Lam making rounds in Beijing

Local | Phoenix Un 9 Aug 2017

The government had reviewed the Big Bay Area proposal and will provide feedback to the National Development and Reform Commission very soon, Chief Executive Carrie Lam Cheng Yuet-ngor said.

She was speaking during her visit to the commission on the third day of her four-day duty trip to Beijing.

Lam met commission chairman He Lifeng, along with Financial Secretary Paul Chan Mo-po, and Secretary for Commercial and Economic Development Edward Yau Tang-wah.

The NDRC is responsible for works regarding the Belt and Road Initiative, and the Guangdong-Hong Kong-Macau Big Bay Area development.

Lam told He she has already visited Singapore and Thailand, which are countries of the Association of Southeast Asian Nations an important Belt and Road component.

She also hoped that particular works regarding the Big Bay Area could be carried out as soon as possible.

The commission will finalize the development plan for the Big Bay Area after receiving feedback from all cities involved, and will submit the proposal to the State Council, which is supposed to happen by year end.

Yesterday morning, Lam visited China Banking Regulatory Commission chairman Guo Shuqing, telling him the SARs bad debt rate was low.

Our housing price is still rising, but with previous experience of negative equity, the Monetary Authority has imposed strict regulation on real estate, thus [the housing market] is still stable, Lam said.

Guo said the banking system of China was generally stable in the first half of this year, and the risk was under control, with loan amount increasing to 950 billion yuan (HK$1.1 trillion).

Lam then went to meet the Peoples Bank of China governor, Zhou Xiaochuan, to discuss the offshore yuan business.

As an international financial center, Hong Kong has great potential, especially under the Belt and Road and the Big Bay Area initiatives, Lam said. Hong Kongs advantage must lie on financial services.

Lam also thanked the Peoples Bank for supporting the SARs financial sector, especially in yuan business, bond issuing and financing.

She then met Minister of Commerce Zhong Shan, who said his ministry is willing to enhance the commercial cooperation between different levels of the central and SAR governments.

On todays last day of Lams Beijing trip, she will visit the National Tourism Administration and Ministry of Foreign Affairs, before returning to Hong Kong at night.

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