On the 25th anniversary of Hong Kong's return to the motherland, there are always new challenges to face every year.
This year, brain drain has become a "theme" in Hong Kong, and the HKMA has also admitted that many people have left.
However, in order to maintain the competitiveness of Hong Kong as an international financial center, the HKMA actively trains its own talents, and points out that FinTech and green finance are the two major training priorities.
In addition to the talent issue, when it comes to the long-term high property prices in Hong Kong, the HKMA reiterates that counter-cyclical measures can only be adjusted when the cycle changes, and there is no plan to relax or tighten them at this stage.
If you want to help the younger generation get into the car, you may need to start with mortgage insurance.
On the 25th anniversary of Hong Kong's return to the motherland, after experiencing the impact of social movements and the epidemic, it must be admitted that many people have left this international financial center.
The President of the HKMA, Yu Weiwen, also admitted that there is a brain drain. Even in the HKMA, the staff turnover rate was 7% last year, and it was kept at around 3% in the past, "It is indeed a lot more, although the turnover rate has increased compared to its own. , but less than the industry or other regulators.”
When asked whether the brain drain is mainly related to immigration, Yu Weiwen responded that there are different reasons, including the global talent shortage caused by the epidemic.
However, he believes that the various closure measures brought about by the epidemic are all "transitional" situations and will return to normal one day, and "long-term talents will be attracted by opportunities."
The President of the HKMA, Yu Weiwen, said that Hong Kong needs to strengthen talent training, especially in the areas of financial technology and green finance.
(Photo by Yu Junliang)
Lack of technology and green professional training of local talents
In addition to talents from other places, the HKMA also emphasizes the need to step up efforts in talent training, because there is a shortage of manpower in the world, especially in fintech and green finance, both of which are relatively new and have a lot of professional knowledge. The HKMA and the Government promote talent training programmes.
In addition, the HKMA is also actively cooperating with local universities to organize many training activities, hoping to nurture more local talents.
As the President pointed out, there are many reasons for brain drain, perhaps the cost of living in Hong Kong is too high and property prices are too expensive.
The Hong Kong property market has been in an upward cycle for more than a decade. Yu Weiwen mentioned that the HKMA has successively launched 9 rounds of counter-cyclical macro-prudential measures to curb the rise in property prices.
Nowadays, property prices seem to be stabilizing at a high level. I was asked if there will be adjustments in counter-cyclical measures to help the public get on the bus?
Yu Weiwen emphasized that one of the main goals of counter-cyclical macro-prudential measures is to stabilize the banking system. Even if property prices fall sharply, banks will be able to "stand up".
Yu Weiwen said that if the counter-cyclical measures are relaxed, property prices will rise again, and it will be more difficult for citizens to get on the bus.
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Adjustment of countercyclical measures is not considered
It is more contradictory to adjust counter-cyclical measures to help the public get on the bus.
Yu Weiwen said with a smile that property prices are currently stabilizing for the time being, but when the HKMA relaxes counter-cyclical measures due to this, property prices rise again following the trend, which actually makes it difficult for the public to get on the bus.
Yu reiterated that unless there is a cyclical change, including factors such as property prices, transactions, and the local economy, the measures will not be adjusted.
At present, although property prices have been slightly adjusted, the HKMA has not noticed any obvious cyclical adjustments and will continue to monitor market changes.
If you really want to help the public get on the bus, Yu Weiwen believes that the mortgage securities company can relax the mortgage insurance plan to make it easier for first-time buyers to get on the bus.
He mentioned the "Chao Ye Plan" announced in the Budget in April this year, in which the mortgage insurance plan was adjusted, so that young people who are first home buyers can obtain more loans through the plan and facilitate boarding.
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