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Carrie Lam: Hong Kong to support RMB internationalization, provide financing services

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Reference:CGTN | Updated:21 June 2021

Hong Kong can support the internationalization of the renminbi (RMB) and provide diversified financing services for companies on the Chinese mainland, Chief Executive of China's Hong Kong Special Administrative Region (HKSAR) Carrie Lam said on Sunday.

As the largest hub for offshore RMB business across the globe, Hong Kong takes the lead in RMB settlement, financing and asset management with the support of the central government. Hong Kong will continue to communicate with the mainland authorities to expand the channels for the cross-border two-way RMB funds, and continue to optimize and broaden the interconnection mechanism of the financial markets of both sides, and seize the opportunities brought by the construction of the Greater Bay Area, Lam said during Finance Summit 2021 held by ifeng.com.

Lam said Hong Kong can provide reliable and diversified financing services for enterprises from the Chinese mainland, as it serves as an ideal listing platform. The total annual initial public offering (IPO) funds raised in the past 12 years have ranked first seven times in the world.

Currently, more than half of the companies listed on the Hong Kong Stock Exchange (HKEX) are from the Chinese mainland, accounting for approximately 80 percent of the total value of the Hong Kong stock market.

The HKEX has implemented a new listing system. So far, 50 companies in emerging and innovative industries have been listed in Hong Kong under this system, with the total funds raised exceeding HK$510 billion ($65.7 billion), she said.

Meanwhile, Hong Kong is accelerating the implementation of Wealth Management Connect, a cross-border wealth management investment pilot scheme, for people living in the Greater Bay Area, Lam said.

In addition, Hong Kong can also serve as a risk management center. The HKSAR has implemented a series of measures in the first half of the year, including halving the profit tax rate of some businesses. It is also promoting the establishment of after-sales service centers in the insurance industry in cities in the Greater Bay Area as soon as possible, she said.


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