Expert Group on Hong Kong-Guangdong Financial Co-operation meets (with photos)
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The meeting was co-chaired by the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and the Director General of the Financial Affairs Office, People's Government of Guangdong Province, Mr Xiao Xue. The Expert Group comprises representatives from the Guangdong provincial and Hong Kong Special Administrative Region governments; regulators of the securities, insurance and banking industries; and the exchanges of the two places.
During the meeting, both sides exchanged views on ways to enhance co-operation in various financial areas in Hong Kong and Guangdong, including cross-border Renminbi (RMB) business, the credit market, the capital market, the insurance market, financial platforms, green finance and financial technology (FinTech). The Hong Kong representatives also paid a visit to the Guangdong Financial High-tech Zone to learn about the latest developments in the area.
Mr Chan said at the meeting that under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement and with the support of the policies under the Guangdong Free Trade Zone, the two places have long been playing an important pilot role in financial co-operation. The development of the Guangdong-Hong Kong-Macao Bay Area (Bay Area) has given impetus to financial collaboration between Hong Kong and Guangdong. Not only will it provide an opportunity for the two places to discuss ways to enhance and implement the existing mechanisms and initiatives, it will also enable both sides to explore opportunities to introduce new policies.
In the coming year, the task force will foster the long-term development of financial services in the two places, with a view to facilitating the flow of capital in the Bay Area. On cross-border Renminbi business, the two sides will explore expanding the size and scope of cross-border use and business of RMB. On credit, capital and insurance markets, the two sides will continue to encourage Guangdong and Hong Kong financial institutions to set up offices in each other's places, and seek to further relax the restrictions for Hong Kong financial institutions to enter the Guangdong market (including increasing the number of full-licensed Mainland-Hong Kong joint venture securities companies to be established in Guangdong and lowering the entry thresholds for Hong Kong insurance companies). The task force agreed to foster co-operation in FinTech with a view to providing a favourable environment for the development of FinTech companies in the two places; and in green finance by encouraging more Guangdong enterprises to issue green bonds in Hong Kong.
Hong Kong and Guangdong signed an agreement to establish the Expert Group on Hong Kong-Guangdong Financial Co-operation at the 12th Plenary of the Hong Kong/Guangdong Co-operation Joint Conference in August 2009. The Expert Group holds regular meetings every year for financial services departments, regulators and exchanges of both places to explore measures to further financial co-operation.
Ends/Wednesday, October 25, 2017
Issued at HKT 18:48
Issued at HKT 18:48
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