Xu Zhengyu is not worried about insufficient funds in the northern metropolitan area, emphasizing that innovation and technology and finance are "you have me"

The Secretary for Financial Services and the Treasury, Xu Zhengyu, said on a commercial TV program this morning (17th) that finance provides resources for the development of innovation and technology. The two are "you are in me, and you are in me." The newly released "policy address" The listing system proposed to establish a special purpose acquisition company (SPAC) is also related to innovation and technology, but at this stage, retail investors are not allowed to participate, and only professional investors are allowed to participate in subscription and trading.

As for the "Northern Metropolis" vision, which is the focus of the "Policy Address", Xu believes that private capital or public-private partnerships can be considered, meaning that the source of funds may not necessarily come from the government, and there is no concern about insufficient funds for the plan.

▼Development of New Territories North in the 2021 Policy Address▼

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Xu Zhengyu said that finance provides resources for the development of innovation and technology, emphasizing the two as "you are in me, and you are in me." He pointed out that the authorities have adopted different policies, including listing reforms, the introduction of a fund re-registration system, and tax relief. Assisting start-ups, and the policy address proposes to establish a special purpose acquisition company (SPAC) listing system, which is also related to innovation and technology financing.

He pointed out that the purpose of the policy is to attract high-quality SPACs for listing in Hong Kong, and to prioritize quality. In order to strengthen the protection of investors, retail investors are not allowed to participate at this stage, and only professional investors are allowed to participate in subscription and trading.

Xu Zhengyu: The northern metropolitan area does not necessarily have all the funds from the government

Some people worry that if the "Northern Metropolis" is carried out simultaneously with the "Lantau Tomorrow" project, it may put pressure on the warehouse.

Xu Zhengyu used the development of the Shatian new town as an example. He pointed out that financing or fund-raising arrangements could be adopted, and private capital or public-private partnerships could be considered. The source of funds may not all come from the government.

He also pointed out that he is not worried about insufficient funds in the "Northern Metropolis" and believes that a solution with the best benefit should be found to make full use of capital.

Xu Zhengyu said that finance provides resources for the development of innovation and technology, emphasizing the two as "you are in me, and you are in me." (Photo by Li Zetong)

Carbon emissions trading is the general trend, hope more private institutions will issue green bonds

In addition, the "Policy Address" also proposed to support the Hong Kong Stock Exchange and the Guangzhou Futures Exchange in cooperating on carbon emissions trading financial products. Xu Zhengyu said that the China Securities Regulatory Commission and the Hong Kong Stock Exchange will set up a team to study and point out that carbon emissions trading is the general trend and reached Targets such as carbon peaking and carbon neutrality require a lot of capital and financing to assist in the transformation of the industry, and relevant practices are already prevailing in foreign countries.

In addition to studying carbon emissions trading, the government has issued green bonds, hoping that more private institutions will participate in the issuance, and the authorities will also supervise and train more relevant talents.

In addition, Xu Zhengyu said that he hopes to allow the "Southbound Trading" to be priced in RMB as soon as possible.

He believes that if mainland investors buy Hong Kong stocks directly in RMB, they can avoid exchange rate uncertainty and improve the efficiency of the entire market.

He believes that measures can enrich the renminbi ecosystem, which is "absolutely a good thing."

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