Beijing will bolster Hong Kong’s position as a global financial hub by enhancing openness and cooperation in key sectors, according to senior officials from Chinese regulatory bodies.
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“We will continue to deepen financial collaboration between the mainland and Hong Kong, promote Hong Kong’s full integration into the nation’s overall development, leverage its strengths, and further consolidate and enhance its status as an international financial centre,” said Zhou Liang, vice-minister of the National Financial Regulatory Administration (NFRA), during the Global Financial Leaders’ Investment Summit on Tuesday.
“We will make full use of Hong Kong’s role as a ‘superconnector’.”
The NFRA would facilitate mainland insurers in issuing bonds and securities in Hong Kong, and support banks and insurers in aiding the overseas expansion of Chinese businesses, Zhou said.
It would also reinforce Hong Kong’s role as a pilot window for the internationalisation of digital currency and electronic payments, among other initiatives.
Li Ming, vice-chairman of the China Securities Regulatory Commission, said the regulator would streamline the filing procedures for Chinese companies seeking to list overseas, expand the scope of stocks within the mainland-Hong Kong Stock Connect programmes, and enhance Hong Kong’s offshore yuan risk-management tools.
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