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Financial Services Development Council holds second meeting

The following is issued on behalf of the Financial Services Development Council:

     The second meeting of the Financial Services Development Council (FSDC) was held at the Central Government Offices today (March 19).

     At the Council Meeting, FSDC members endorsed the initiatives proposed for the five committees established under the FSDC, namely the Financial Development Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee, all of which had concluded their first meetings before the second Council Meeting.

     The FSDC also decided at today's meeting that:

(1) It will strategically study the development of the local financial services industry covering short-, medium- and longer-term perspectives, particularly the elements required to enhance Hong Kong's future as an international financial centre and implications for Hong Kong's financial services industry arising from the future development of the Mainland's capital market;

(2) It will conduct industry engagement on such topics as opportunities in Qianhai, offshore Renminbi business and the further development of Hong Kong's asset and wealth management sector; and

(3) It will be a strategic co-ordinator for marketing plans among Hong Kong's key "Hong Kong Inc" stakeholders to maximise the impact of all promotion activities.

     The Chairman of the FSDC, Mrs Laura Cha, said, "Our members, coming from a wide range of segments, participated actively in constructive discussions and exchange of ideas on how to support the further development of Hong Kong's financial services industry."

     She added, "Being a cross-sector platform and a melting pot of ideas, the FSDC will strive to complement existing efforts from the industry and stakeholders and be a strategic co-ordinator for the benefit of the whole industry."

     Individual initiatives will be rolled out by the respective committees. The Convenors for the five committees are:

(1) Mr Laurence Li Lu-jen (Convenor for the Financial Development Research Committee);
(2) Mr Qin Xiao (Convenor for the Mainland Opportunities Committee);
(3) Mr Mark McCombe (Convenor for the New Business Committee);
(4) Mr Benjamin Hung (Convenor for the Market Development Committee); and
(5) Mr Edward Kwan Pak-chung (Convenor for the Human Capital Committee).

     The FSDC will also hold activities such as seminars, workshops, visits and roundtables over the coming months when rolling out the initiatives.

     The Government announced the appointment of 22 members of the FSDC on January 17, 2013. The terms of reference of the FSDC, as a high-level and cross-sector advisory body to the Government, are to conduct policy research and industry surveys for the formulation of proposals to the Government and regulators; to work with regulatory and trade bodies to identify new opportunities for, and any constraints on, the sustainable growth and diversity of the financial services industry; to maintain dialogue with the relevant bodies on the Mainland and overseas to support Hong Kong's financial services industry in accessing new markets and growth areas; to facilitate the upgrading of skills and expertise through collaboration with education and training institutions, trade bodies and practitioners; and to promote, on the Mainland and overseas, Hong Kong's financial services industry and Hong Kong as an international financial centre through seminars, road shows and publications, and through active participation in international events.

Ends/Tuesday, March 19, 2013
Issued at HKT 17:30


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