Hong Kong's first five-year plan will leverage Hong Kong's roles as a "super connector" and a "super value-adder", linking mainland capital and enterprises with global markets, while bringing in international capital, technology and talent, Chief Executive John Lee Ka-chiu said on Friday.
Speaking at the Hong Kong Association of Banks Distinguished Speaker Luncheon, Lee highlighted that the banking sector is a crucial partner in realising this strategic vision.
To expand the offshore yuan business and deepen financial connectivity, the government will expand the mutual market access schemes with the mainland, including Stock Connect, Bond Connect, Wealth Management Connect and Swap Connect, Lee said.
The government also looks forward to working closely with banks to innovate yuan-denominated products, enable cross-boundary trade settlement and broaden the global use of yuan, Lee added.
Besides, empowering the real economy and encouraging innovation and technology through finance, developing commodity trading, and strengthening financial security and market integrity are key areas for cooperation between the government and the banking industry, he noted.
Regarding the development of Northern Metropolis, Lee expressed confidence that the Hong Kong Association of Banks and the whole banking sector will play an instrumental role in financing large-scale infrastructure projects in the Northern Metropolis, unlocking opportunities created by this boundless new economic engine for Hong Kong and the Greater Bay Area.
