Policy Address ︱ Southbound Trading of Southbound Trading of Stocks Proposed RMB Valuation News: Hardware Supported

Chief Executive Carrie Lam Cheng Yuet-ngor today (6th) published his "Policy Address", with an independent chapter to emphasize economic integration into the overall development of the country, including the national "14th Five-Year" plan and design for the promotion of Hong Kong's eight central status projects.

The "Policy Address" proposes to support the expansion of two-way circulation channels for RMB funds, such as studying the use of RMB for southbound trading of stocks on the "Southbound Trading".

According to government sources, they are conducting a joint review with the Hong Kong Stock Exchange and regulatory agencies, emphasizing that there are hardware supporting facilities in operation, and it is necessary to study how to increase the issuance volume and attract the industry to launch RMB securities.

In terms of enhancing the status of an international trade center, the Hong Kong government is studying to continue to enhance the business relationship between Hong Kong and ASEAN, and hopes that the Dubai Economic and Trade Office established in the Middle East for the first time can strengthen economic and trade exchanges with the Middle East.

Government sources pointed out that they hope to establish free trade agreements with six countries in the Middle East and do more investment promotion work.

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Research on tax cuts attract family offices to settle

In terms of financial development, one of the recommendations of the Policy Address is to study tax concessions to attract family offices to settle in Hong Kong, so as to enhance the status of Hong Kong as an international asset and wealth management center.

According to government sources, the authorities must consider whether it will cause loopholes, effectiveness, and public reactions outside the industry. It will refer to the practices of neighboring areas.

Other measures introduced by the Hong Kong government, including green finance, support the Hong Kong Stock Exchange and the Guangzhou Futures Exchange to cooperate on carbon emissions trading-related financial products, and evaluate the feasibility of Hong Kong's development as a regional carbon trading center.

The source pointed out that because the local market is too small for regional targets, it is difficult to support the establishment of an independent trading center.

As for local trade, the Hong Kong Monetary Authority is building a "Business Data Link" to allow Hong Kong companies to connect with banks on the new financial infrastructure platform, allowing them to provide data to banks through the platform's authorized payment systems, public institutions and even public utility companies and other service providers , Allowing banks to make more accurate predictions about the marketing situation of enterprises, reducing the need for enterprises to provide collateral.

Government sources emphasize that the act of companies providing information to banks is entirely voluntary, which is believed to help local SMEs operate.

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Deepen CEPA to respond to the expansion of Qianhai

Regarding ASEAN economic and trade exchanges, the policy address mentioned that the Hong Kong government is striving to join the Regional Comprehensive Economic Partnership Agreement as soon as possible.

Government sources said that it is believed that with Hong Kong’s status as an international financial center and infrastructure, Hong Kong can contribute to the entire relationship agreement.

Regarding the expansion plan launched by Qianhai in Shenzhen earlier, government sources pointed out that the Hong Kong government will comprehensively deepen the content of the CEPA agreement and focus on expanding the field of professional services. Although the specific details of the services have not yet been finalized, the direction is quite clear.

In addition, the policy address also mentioned that Hong Kong and the Mainland are actively studying the establishment of a "one-stop sandbox networking" to facilitate financial institutions and technology companies in Guangdong, Hong Kong and Macao to pre-test cross-border financial technology applications.

It is understood that the Financial Development Bureau will directly conduct related research work with the People's Bank of the Mainland.

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