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Right time to form FSDC

Chief Executive Leung Chun-ying said in his speech to the annual Asia Financial Forum on Monday that following his Policy Address on Wednesday, the Financial Services Development Council (FSDC) will be launched on Thursday and he will reveal more details about the new body.

At the same forum, Guo Shuqing, chairman of the China Securities Regulatory Commission, told his audience that the Commission is considering moving forward with Phase 2 of its program to open the mainland financial market to qualified foreign institutional investors (QFII2) and (RQFII2) with the aim of increasing the total value of such investments to 10 times the present level.

This indicates the yuan internationalization drive is picking up its pace significantly and offers Hong Kong an excellent opportunity to boost offshore renminbi trade and cement its position as a leader in this business. It is therefore the right time to establish the FSDC, which will bring out more of Hong Kong's potential in the area of financial development, enhance its competitiveness and elevate its standing as an international financial center.

The financial industry is one of Hong Kong's economic pillars, accounting for one-sixth of the gross domestic product in 2010. It is therefore crucial to Hong Kong's future to figure out how to maintain its competitive edge, expand the market and keep it growing as an international financial center.

Guo also talked about increasing Chinese investment in overseas markets and measures to open more channels for yuan flow out of the mainland and back. That means Hong Kong's role as the leading offshore yuan trade center will become enhanced in the years to come.

Hong Kong must be more aggressive in formulating strategies and policies aimed at sharpening its competitive edge. CY Leung said the FSDC will focus on drawing up a long-term plan for Hong Kong's financial development, integrating different areas of the financial industry, facilitating communication and cooperation between Hong Kong and the mainland financial markets and promoting Hong Kong's offshore yuan trade expansion into markets around the world, to name a few.

This is an excerpted translation of a Hong Kong Commercial Daily editorial published on Jan 15.

Clear goals for policy address

Chief Executive Leung Chun-ying stated in his official blog that his maiden policy address is intended to set out a policy blueprint not only for this year but also for the next five years. Using farming as a metaphor, he asserts that running the government also requires clear goals and choosing the right time to implement various policies, or there will nothing to harvest.

In fact, Hong Kong has long been plagued by a lack of well thought-out strategies for long-term development, allowing a host of deep-rooted social problems to accumulate and worsen. Therefore, this policy address presents a critical opportunity to address deep-rooted social issues with pragmatic approaches.

In his policy address, it is expected that Leung will spell out measures designed to address different sectors. The government is set to optimize its economic policies by way of developing "local economies" and weaving an all-round economic development plan. For the much debated housing issue, Leung pledges a steady increase in the supply of public housing flats with a corresponding increase of Home Ownership Scheme residential flats, in a bid to address the difficulty to buy homes of low-income as well as so-called "sandwich-class" households unqualified for public housing and not wealthy enough to buy private properties.

There are sound strategies to alleviate the problems of poverty and the aging population. A five-year poverty-alleviation plan is likely to rejuvenate the uninspired approaches to social welfare, a move to define the poverty line. For the problems of aging, the authority is said to be considering a series of policy changes, including combining the Comprehensive Social Security Assistance Scheme and the Old Age Allowance Scheme ("fruit money") and enhancing the Mandatory Provident Fund Scheme (MPF). Clearly, Leung's administration is expected to present a series of measures with a clear vision and mindset to address the outstanding issues in response to public demand.

Leung also pledges that once the targets are established, the government will proceed with the "cultivation" process one step at a time. That should be another highlight in his first policy address, as it is elementary for any government to prioritize its tasks.

This is an excerpted translation of a Wen Wei Po editorial published on Jan 15.

(HK Edition 01/16/2013 page4)