Political situation
Written by: Zhou Lixi
2021-06-20 15:43
Last update date: 2021-06-20 15:43
In the past two years, the National Security Law was enacted by the Central Government, and amendments to the electoral system were passed.
Chief Executive Carrie Lam Cheng Yuet-ngor said in a video speech at a financial summit today (20) that Hong Kong has restored social stability and political security with the strong support of the central government, opening a new stage for Hong Kong's further development.
Lam Cheng said that in addition to a positive situation, Hong Kong also needs its own advantages. The past two years have fully demonstrated that Hong Kong can withstand storms and that the "golden name card" as an international financial center has not been damaged in the slightest.
She pointed out that the Hong Kong government will continue to adopt the policy of "make a difference", formulate and implement corresponding policies and measures, make good use of the advantages of Hong Kong's connectivity with the Mainland and the world, and actively grasp the development of the Greater Bay Area and the "Belt and Road" initiative. Huge development opportunities.
Praise the financial system for showing extraordinary resilience and stability
Lin Zheng delivered a video speech at the 2021 Phoenixnet (Summer) Finance Summit in Beijing.
She said that in the past two years, Hong Kong has experienced social turmoil and the new crown epidemic, but thanks to the central government’s strong support for Hong Kong, including the "Hong Kong National Security Law", and "improving Hong Kong's electoral system," the implementation of "patriots ruling Hong Kong" has resumed Hong Kong’s social stability and political security.
She said that Hong Kong needs its own advantages in addition to a good situation, and a sound and mature regulatory system and rigorous risk management measures have enabled Hong Kong's financial system to show extraordinary resilience and stability during difficult times.
For example, Lam Cheng pointed out that the linked exchange rate system has been working well as always, the stock market is booming, and the Hong Kong dollar market recorded a net inflow of funds last year, reflecting the continued interest and confidence of investors in the Hong Kong capital market; total deposits in the banking system last year compared to the previous year Increased by 5.4%, the liquidity and capital adequacy ratios of major banks are far higher than international regulatory standards; other links in the financial services industry, such as the insurance market, are operating in an orderly manner.
Lam Cheng emphasized that although Hong Kong has a deep foundation in the financial system, it cannot be complacent. He pointed out that the government has taken the initiative since taking office, and promoted the development of the financial industry in all aspects with policies, tax incentives and appropriate financial investment, including support in the securities industry. The Hong Kong Stock Exchange revised its listing rules in 2018 and ushered in the listing of new economy companies to raise funds. So far, a total of 50 companies that belong to the same share of different rights, unprofitable biotechnology and secondary listed companies in Hong Kong have been listed in Hong Kong. The total market value now exceeds HK$12 trillion.
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Carrie Lam International Finance Centre (IFC)