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Treasury Secretary Xu Zhengyu: Make 3 roles for Hong Kong's economic recovery

2020-05-04T12:47:33.662Z


The newly appointed Secretary for Financial Affairs and the Treasury, Xu Zhengyu, published his first blog, pointing out that to prepare for Hong Kong ’s economic recovery, the Treasury Bureau has three roles, namely to maintain financial market stability and promote financial market development.


Financial News

Written by: Zhang Weilun

2020-05-04 20:40

Last update date: 2020-05-04 20:40

The newly appointed Secretary for Financial Affairs and the Treasury, Xu Zhengyu, published the first blog post, pointing out that to prepare for Hong Kong ’s economic recovery, the Treasury Bureau has three roles to maintain financial market stability, promote financial market development and create more convenience Business environment.

Xu Yuzheng pointed out that the stability of the financial and asset markets is a strong support for real economic activities. Hong Kong ’s exchange rate is stable, banks have sufficient liquidity, and there are mechanisms to monitor market changes to ensure the normal and orderly operation of the financial market. The authorities will continue to work with various regulatory agencies to consolidate these foundations, focus on attracting investment, and stabilize the flow of funds in various industries to promote and protect employment.

The second role is to develop Hong Kong's financial market. To take advantage of Hong Kong's core competitiveness, we believe that we can redouble our efforts in at least four areas. First, Hong Kong has always attracted a lot of funds to park and accumulate. This wealth needs investment, use and deposit. He pointed out that Hong Kong has a solid financial infrastructure and excellent professional personnel, so it is suitable for development as an asset and risk management center, especially for family offices, hoping that relevant institutions can use Hong Kong to develop asset management business.

The second is to deepen the connectivity of Hong Kong. He pointed out that the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect have been implemented, which has won wide support from international, mainland and Hong Kong investors. The development of the Guangdong-Hong Kong-Macao Greater Bay Area and the internationalization of the RMB will be two major areas in the future, allowing Hong Kong's financial services to develop further. At the same time, we must upgrade financial technology and develop into a green financial hub.

Xu Yuzheng pointed out that the third role of the Treasury Bureau is to create a more convenient business environment. How to create a more convenient operating environment, whether it is a wider application of technology, a more competitive tax arrangement, or even a procedural demolition, is all The Treasury Bureau and its departments are worth thinking about.

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Secretary for Financial Affairs and the Treasury Xu Zhengyu

Source: hk1

All news articles on 2020-05-04

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