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Thursday, July 16, 2020, 00:15
FSDC says HK’s financial hub status remains intact
By Oswald Chan
Thursday, July 16, 2020, 00:15 By Oswald Chan

Hong Kong's status as an Asian financial hub remains intact, and the city's intermediary role is even more valuable when global geopolitical frictions are increasing, the Hong Kong Financial Services Development Council says.

After US President Donald Trump signed the Hong Kong Autonomy Act, FSDC chairman Laurence Li Lu-jen said on Wednesday that Hong Kong, as a bridge between China and the West, will have to weather stronger headwinds.

He said the market has remained calm on the effectiveness of the act since the signing was first rumored, demonstrating the solid position Hong Kong still has as an international financial hub. Li added: "Looking ahead, uncertainties and even tensions in international trade and the geopolitical sphere mean that Hong Kong will be all the more comparatively attractive as a known and trusted place for doing business and handling investments."

FSDC board member Andrew Weir said: "A confluence of factors is supporting Hong Kong as an international financial center, including various capital market connect programs between Hong Kong and the Chinese mainland as well as connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area."

he city is also the offshore offshore renminbi loan center and the leading fund-raising and initial public offering venue, so we are confident about Hong Kong's medium to long-term prospects,"   Weir said.

Looking ahead, the FSDC will concentrate on conducting research on environmental, social and governance reporting, Greater Bay Area connectivity, financial technology and asset management.

 FSDC board member Jim Lai said: "The cross-boundary wealth management connect pilot scheme in the Greater Bay Area provides a best business development scenario for promoting more financial technology infrastructure."  The FSDC was established in 2013 by the SAR government as a high-level and cross-sector advisory body to promote the city’s financial services industry and to formulate a strategic direction for industry development.

Since September 2018, the FSDC has been incorporated as a company limited by guarantee.  It said this is in order to allow it to better carry out its roles through research, market promotion and human capital development.


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