Hong Kong to usher in better future with support of motherland: HKSAR chief executive

HONG KONG - Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said Thursday that with the support of the motherland, Hong Kong will usher in a better future in different aspects by integrating into the overall development of the country.

Lam said at the Caixin Summer Summit 2021 that Hong Kong's financial system has remained stable in the turbulent environment over the past two years. On the existing solid foundation, the HKSAR government will make every effort to implement the content of the country's 14th Five-Year Plan on enhancing Hong Kong's status as an international finance center.

She said that the HKSAR government will continue to push forward with the interconnection of financial markets between Hong Kong and the mainland, and to explore with the industry and the mainland ways to expand the two-way flow of cross-border Renminbi (RMB) funds to promote the internationalization of RMB.

The HKSAR government will also promote the development of asset management, including the introduction of new fund structures, so that Hong Kong can have more channels to attract overseas funds, said Lam.

In terms of risk management, the HKSAR government is adopting a series of measures to promote the development of new insurance business and optimize the regulatory system so as to promote the interconnection between the insurance markets in Hong Kong and the mainland, she said.

Lam said that as long as Hong Kong fully implements "one country, two systems," makes good use of the support from the central government, and actively integrates into the overall development of the country through the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong will surely overcome challenges, create new heights, and continue to serve the needs of the country with its own strengths.

At the same meeting, Financial Secretary of the HKSAR government Paul Chan said that the country has always provided the utmost support for Hong Kong's economic development.

By leveraging on its unique advantages under "one country, two systems," Hong Kong will have a promising future in various aspects including financial services, digital transformation, technological innovation, international trade and green development, he said.