Expert Group on Hong Kong-Guangdong Financial Co-operation meets (with photos)
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The meeting was co-chaired by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Mr Andrew Wong, 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 various financial co-operation initiatives in Hong Kong and Guangdong such as further diversifying cross-border Renminbi (RMB) business, co-operation on the credit market, two-way opening up of both sides' capital markets and co-operation initiatives in the insurance industries. The two sides also agreed at the meeting to include the Management Committee of Guangzhou Nansha Economic-Technological Area, the Authority of Qianhai Shenzhen-Hongkong Modern Service Industry Cooperation Zone of Shenzhen and the Zhuhai Hengqin New Area Administrative Committee as expert group members, so as to enhance the mechanism of the Expert Group.
Mr Wong said at the meeting that Hong Kong has long-established close financial co-operation with Guangdong Province. The two sides would seek to make significant contributions to the two important national strategies, namely the National 13th Five-Year Plan and the Belt and Road Initiative, with a view to enhancing the financial developments of the two places. In the past year, there has been good progress in Hong Kong-Guangdong financial collaboration. The announcement by the State Council on the approval of the implementation plan for the Shenzhen-Hong Kong Stock Connect in August marks a milestone in mutual access to the markets of both places. Both sides are pushing forward with the preparatory work for the Shenzhen-Hong Kong Stock Connect and will strive for further expansion of the scope of eligible products for trading under the mutual market access scheme.
In the coming year, the Expert Group will continue to enhance the long-term financial collaboration between the two places, and take forward the implementation of the relevant initiatives in the "Guiding Opinions of the People's Bank of China on Providing Financial Support for the Establishment of the China (Guangdong) Pilot Free Trade Zone" promulgated by the People's Bank of China in December 2015 so as to promote the two-way flows of RMB business between Hong Kong and Guangdong. The Expert Group will leverage on the pilot role of the China (Guangdong) Pilot Free Trade Zone in the opening up of the Mainland to promote innovative approaches to financial co-operation, as well as capitalise on Hong Kong's position as a global offshore RMB business hub and an international asset management centre, with a view to achieving a win-win situation through complementary co-operation.
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/Tuesday, November 1, 2016
Issued at HKT 16:37
Issued at HKT 16:37
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