the many unique advantages Hong Kong offers to entrepreneurs.
Mr Tsang said that the twin engines of China and the world are helping Hong Kong's rise as a premier asset management centre in the region. Last year, the combined fund-management business hit a record high of more than US$2.2 trillion.
He said, "The Mutual Recognition of Funds initiative between Mainland China and Hong Kong became operational in July, allowing Mainland and Hong Kong funds to be offered directly to retail investors in each other's markets.
"In short, it's a breakthrough, and should broaden investment for both sides.
"In the long run, we expect more funds to be attracted to Hong Kong, sharpening Hong Kong's competitive edge as a premier international asset management centre.
"It will also help promote the internationalisation of the Renminbi, reinforcing Hong Kong's position as the world's pre-eminent offshore Renminbi centre."
"Hong Kong has been responsible for the lion's share of Renminbi trade settlement since its beginnings in 2009. Indeed, the amount handled by banks in Hong Kong last year came in at about RMB6.3 trillion, an increase of 63 per cent, year on year.
"The Renminbi is now the world's fourth most-used currency for payment. And Hong Kong manages about 70 per cent of that global Renminbi payment," he added.
Mr Tsang then held a meeting with the Chairman of the Council of Economic Advisers, Mr Jason Furman, in the afternoon. They exchanged views on the outlook of global economy.
Tomorrow (October 8, Eastern Standard Time), Mr Tsang will continue his visit to Washington, DC, before moving on to Lima, Peru, for the Annual Meetings of the International Monetary Fund and the World Bank Group.
Ends/Thursday, October 8, 2015
Issued at HKT 08:00
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