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

     The Financial Services Development Council (FSDC) today (December 13) released a report entitled "The 13th Five-Year Plan: Opportunities for the Hong Kong Financial Industry and Policy Recommendations", setting out recommendations on how Hong Kong can capitalise on business opportunities brought about by the National 13th Five-Year Plan (the Plan).

     The Chairman of the FSDC, Mrs Laura M Cha, said, "The 13th Five-Year Plan dedicated a chapter to Hong Kong and Macau, which acknowledged the prominent functions and positioning of Hong Kong in the country's economic development and opening up to other countries. With its strengths and experience, Hong Kong has the capability to grasp the business opportunities arising from the Mainland's fast-growing economy in the foreseeable future."

     The report states that the Plan is expected to speed up the bilateral and multilateral opening up of the Mainland market, which in turn will form a vast amount of overseas investment capital flow. Consequently, the demand for international financing and Renminbi (RMB) wealth management services will likely increase. In this connection, Hong Kong should make use of its unique advantages and favourable conditions to attract overseas talent and resources and act as a "super-connector" between the Mainland and international markets.

     The report proposes various recommendations for the Hong Kong financial industry to consider, including (i) strengthening the position of Hong Kong as a global hub for offshore RMB business; (ii) actively participating in the Belt and Road Initiative; (iii) actively promoting the Mainland market's further opening up to Hong Kong; and (iv) supporting Hong Kong's industry transformation and nurturing new impetus for economic development through financial services.

     The full version of the report can be downloaded from the FSDC website: www.fsdc.org.hk.

About the FSDC

     The Hong Kong Special Administrative Region Government established the FSDC in 2013 as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong's financial services industry and to map out the strategic direction for development.

     The FSDC has set up five committees, namely the Policy Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee.

Ends/Tuesday, December 13, 2016
Issued at HKT 14:00

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