The Chief Executive, Mr John Lee, met with the President of the China Development Bank (CDB), Mr Ouyang Weimin, this morning (August 29) to exchange views on the global and Hong Kong's macro-economic situation. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, also attended the meeting.
      
     Welcoming Mr Ouyang and the representatives of the CDB to Hong Kong, Mr Lee expressed his gratitude to the CDB for proactively supporting and participating in the developments of the bond market, mutual market access mechanism and green finance in Hong Kong. Mr Lee said that apart from its support for developments in the financial sector, the CDB supported the construction and implementation of the three-runway system of Hong Kong International Airport and the financing of Hong Kong's first offshore Liquefied Natural Gas terminal project, making significant contribution to the economic development of Hong Kong.
      
     Mr Lee pointed out that the National 14th Five-Year Plan supported Hong Kong in enhancing its status as an international financial centre and strengthening its functions as a global offshore Renminbi (RMB) business hub. The development of Hong Kong's offshore RMB market has been rapid in recent years. Currently, Hong Kong has the largest RMB liquidity pool outside the Mainland, amounting to over RMB900 billion, while more than 70 per cent of global offshore RMB payments are processed in Hong Kong.
      
     "Promoting offshore RMB business is one of the priorities of the Hong Kong Special Administrative Region (HKSAR) Government. The HKSAR Government looks forward to continuing to work closely with the CDB on various aspects, including increasing offshore RMB liquidity, promoting diversification of offshore RMB products and further improving RMB financial infrastructures in the offshore market. Hong Kong will fully leverage the unique advantages of its financial system under the 'one country, two systems' principle, and complement national plans on promoting the capability of the financial sector in serving the real economy, RMB internationalisation, and deepening the reform and opening up of the financial market," Mr Lee said.

Ends/Monday, August 29, 2022
Issued at HKT 16:41

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