“Under the ‘one country, two systems’ principle, Hong Kong can create opportunities for companies and economies in Asia and around the world," Lee said. — China Daily
HONG KONG: China’s financial regulatory policy will focus on supporting the real economy and further opening up the country’s financial services industry, says Li Yunze, head of the National Financial Regulatory Administration (NFRA).
Li made the remarks at the two-day 17th Asian Financial Forum 2024 that opened on Wednesday.
The event is co-organised by the Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council.
“Under the new situation, financial supply-side structural reform will be the main focus, enabling financial institutions to improve the adaptability of serving the real economy and stabilising the national economy,” Li said while delivering special remarks to the forum.
The minister said financial regulatory policy will focus on certain segments like technology finance, green finance, inclusive finance and digital finance.
In the next step, the NFRA will comprehensively strengthen the five major supervision areas of institution, behaviour, function, penetration and continuous supervision.
“We will continue to improve the foresight, accuracy, effectiveness and synergy of supervision, and coordinate with all other parties to implement all aspects of supervision in accordance with the law to supervise all kinds of financial activities.
“We will also accelerate the construction of a comprehensive and effective modern financial supervision system to promote the high-quality development of finance,” Li said.
The Chinese economy is improving in the long term, its structure continues to be optimised, and its high-quality development trend will not change, Li said, adding that the national economy will be able to move forward steadily amid difficulties and continue to provide a strong impetus for world economic development.
Hong Kong Chief Executive John Lee Ka-chiu said the “one country, two systems” principle and the far-reaching opportunities it brings “have enabled Hong Kong’s financial sector to thrive despite the considerable challenges we face”.
“Under the ‘one country, two systems’ principle, Hong Kong can create opportunities for companies and economies in Asia and around the world.
“We can, and will, contribute to realising a bright and shared future for the global community,” he said in his opening remarks.
On Wednesday, the People’s Bank of China, the central bank, and the Hong Kong Monetary Authority launched six measures that involve financial market connectivity, cross-border capital facilitation and deepening of financial cooperation.
The measures enhancing financial market connectivity include allowing bonds under Bond Connect as eligible collateral for the yuan liquidity arrangement of the Hong Kong Monetary Authority, further opening-up so that foreign investors can participate in domestic bond repurchase business, and expanding and facilitating individual investment channels in the Guangdong-Hong Kong-Macao Greater Bay Area. — China Daily/ANN
