The Finance Bureau Xu Zhengyu: Subsidy has a unique role in the integration of Hong Kong into the overall development of the country

Xu Zhengyu, Secretary for Financial Services and the Treasury, pointed out in a blog post that since the return of Hong Kong 25 years ago, Hong Kong's status as an international financial center has been increasingly consolidated, and the financial market has achieved rapid development in many aspects. In addition to creating a favorable business environment, it also depends on the joint efforts of the industry, in which Chinese financial institutions play an indispensable role.

The Finance Bureau held a symposium on "Hong Kong's Integration into the Overall Situation of National Development and Development Strategies for Chinese-funded Financial Institutions in Hong Kong" last Thursday. During the symposium, Xu Zhengyu received a lot of advice on the development of Hong Kong's financial industry - especially in Hong Kong's Chinese-funded financial institutions in Hong Kong. The unique position among them is the perception and expectation, including a reliable "connector". Hong Kong is the country's international financial center and plays an important role as a bridge connecting domestic and foreign capital and markets; a reliable "connector", Hong Kong has always Innovative financial products and services meet the various needs of the real economy; a resolute "guardian", the international political and economic environment is complex and changeable, and Hong Kong, as a fully open international financial center, is vulnerable to external shocks.

Among them, Xu Zhengyu mentioned that about three-quarters of the fundraising in Hong Kong last year had Chinese-funded securities companies as sponsors, which shows its important position.

As more and more "Chinese concept stocks" listed overseas intend to return to the market, the role of Chinese securities companies has become more and more important.

He also pointed out that according to market statistics, the assets of Chinese banks account for more than one-third of the entire banking industry in Hong Kong, and risk management has always been sound.

In addition, Chinese-funded insurance companies accounted for about one-fifth of the effective long-term business premium income in Hong Kong last year.

We hope that Chinese financial institutions can continue to balance stability and development, and play the role of the "ballast stone" of the financial system.

Looking forward to the future, Xu Zhengyu said that the government expects Chinese and Hong Kong-funded and foreign-funded financial institutions to develop together, keep pace with each other, take advantage of Hong Kong's status as the country's international financial center, and jointly push the development of the financial services industry to a new level.