Xu Zhengyu: As soon as possible to study the settlement of Hong Kong stocks in RMB

The Financial Affairs Committee of the Legislative Council held a policy briefing and meeting today (18th). Financial councillor Chen Zhenying is concerned about when the authorities will complete the study on southbound southbound transactions in Renminbi and whether Hong Kong stocks will be fully settled in Renminbi in the future. Financial affairs And the Secretary for the Treasury Xu Zhengyu only said that he would "do it as soon as possible," hoping that there would be results in the short term.

Tan Yaozong, a member of the Standing Committee of the National People's Congress, was refused to go to Beijing to attend the National People's Congress meeting. After the Pakatan Harapan Legislative Council member and guild member Lin Jianfeng also "blew himself up" at the meeting, he was originally scheduled to attend the event in Beijing ten days ago, but the day before he left for Beijing, Hong Kong Cases of unknown origin occurred, and Beijing refused to approve their entry applications. They also believed that with the "National Security Law" and "improving the electoral system," Hong Kong people should understand that the Mainland will not accept "coexistence with the virus" as the anti-epidemic policy.

In addition, the President of the HKMA, Yu Weiwen, stated that the HKMA is actively processing applications with the People's Bank of China regarding cross-border financial management applications that have been received by more than 20 local banks to open services.

He said that the list of approved banks will be announced within days, and if the banks are approved in Hong Kong and the Mainland, they can already start related businesses.

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Lin Jianfeng praised the mainland's "fast and accurate" controls

Lin Jianfeng, who is also the chairman of the committee, believes that Beijing’s refusal of its entry application reflects the mainland’s "fast and accurate" controls and that "it shouldn't be delayed for a few days." He believes that the Hong Kong government should "formally" introduce a health tracking function. Code program, if Hong Kong people do not want to be tracked, they have the freedom to choose not to the Mainland.

Policy briefing and meeting of the Legislative Council Panel on Financial Affairs (photo by Zheng Zifeng)

Shao Jiahui advocates to send 3,000 coupons if the customs is not passed before the new year

The Liberal Party’s wholesale and retail sector member Siu Ka-fai spoke about the economy under the epidemic, saying that “If you stay for life, you will not go to the future”. He also pointed out that many financial professionals like to “meet and talk” in the past. Virus coexistence strategy, I asked whether this kind of talent will be transferred to Singapore for development.

Shao Jiahui also pointed out that electronic consumer vouchers have boosted many industries in Hong Kong. The second phase of consumer vouchers has encountered two typhoons, which makes it more effective in boosting the economy.

He pointed out that if Hong Kong can clear customs with the Mainland, various industries should renew themselves. On the contrary, if the Lunar New Year still fails, he suggested that the government consider issuing consumer vouchers of $3,000, "waiting for the citizens to be happy during the Lunar New Year."

Xu Zhengyu replied that whether or not to distribute consumer vouchers again depends on various factors and circumstances. He also pointed out that he has been busy with the "policy address" recently, "they have not yet washed consumer vouchers."

Policy briefing and meeting of the Legislative Council Panel on Financial Affairs (photo by Zheng Zifeng)

Zhang Huafeng pays attention to the virtual currency trading financial bureau: no currency characteristics

The Chairman of the DAB, Li Huiqiong, pointed out that the "Policy Address" proposed that the public could choose to convert MPF into annuities, and pointed out that the society thought the measures were compulsory, which caused great repercussions.

Xu Zhengyu pointed out that he knew that Members were concerned about the issue of MPF conversion. He pointed out that "Hong Kong people are happy" and "It would be difficult to "supervise" if you want to "supervise"", emphasizing that the measures are voluntary.

The Pakatan Harapan financial services industry Zhang Huafeng talked about virtual currency (Cryptocurrency), referring to the notice issued by the People’s Bank of China last month, emphasizing that virtual currency does not have the same legal status as legal tender. The National Development and Reform Commission issued a notice on the same day, requesting a comprehensive review and investigation. For virtual currency "mining" projects, investment in new projects is strictly prohibited.

Zhang Huafeng is concerned about the trading volume of virtual currencies in Hong Kong and whether it will affect the stability of the exchange rate. He also asked whether the authorities need to imitate the People's Bank of China to show a clear official position.

Monetary Authority President Yu Weiwen emphasized that virtual currencies have no monetary characteristics. He also pointed out that the Treasury Bureau will amend the "Anti-Money Laundering Ordinance" bill next year and submit it to the Legislative Council for deliberation. In the future, virtual asset service providers must obtain licenses. Many types of virtual assets have been regulated.

Wei Wen emphasized that virtual currencies do not have currency characteristics. He also pointed out that the Treasury Bureau will amend the "Anti-Money Laundering Ordinance" bill next year and submit it to the Legislative Council for deliberation. In the future, virtual asset service providers must obtain licenses.

(Photo by Zheng Zifeng)

Xu Zhengyu is not worried about the lack of funds in the northern metropolitan area. Emphasizes that innovation and technology and finance are "you and me." Xu Zhengyu: Strengthen regulation of SPAC fundraising and increase regulatory sustainability. Xu Zhengyu: Study and facilitate MPF investment in mainland government bonds. ｜Xu Zhengyu: It is worthwhile to develop the northern metropolitan area without worrying about the financial burden

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