Chief Executive John Lee Ka-chiu delivers a speech at the Phoenix financial forum 2022 for the Greater Bay Area at the Hong Kong Science Park on Sept 21 2022. (EDMOND TANG / CHINA DAILY)
Hong Kong is capable of playing a major role in the development of the Guangdong-Hong Kong-Macao Greater Bay Area by deepening cross-border financial integration, Chief Executive John Lee Ka-chiu told a financial forum on Wednesday.
Hong Kong is the world’s leading offshore renminbi business hub, handling up to 75 percent of RMB payments outside the mainland, Hong Kong Chief Executive John Lee Ka-chiu said
He said the Greater Bay Area’s development has been accorded key strategic planning in the national growth blueprint, with great significance in the country’s implementation of innovation-driven development and commitment to reform and opening-up. “At the same time, it has also brought enormous opportunities and growth drivers.”
Lee made the remarks at the Phoenix Financial Forum for the Greater Bay Area, with the theme “New Prospects amid Changes”.
As a highly open and international city in the Greater Bay Area, Hong Kong is a global financial, shipping, trade and aviation hub with a worldwide reputation for professional services, he said. With the unique advantages of “one country, two systems”, Hong Kong is capable of playing a major role in the region’s development.
In his opening speech, Li highlighted the special administrative region’s five advantages in deepening financial cooperation with the Chinese mainland to promote the Greater Bay Area’s advancement.
ALSO READ: Survey: HK workers in GBA happy with living conditions
Hong Kong is the world’s leading offshore renminbi business hub, handling up to 75 percent of RMB payments outside the mainland, he said.
In July, The People’s Bank of China and the Hong Kong Monetary Authority agreed to strengthen the Currency Swap Agreement by making it a long-standing arrangement with no need for renewal.
On this basis, the HKMA will further enhance the RMB Liquidity Facility to support the continued development of Hong Kong’s offshore RMB market, Lee said.
He noted that connectivity between the capital markets of Hong Kong and the mainland has been strengthened, adding that the SAR will continue to discuss with the mainland the further expansion of the connect programs to facilitate capital flow in the Greater Bay Area.
Hong Kong’s other advantages in driving growth in the Greater Bay Area include the city’s status as a top-notch investment and financing platform, wealth and risk management center, and a would-be green finance hub, Lee said.
READ MORE: Survey: Over 70% of HK people keen on GBA opportunities