Renowned for its undisputed professionalism, Hong Kong’s accounting sector has been the cornerstone of the city’s status as an international financial centre. The implementation of the new regulatory regime for the accounting profession in October 2022 has further rationalised the regulation and development functions in relation to the profession. The Financial Services and the Treasury Bureau (FSTB) has been liaising closely with the industry through the Accounting and Financial Reporting Council (AFRC) and the Hong Kong Institute of Certified Public Accountants (HKICPA) to promote the industry’s development. We also join hands to formulate strategies for combating audit irregularities in order to ensure audit quality and industry reputation.
During my earlier visit to Switzerland, I had extensive exchanges with major international organisations, government departments and financial institutions there, and gained quite some insights into our pursuit of financial market development in the future. Both Hong Kong and Switzerland are world-class financial hubs with well-developed financial services industries, enjoying a leading position particularly in such areas as asset management, wealth management and insurance. Switzerland, with its long-established banking, asset management and insurance industries, has become a preferred market for global capital allocation and risk management. Meanwhile, thanks to the institutional strengths of “One Country, Two Systems” and our close ties with the Mainland, Hong Kong, being our country’s international financial centre, is the world’s largest offshore Renminbi (RMB) business hub with unparalleled competitiveness in areas including asset management, insurance and risk management. More importantly, both places have always believed in mutually beneficial multilateral co-operation and globalisation. This is particularly valuable and crucial given the prevailing geopolitical instability around the world.
The asset and wealth management industry is one of the strategic areas on which the Financial Services and the Treasury Bureau (FSTB) will focus in its efforts to promote financial development. Our target is the significant opportunities that diversified asset allocation and intergenerational wealth transfer will bring, and the subsequent enormous demand for wealth management platforms and options. The market estimates that between 2023 and 2030, the total amount of intergenerational wealth transfer in the Asia‑Pacific region will reach US$5.8trillion, of which 60% will come from ultra-high-net-worth families (families with financial assets exceeding US$50million). In addition, a survey shows that 77% of the family offices in the Asia‑Pacific region anticipate a growth in assets under management in 2024, and 84% expect an increase in their family wealth. These trends not only facilitate the establishment and expansion of family offices, but also entail a greater demand for professional services such as investment management, legal, accounting, custody and family governance services. In particular, according to the latest Global Financial Centers Index, Hong Kong ranks first globally in the industry sector of investment management. All segments of the asset and wealth management industry are indeed intertwined. While family offices currently allocate a relatively low weight to alternative assets (e.g. venture capital funds) in their portfolios, their future demand growth is set to drive a positive cyclical development in the industry as a whole.
The three-day 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) concluded successfully on 26 September. I am delighted to see this annual mega event for the international tax community coming to Hong Kong for the very first time, highlighting our unique gateway role in fostering partnerships and creating value for economies, businesses and people along the Belt and Road (B&R).
Today, the Financial Services and the Treasury Bureau (FSTB) published the public consultation conclusion and latest legislative proposals for the company re-domiciliation regime (https://www.fstb.gov.hk/fsb/en/publication/consult/doc/ConsultationConclusionOnCompanyRe-domiciliationRegime_e.pdf). I would like to take this opportunity to share the thinking behind the proposals as well as the highlights therein.
The seminar on “Green Fintech: Catalyst for Scaling Sustainable Finance”, which focused on green finance technology, was one of the key events of the "Hong Kong Green Week" held by the HKSAR Government earlier this year. During the event, the Green and Sustainable Finance Cross-Agency Steering Group announced the "Prototype Hong Kong Green Fintech Map", providing one-stop information on the current status of Green Fintech companies in Hong Kong and related services, with a view to raising the companies’ profile. Currently, over 50 enterprises are featured on the Map.
Foreign domestic helpers (FDHs) contribute significantly to our society. However, their financial well-being while working in Hong Kong, in particular the way they borrow money from finance companies, has given rise to a number of issues, including the harassment of FDH employers by money lenders or the debt collectors they engage. This is also a concern that many legislators have relayed to me recently. In this regard, the Registrar of Money Lenders will issue a letter (see attachment) to all licensed money lenders today, reminding them to pay particular attention to the relevant licensing conditions in respect of certain illegal money lending and debt collection practices. In parallel, we will adopt a “carrot and stick” approach and continue to step up promotional and educational efforts on prudent borrowing by FDHs, with a view to better protecting the rights and interests of both FDHs and their employers.
The brand new eMPF Platform, a major financial infrastructure funded by the Government, will be launched tomorrow (26 June). By leveraging innovation and technology, the platform seeks to standardise, streamline and automate the administrative processes of Mandatory Provident Fund (MPF) schemes currently managed by 12 trustees and serves as a centralised administrative platform for the provision of retirement protection. It will enhance operational efficiency, reduce costs, and provide greater convenience in managing MPF accounts, which will in turn promote the optimisation and upgrading of the industry and supply chains of pension finance as well as the transformation of the MPF industry. In parallel, this will bring immediate and tangible benefits to the general public in terms of retirement savings protection, thus enhancing their sense of gain, happiness and security.
Maintaining trading under severe weather conditions is a key step in enhancing the competitiveness of Hong Kong’s market. This reform, being one of the policy initiatives set out in the Policy Address and the Budget as well as a recommendation made by the Task Force on Enhancing Stock Market Liquidity, has won overwhelming support from the financial sector. Following the announcement made by the Chief Executive (CE) this morning, I held a press conference with representatives from the Hong Kong Exchanges and Clearing Limited (HKEX), the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), during which I introduced the conclusions and proposals drawn up in the wake of the earlier consultation. In this blog article, I would like to further elaborate the ideas and key points behind the proposals.
Last week, I concluded a trip to Europe, after visiting the Netherlands, Spain and Portugal. The focus of this trip was to participate in two major forums, namely Money20/20 Europe, the largest financial technology (fintech) forum in Europe held in Amsterdam, the Netherlands, and South Summit, a remarkable technology and start-up event held in Madrid, Spain. By attending the two forums, I aimed to publicise the unique strengths of Hong Kong’s financial market and the latest initiatives taken by the Government of the Hong Kong Special Administrative Region (HKSAR) in promoting fintech innovations. This visit has proved me right about the development in Europe. I have always thought that in a macro environment beset with global political and economic uncertainties, enterprises and the financial sector in both western and southern Europe are all eager to find a new direction and positioning for social and economic development, and they all hope to drive the creation of new and more competitive industries and business models by embracing innovation. Their eagerness was well reflected in the themes for discussion in the forums I attended, including the promotion of efficient and low-cost payment options, the prudent development of Web3.0 and the virtual asset market, as well as the use of green finance to foster sustainable economic transformation.
Last year, the Chief Executive led a delegation to the Middle East for a goodwill visit to promote Hong Kong’s strengths and explore business opportunities. Since then, the Financial Services and the Treasury Bureau has been working tirelessly and relentlessly on deepening the financial co-operation between Hong Kong and the Middle East.
Last Saturday, I finished my visit to New York and Chicago of the United States (US). During the trip, I met with representatives of various organisations, including the Federal Reserve Bank of New York, the New York Stock Exchange, the National Committee on United States-China Relations, the Asia Society and the University of Chicago, updating them on the latest developments of Hong Kong’s economy and financial market as well as promoting our financial advantages and professional services.
Following the fruitful result of the inaugural Wealth for Good in Hong Kong Summit in March last year, the second Summit is set to return on the 27th of this month. This exclusive event is part of the Financial Mega Event Week in March, designed to gather asset owners and family office managers around the globe, highlighting Hong Kong’s unique strengths in the wealth management industry.
The Hong Kong Green Week will be held next week (26 February to 2 March) and is one of the mega events in Hong Kong this year. It will feature a series of events, including keynote speeches, seminars, roundtable meetings, and expert discussions organised by different institutions, to explore ways to promote green economy globally for achieving sustainable development and to support Hong Kong’s development of green technology and green finance.
Since our announcement of the “Policy Statement on the Development of Virtual Assets in Hong Kong” in October 2022, the virtual asset (VA) market has been developing rapidly. While product offerings have kept evolving, we also saw volatile price fluctuations in certain cryptocurrencies. International organisations and regulators over the world expressed their intention to strengthen the regulation of VAs. All these led some to believe that we had entered a “crypto winter”, and questions were raised on whether the Government would change its policy position on VA, especially in the wake of the JPEX incident last year.
The two-day 17th Asian Financial Forum (AFF) concluded successfully on Thursday (January 25). AFF is Hong Kong's annual flagship event and a key event for the region's financial community. The forum this year, which returned to a fully physical format for the first time since the pandemic, gathered officials, representatives of multilateral organisations, and financial and business leaders from all over the world at the Hong Kong Convention and Exhibition Centre, kicking off the series of mega-events in Hong Kong this year.
In December I visited three cities in two countries on Indochina Peninsula, namely Vietnam’s capital Hanoi, Ho Chi Minh City and Laos’s capital Vientiane, as part of our continued efforts to tell good stories to the international community about Hong Kong’s financial development, seeking collaboration with and greater access to the potential-laden Southeast Asian markets with a view to contributing to the national Belt and Road (B&R) strategy.
The Companies Registry (CR) has all along been committed to offering quality services to companies and members of the public and strengthening Hong Kong’s competitiveness as an ideal place for business through the adoption of innovation and technology and wider use of electronic services.Macroeconomic factors such as an uncertain global economic outlook, volatile geopolitical situations and the “higher for longer” interest rate environment have inevitably suppressed Hong Kong’s financial market, hindering particularly the short-term performance of cash equities trading and fundraising through initial public offerings. Nevertheless, with a solid foundation, Hong Kong’s financial market has demonstrated resilience in the turbulent global environment and continued to register growth in a number of areas. We have weathered different economic cycles in the past, and we will navigate through the present one all the same. Actual figures enable one to see objectively that Hong Kong’s financial market is internationalised, comprehensive and growing in nature. The claim that Hong Kong has become “a relic of an international financial centre” is therefore totally unfounded. Hong Kong’s status as an international financial centre is like neither a tower nor a monument which can be brought down by pressure. Rather, it is achieved and underpinned by our unique position under “One Country, Two Systems”, the sustained efforts of the Government, regulators and industry players, as well as the recognition by international investors and financiers. We have the confidence, strength and capability to continue building an international financial centre with greater depth and breadth. I am going to give an account of the recent performance of Hong Kong’s financial market in various key areas, and let the figures speak for themselves.
The Chief Executive and the Mayor of Beijing, Mr Yin Yong co-chaired the Fifth Plenary Session of the Hong Kong/Beijing Co-operation Conference in Hong Kong today. At the meeting, the Beijing Municipal Bureau of Local Financial Regulation and Supervision and I signed the Memorandum of Understanding (MOU) on Enhancing Hong Kong-Beijing Co-operation on the Development of the Financial Industry, marking a new stage and a new level of financial co-operation between the two places.The seventh District Council (DC) Ordinary Election will be held on 10 December 2023 (Sunday). This is the first large-scale territory-wide election following improvements to the district governance system and reforms to our DCs. It is of utmost importance to the steadfast and successful implementation of “One Country, Two Systems”, good governance in Hong Kong, as well as providing a better living environment for people to live and thrive.As the accounting profession is the “infrastructure” of the market economy and the lingua franca of the global business community, its development is crucial to the future of Hong Kong as an international financial centre. Our accountancy sector, with world-class professional and regulatory standards, is a major force supporting high-quality development of such areas as finance, technology and logistics in Hong Kong and the Greater Bay Area (GBA).
The Hong Kong Academy for Wealth Legacy (“HKAWL”), under the Hong Kong Financial Services Development Council (“FSDC”), will be formally established and hold its inauguration ceremony today to provide a comprehensive talent training platform for the family office sector, asset owners and wealth inheritors, and to facilitate the development of family offices in Hong Kong. At today’s inauguration ceremony, a number of family office representatives and industry experts will discuss the opportunities and development of family offices, and share their insights on the key service areas of the HKAWL.Hong Kong is a metropolis ideal for investors and businesses thanks to its long-standing low, simple and transparent tax regime, which creates a favourable environment for investment and business activities such as business expansion, restructuring and listing. The gazettal of the Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Bill 2023 (the Bill) on 20 October marks a further step in enhancing Hong Kong’s advantage in tax certainty and, in turn, providing facilitation to enterprises intending to do business and invest here.
At the Belt and Road (B&R) Summit organised by the Hong Kong Special Administrative Region (HKSAR) Government last month, I chaired one of the policy dialogue sessions, namely “Tapping into the Potential of the Middle East”. Together with the Minister of International Cooperation of Egypt, the Minister of Economy of the United Arab Emirates, and the Advisor in the General Secretariat of the Council of Ministers of Saudi Arabia who attended upon invitation, we discussed and explored the roles that Hong Kong and the Middle East can play as regional hubs in jointly promoting the sustainable development of the B&R strategy as well as the opportunities for co-operation. On behalf of the Hong Kong Special Administrative Region (HKSAR) Government, I signed a comprehensive avoidance of double taxation agreement (CDTA) with the Government of Bangladesh today. The Agreement will reduce the withholding tax rates for certain passive income in Bangladesh, which will in turn help minimise the tax costs for Hong Kong businesses investing in Bangladesh, thereby facilitating the trade and economic development in both places. Together with the CDTA with Bangladesh, Hong Kong has now signed CDTAs with 47 economies.It has been a year since the current-term Government took office. With the concerted efforts of members of the community, Hong Kong has emerged from the pandemic during the year. Hong Kong has returned to normalcy on all fronts, and normal travel between the city and the Mainland and the rest of the world has fully resumed. The Government, led by the Chief Executive, is pressing ahead with plans to pursue economic development and enhance Hong Kong’s competitiveness with a view to fostering Hong Kong’s continued advancement in its new journey from stability to prosperity. We shall actively leverage Hong Kong’s unique advantages of enjoying the strong support of the Motherland while being closely connected to the world under “One Country, Two Systems”. Thanks to the staunch support of our country and the momentum gained as a result of Hong Kong’s return to normalcy, the Financial Services and the Treasury Bureau (FSTB), in collaboration with financial regulators and industry players, has made quite a number of substantial achievements over the past year. In this blog article, I am going to sum up our major efforts in promoting financial development over the year by reviewing the three policy statements/development roadmap we issued, the three major events we organised and the three overseas trips we made.
The Hong Kong Dollar (HKD)-Renminbi (RMB) Dual Counter Model (the Model), which has drawn much attention, will be officially launched next week, allowing investors to trade securities issued by the same issuer in both HKD and RMB, and transact across HKD and RMB counters. This will mark an important milestone in the development of offshore RMB business in Hong Kong.
I recently visited Incheon of Korea to attend the Asian Development Bank (ADB) Annual Meeting on the theme of “Rebounding Asia: Recover, Reconnect and Reform”. Apart from discussing with global participants about the post-pandemic economic recovery in Asia, I also seized the chance to promote Hong Kong’s unique advantages in financial services.
With Hong Kong back on the road to full economic recovery, the Financial Services and the Treasury Bureau has adopted a strategy, which can be summed up as “bringing in and going out to foster borderless development”, for promoting the development of our financial market. The Wealth for Good in Hong Kong Summit was successfully held in end-March, attracting over 100 decision makers from global family offices and their professional teams. Meanwhile, the Policy Statement on Developing Family Office Businesses in Hong Kong was also issued to promote the development of family office business in Hong Kong with eight targeted policy measures. While Hong Kong is “bringing in” global wealth owners, my team and I have “gone out” straightaway to visit Brussels of Belgium and London of the United Kingdom (UK), telling our good financial stories to the international market.
The Financial Secretary announced in the Budget the introduction of a company re-domiciliation regime to facilitate non-Hong Kong enterprises to re-domicile to Hong Kong, so that they may utilise our favourable business environment and professional services. Since this month, we have been reaching out to key stakeholders including business chambers, professional bodies and relevant statutory advisory bodies to explain our thoughts and hear their professional views. Today, we will publish the relevant document for public consumption (https://www.fstb.gov.hk/fsb/en/publication/consult/consult-policy.html). If you have any views or suggestions on the introduction of a company re-domiciliation regime, you are welcomed to let us know in the coming two months. I also wish to introduce through this blog post our ideas on the proposed regime.
As announced by the Financial Secretary in his recent Budget Speech, the Government will host the “Wealth for Good in Hong Kong” (“WGHK”) summit as a key initiative to promote Hong Kong’s asset and wealth management industry and encourage more family offices to establish a presence in our market. In this blog, I wish to share a few thoughts on its significance and the highlights to look out for.科技進步為市民大眾和企業帶來各種便利,開拓了不少以嶄新方式處理舊有活動的可能性,但隨之而來,也為我們帶來新問題和挑戰,我們需要不時檢視我們的政策、法規和措施是否與時並進,以維持一個健全有序的規管環境容讓創新活動發展,同時又能管控好風險,保障市民和公共利益。Life is as unpredictable as weather. My infection with COVID last week had instantly overturned my life and work schedules. It also drove me to reflect on the importance of risk management, which is essential to people, the economy and the society. One of the key functions of the financial market is to identify and measure risks, as well as to price and allocate them, such that market participants with different expectations on risks for the future can manage the risks based on their individual preferences and needs, and may even earn a return.Following my visit to Manila, the Philippines at the end of September to attend the Asian Development Bank Annual Meeting and another trip to Bangkok, Thailand in mid-October to attend the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting, the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, visited Japan last week to make a concerted effort to tell the good stories of the HKSAR Government to participants attending the meetings from around the world and local government officials.Last week, I visited Manila, the Philippines to attend the annual meeting of the Asian Development Bank (ADB) as a representative of Hong Kong to discuss with participants from around the world about the ways to promote the post-pandemic development of green economy. In the face of numerous issues such as global pandemic, climate warming, supply chain constraints and elevating inflation, ADB is determined to carry out reforms on its energy policies, capital investment and organisational structure, with a view to developing a new model for sustainable development in Asia in collaboration with its members.I am going to Manila, capital of the Philippines next Monday to attend the Annual Meeting of the Asian Development Bank (ADB). During my stay, I will take the opportunity to meet the officials of the new Philippine Government, which took office in end-June, as well as some local enterprises to identify and explore business opportunities for Hong Kong’s professional financial services.Thanks to the strong support of our country for Hong Kong’s financial development, we have opened up a new era of “Mutual Market Access 2.0”, promoting mutual access between the financial markets in the Mainland and Hong Kong. The latest expansion and enhancement of the mutual market access arrangement are multi-dimensional and comprehensive, covering optimisation of trading mechanism, expansion of investment geographical scope and broadening of asset class. Under the “Mutual Market Access 2.0”, Hong Kong’s financial market will evolve again. Recently, the Government of the Hong Kong Special Administrative Region (HKSAR) and the Qianhai Authority of Shenzhen jointly promulgated the “18 measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai”. These measures demonstrate the determination of the two governments to support the development of private equity (PE) and venture capital (VC) funds and to make the two cities serve as dual engines of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), while enabling Hong Kong to further sharpen its edge as an international asset management centre.Last year, the assets managed by Hong Kong stood at HK$35.5 trillion (US$4.6 trillion), which is 12 times the size of our GDP. The Hong Kong Special Administrative Region Government strives to develop Hong Kong into a premier international asset and wealth management centre in the Asia-Pacific region. Through an array of measures to create and accumulate wealth, we have been strengthening Hong Kong’s competitiveness in the international asset management market. Among these measures, the introduction of new fund structures, including open-ended fund company (OFC), is of significant importance.Integrating finance with technology can bring out the best in both and provide the industry with greater impetus for growth. Having the best ingredients for the development of financial technology (Fintech) and leveraging its maturing ecosystem, pioneering infrastructures, conducive and forward-looking regulatory environment, as well as sizeable financial market, Hong Kong is well placed to develop diversified innovative technology solutions which can drive the industry forward. As Hong Kong has the advantage of “winning at the starting line” in the development of Fintech, the Financial Services and the Treasury Bureau (FSTB) is set to identify more Fintech opportunities and enrich our Fintech talent pool in collaboration with the industry, with a view to enabling Hong Kong to achieve its full potential.With the commencement of the new term of the Hong Kong Special Administrative Region Government, we will, under the leadership of the Chief Executive, adopt a result-oriented approach to implement with all-out efforts the “four proposals” put forward by President Xi while bearing firmly in mind the “four musts” raised by him. Moreover, we will focus on propelling Hong Kong forward by promoting economic development and improving people’s livelihood. In this connection, when the Financial Services and the Treasury Bureau (FSTB) strategically assess the international situation and the positioning of Hong Kong to formulate specific work plans and indicators, we need to think about this core question: What should the FSTB do to contribute to our country and Hong Kong? My answer is: Scaling new heights for Hong Kong – 1) Create Wealth for Hong Kong; 2) Improve efficiency for the society; and 3) Tap into future opportunities.With the 25th anniversary of Hong Kong’s return to the Motherland just around the corner, I am eagerly looking forward to celebrating the big day with members of the public. Looking back, it has been more than two years (about 800 days) since I first came to the Central Government Offices to take office. Back then, Hong Kong was hit by the second wave of the COVID-19 epidemic and most people were trying their best to cope with the anti-epidemic measures, such as closure of scheduled premises and prohibition on group gatherings. 回歸二十五年來,香港作為國際金融中心的地位日趨鞏固,金融市場得到多方面的長足發展,例如銀行存款總額在期間增加超過四倍,股票市場總市值更增長了不止十倍。能夠有這樣的成就,依靠的是與內地日益緊密的經貿關係所帶來的龐大機遇;而協助抓緊這些機遇的,除了中央對香港堅定不移的支持,以及特區政府致力創造的有利營商環境外,亦有賴於業界仝人的共同努力。當中,中資金融機構擔當的角色不可或缺。市民大眾對氣候變化問題日益關注。根據聯合國開發計劃署的調查,近三分之二受訪者認為氣候變化屬全球緊急事件。一方面,熱浪、乾旱、暴雨等極端天氣事件越來越頻繁,人們對氣候變化的威脅有越來越切身的感受。另一方面,過去兩年多的新冠疫情令大眾深刻明白人類健康和氣候變化的危機其實近在咫尺,未來的經濟發展亦必須符合可持續發展的原則,整體社會才會長久得益。At present, there is no dedicated legislation for the regulation of crowd-funding in Hong Kong, nor is there a designated government department responsible for regulating such activities. There have been calls in the community requesting the Government to review the situation and formulate appropriate legislation and regulatory arrangements, so that legitimate crowd-funding activities can be conducted in accordance with the law while unlawful acts can be tackled. A number of Legislative Council Members have shared with me their views on the matter and I strongly concur with them. In February this year, I mentioned in the Legislative Council that the Government was conducting a preliminary study on legislation related to crowd-funding. In particular, I consider that we need to focus on preventing and combating the unlawful acts of raising funds through crowd-funding for planning activities that endanger national security. 金融業界是香港重要的持份者,大家都在我們抗擊新冠病毒這場戰役中作出重要貢獻。我感謝不少銀行、證券、保險及強積金業界早前按照政府及監管機構的呼籲,實施「疫苗通行證」安排,並進一步推動員工接種加強劑,鞏固香港整體的抗疫「防護牆」。此外,金融業界在疫情高峰期間亦不斷審視內部員工安排及其營運持續計劃(Business Continuity Plan),除負責關鍵職能的人員外,加緊壓縮需要在辦公室上班的人員數目,協助社會整體減低病毒傳播風險。The virtual asset (VA) industry has flourished across the globe in recent years, with a substantial increase in market capitalisation as well as a growing number of participating institutions and investors. As an international financial centre, Hong Kong has attracted a wealth of talent and a great many start-ups in the VA sector. VAs and their underlying technologies (including Blockchain) are capable of bringing numerous opportunities for financial innovation. That said, for this emerging industry, it is important to put in place a comprehensive regulatory system to build up market confidence, and hence provide a pathway to its sustainable development. With the passage of the Financial Reporting Council (Amendment) Bill 2021 by the Legislative Council in October 2021, the major regulatory functions and powers of the Hong Kong Institute of Certified Public Accountants (HKICPA) will be transferred to the Financial Reporting Council (FRC), thus enabling the FRC to become a full-fledged independent regulatory and oversight body under the new name of Accounting and Financial Reporting Council (AFRC). This has opened a new chapter for the regulatory regime of the accounting profession in Hong Kong. The Vaccine Pass arrangement has become effective since 24 February. In addition to catering business and scheduled premises, the arrangement is applicable, through administrative orders, to schools, universities, government and public sector offices, etc. To take forward the policy of promoting vaccination for all, the Government has set an example by taking the lead in implementing the Vaccine Pass arrangement at government buildings and office premises on 16 February for compliance by all government employees, and the whole process went smoothly.正如行政長官早前公布,政府馬上會就大約270億港元的第六輪「防疫抗疫基金」向立法會財務委員會申請注資。這輪基金的特色之一,是我們特別希望感謝和支援那些在第五波疫情下謹守崗位、肩負重任、不辭勞苦的前線人員,例如保持環境衞生的清潔員工和負責保安工作的朋友。國家主席習近平在會見述職的行政長官時指出,經系統性修改完善的選舉制度符合「一國兩制」及香港的實際情況,廣大香港市民當家作主的民主權利得到體現。在落實「愛國者治港」,確立社會各界廣泛均衡參與的政治格局後,「一國兩制」作為中國共產黨百年奮鬥重大成就和歷史經驗的優越性將得到進一步彰顯,有利於維護國家、香港及廣大市民的根本利益。實踐將提供有力證明,新選舉制度為香港長期繁榮穩定提供制度支撐,是一套好制度。Following the earlier announcement made by the Chief Executive in her 2021 Policy Address about Mandatory Provident Fund (MPF) investments into bonds issued by the Central People’s Government (CPG) and Mainland policy banks, Financial Services and the Treasury Bureau and Mandatory Provident Fund Schemes Authority have completed the review on this matter. The implementation plan and timetable are set out as follows.剛落幕的第七屆立法會選舉定必載入史冊,成為香港民主發展的重要里程碑。通過完善特區選舉制度,我們重新構建立法會並堅定落實「愛國者治港」,向具香港特色的民主制度邁出重要一步。國務院在這重要時刻發表《「一國兩制」下香港的民主發展》白皮書,系統性地回顧香港的民主歷程,同時展示中央保持香港長期繁榮穩定,確保「一國兩制」行穩致遠如鋼鐵般的堅定決心。我全力擁護支持。As you are probably aware, the Financial Reporting Council (Amendment) Bill 2021 was passed by the Legislative Council last month, marking a milestone in the development of the accounting profession. Since the Financial Reporting Council (FRC) is empowered to act as a full-fledged independent regulatory and supervisory body, our regulatory regime will be more in line with those of other international financial centres. Moreover, independent regulation, which is conducive to sustained professional enhancement, enables the profession to continue playing a crucial role in assuring the integrity of financial information, thereby consolidating Hong Kong’s position as an international financial and business centre.自《粵港澳大灣區發展規劃綱要》於2019年2月公布以來,大灣區的發展一日千里,區內的互聯互通越趨緊密,對於金融、專業服務及科技等各方面的人才需求也日益增加。財庫局在積極培育及充實本地人才庫的同時,亦致力為我們的年青人提供更多放眼及探索大灣區的機會,讓他們裝備自己,為日後在大灣區金融職途發展鋪路。隨著立法會換屆選舉提名期明天結束,我十分期待來屆立法會的議政新風,也很有信心在完善選舉制度後,我們將迎來一個多元務實,心繫市民福祉的立法機關。在立法會重回正軌前,議事堂經常被一鼓陰霾籠罩,大家清楚看到議會內有一群人千方百計以拖垮議會運作、阻撓政府施政為目的。很多時候立法會都未能妥善執行其立法及撥款憲制職能,亦難以聚焦討論政策,認真謀劃香港未來。今年繼中央完善了特區的選舉制度,在制度上確保「愛國者治港」,我們才得以「撥開雲霧見青天」,開拓了更廣闊的參政及議政空間,讓議員真誠地從國家和香港的共同利益出發,以理性務實的態度和行動與特區政府一道達致良政善治。Today marks the opening of the sixth edition of the Hong Kong FinTech Week, an annual flagship event for Hong Kong’s financial industry. Themed “Scaling FinTech Future Together”, the event, in both physical and virtual forms, brings together representatives of governments, regulators and the industry to explore how innovative thinking and emerging technologies can power financial services. When attending the event for the first time as the Secretary for Financial Services and the Treasury last year, I chose to host a fireside chat with an industry representative instead of addressing the participants in the traditional way. I did the same this year by inviting Mr ZHANG Lei, the Chairman and Chief Executive Officer of the Hillhouse Group, to join a fireside chat. 第6屆立法會最後一次會議剛於昨日休會。去年因疫情嚴峻,立法會會期延長了一年。我與我局同事也把握時間,圍繞我上任之初定下的四大方向,完成及推動多項有利香港金融市場長遠發展的立法及政策措施 。現藉此「送舊迎新」之際,與大家重點盤點一下。立法會今天三讀通過了《2021年財務匯報局(修訂)條例草案》,賦權財務匯報局成為全面的獨立規管和監察機構,為香港的會計專業規管制度掀開新篇章。專業會計工作是香港商業運作和金融發展的中流砥柱,獨立規管有助其持續提升專業水平,也令香港的會計專業規管制度與國際發展更趨一致,且更為連貫有效,從而鞏固香港作為國際金融中心和商業樞紐的地位。我必須感謝議員對法案的支持,特別是參與了法案委員會工作的張國鈞主席及多位委員。其中,李慧琼議員及周浩鼎議員在法案審議期間綜合了業界意見,去信法案委員會及政府反映,期望我們在提升監管水平的同時引領行業發展。我們對此十分認同,會在未來工作中體現這兩大方向,並希望藉此網誌,向大家簡介獲立法會通過的《條例草案》重點。剛過了非常充實的一周,通過陳振英議員的安排,我參加了題為「提升香港國際金融中心地位」的座談會,與金融界17名選舉委員會委員交流意見,了解他們的政綱及倡議。我們分別談到拓展互聯互通項目、發展綠色金融、培育人才,以至香港在「十四五」規劃及粵港澳大灣區發展中的戰略定位。因應《香港國安法》實施,稅務局已修訂《屬公共性質的慈善機構及信託團體的稅務指南》。如任何團體支持、推廣或從事不利於國家安全的活動,稅務局將不再認定其為慈善團體,並會撤銷根據《稅務條例》第88條給予的豁免繳稅資格。有關修訂指南今日正式公布,即時生效。我非常高興能參與本周一的宣講會,從中央代表團就有關「十四五」規劃的精彩分享中獲益良多,感受甚深。「十四五」規劃是中央政府深入研判國內外最新形勢,為了向第二個百年奮鬥目標邁進而提出的宏偉藍圖。本著對香港的關懷之心,中央政府在規劃內對香港的發展前景指明了道路,給我們的未來帶來了無限機遇。中學文憑試今日放榜,對應屆考生來說,今天的意義特別重大。文憑試的成績或許決定了他們目前的升學路向,但我相信公開考試只是年青人成長旅途上的中轉站。無論成績如何,只要有清晰的目標和奮發圖強,未來始終掌握於自己手中。談到年青人的未來,財庫局亦推出了不少人才培育計劃,讓我們年青人在其他人生中轉站,包括金融服務業的職業旅途上邁步向前。
While financial markets operate on the basis of facts and data, investment decisions and capital flows are steered by meticulous market analysis. The issuance of the so-called “advisory” by the US government to US businesses and individuals operating in Hong Kong is simply an attempt to turn a blind eye to facts and stir up trouble out of nothing. Hollow, absurd and flimsy, the allegations they made are bound to fall on deaf ears and will not in the least weaken the position of Hong Kong as an international financial centre. These unfounded allegations will in fact achieve nothing but undermining the credibility of the US government. Following the stern rebuttals made earlier by the Chief Executive and other principal officials including the three Secretaries of Departments and a number of Directors of Bureaux, we have collated key data in relation to the various segments of our financial market to give people a clear picture of the unique advantages and bright prospects of Hong Kong as an international financial centre. As the saying goes, “Facts speak louder than words.” When these real key data and the unfounded allegations by the US government are placed side by side, one can easily see through the lies told and come to know the truth that the position of Hong Kong as an international financial centre is as solid as ever.
The Financial Services and the Treasury Bureau (“FSTB”) briefed the LegCo Panel on Financial Affairs in April 2021, proposing to implement the new inspection regime of the Companies Register under the existing Companies Ordinance (“CO”). In future, the usual residential addresses (“URA”) of a director will be replaced by the correspondence addresses, and only partial identification numbers (“IDN”) will be made available in the Companies Register for public inspection. Only persons to be specified in a forthcoming subsidiary regulation (such as a person authorised by the data subject, a liquidator and a public officer) will be able to access the usual residential addresses (“URA”) and full identification numbers (“IDN”) upon application. Since the announcement of the new arrangements, we have listened extensively to the views of various sectors of the community. The public are, in general, supportive of the broad principle of enhancing protection of personal information in the light of an increasing number of doxxing cases and “weaponisation” of personal data in recent years. Various enhancement proposals have also been received. With an aim to strike a balance between public access to necessary information and the need to protect privacy, we are going to introduce the following improvement measures in regard to the implementation of the new inspection regime.The accounting profession plays a crucial role in assuring the integrity of financial information, and it is fundamental to the business and financial market operations of Hong Kong. A robust regulatory regime of the profession is also essential for maintaining the status of Hong Kong as an international financial and business centre. In 2018, the Government proposed amendments to the Financial Reporting Council Ordinance, transferring the powers to regulate auditors of PIE from HKICPA to the FRC. This reform marks the beginning of having an independent regulatory body for the accounting profession, aligning our practice with major economic and trade partners, for example the Mainland, UK, US, Singapore and Australia. Back then when we first introduced the reform, we have mentioned that a gradual and step-by-step approach will be taken, and now it is the opportune time for us to take the next step.在去年底的香港金融科技周開幕日,我公布了財庫局會就監管虛擬資產服務提供者(Virtual Asset Service Providers(VASPs))的發牌制度諮詢市場。諮詢期過後,我們仔細考慮了收集到的意見,剛於本周公布了諮詢總結。虛擬資產近年的急速變化令不少人瞠目結舌,除了價格在短時間內大幅波動,國際市場上加密貨幣(Cryptocurrencies)如雨後春筍般推出,亦有創作者以非同質化代幣(Non-fungible token)形式將數碼藝術的著作擁有權出售。有人認為虛擬資產只是空中樓閣、曇花一現,亦有人認為其有潛力發展成一種可持續的資產類別。沒有「水晶球」的我暫時下不了定論,須留待市場實踐來作出判斷。從制定政策的角度出發,最重要是平衡監管及發展的需要,既保護投資者利益及防範洗錢和恐怖分子籌集資金(Anti-Money Laundering and Counter-Terrorist Financing(AML/CTF))等風險,同時為金融創新和虛擬資產市場在香港的進一步發展預留空間及靈活性。我們這次建議的發牌制度正好體現了這一套監管哲學,諮詢過程中收集得來的大部分意見亦對此表示支持。
在今年的預算案中,財政司司長公布了四大金融業市場資助計劃,分別涵蓋綠色和可持續金融、房地產投資信託基金(REIT)、開放式基金型公司(OFC)及保險相連證券(ILS)。我們這次投入相當多資源,總預算超過5.7億港元,涉及資本市場的不同範疇,讓香港更好地把握全球及內地市場的新趨勢,推動金融業進一步發展。各監管機構將陸續公布計劃詳情,我希望就此闡述四項資助計劃的政策思路和目標。立法會剛在周三通過了《2021年稅務(修訂)(附帶權益的稅務寬減)條例草案》,標誌了香港在發展成為私募基金樞紐的進程中再下一城。如早前闡述,政府在這方面有「三步曲」策略,第一步是去年八月引入的有限合夥基金制度,在短短八個月內已吸引了超過二百個基金註冊,足證香港金融基因和新制度的吸引力。這次通過的《條例草案》為第二步,將為合資格私募基金所分發的附帶權益(carried interest),即與投資表現掛鈎的積效分成,提供利得稅及薪俸稅寬免。我們亦已計劃了第三步,考慮推出制度及措施,吸引更多已在海外成立的基金「搬遷」到香港落戶。
立法會在周三為《2021年完善選舉制度(綜合修訂)條例草案》進行了首讀,接下來會在法案委員會進行審議,希望《條例草案》能夠在五月底之前三讀通過,以便政府開展接下來大量的選舉籌備工作。條例重點之一是優化選舉委員會(選委會)的構成並賦予其新職能,以完善選舉制度,全面落實「愛國者治港」原則,增強選委會的代表性,同時擴大均衡有序的政治參與。財庫局早前向立法會財經事務委員會提交文件,建議實施現行《公司條例》中保護公司登記冊上個人資料的有關條文,我亦將於4月9日到立法會向委員簡介建議及聽取意見。在提交文件後社會各界對擬實施的條文有不少討論、疑問甚至誤解。繼周三發布了新聞稿後,我希望通過這篇網誌的「五問五答」,向大家解釋建議實施條文的政策考慮。
全國人大本周通過《中華人民共和國國民經濟和社會發展第十四個五年規劃和2035年遠景目標綱要》(《十四五規劃綱要》)。國家在「十四五」期間將進入新發展階段,繼實現第一個百年奮鬥目標後,為了進軍第二個百年奮鬥目標定下首個五年規劃。除了為推動高質量發展提出新理念及新格局,規劃亦就主要任務定下量化目標,例如為了完善科技創新體制機制,全社會研發經費投入年均增長將在7%以上。財政司司長上周三公布了2021至22年度《財政預算案》,當中建議增撥66億元,再創造約30,000個不超過十二個月的有時限職位。就此,財庫局將繼續努力,在謀劃金融市場中長期發展的同時,繼續思考如何更具針對性地創造更多職位,支援受疫情打擊和失業影響的市民。退休投資是一場需要耐力的馬拉松。強積金制度今年踏入二十周年,年率化回報在扣除費用後為4.5%。簡單而言,假如僱員在制度於2000年成立之始即參與計劃,最早投入的1元供款,今天經過滾存後平均會增長至約2.41元。由於僱員及僱主每月定期供款,這個「滾雪球效應」從長期來看將非常顯著,為市民留作退休用的資產帶來可觀增值,在超越同期通脹率(1.8%)之餘善用時間優勢,在這場投資馬拉松中得到更高回報。數據說明了保存累算權益於強積金制度內的重要性,透過持之以恆地穩健投資,為退休生活未雨綢繆,發揮積少成多的「複息」效應及增長潛力。
行政長官在剛過去的星期三(11月25日)發表了題為「砥礪前行 重新出發」的《施政報告》。報告全面地闡述了特區政府在她帶領下,務求令香港早日走出困局、令市民恢復信心的策略及具體政策措施。在金融發展和經濟復甦方面,充分利用好大灣區規劃帶來的龐大機會,同時融入國家「雙循環」新發展格局,將是我們未來的主要源動力。可是,社會上仍有部分聲音質疑,這樣的發展方向會否令香港過於「內地化」,從而令我們失去一直以來的優勢?這樣的誤解在過去不絕於耳,我希望借這次解釋《施政報告》內有關金融發展政策措施的機會,在這題目上談談我的看法。
在目前世界的大變局下,國家將推動形成以國內大循環為主體、國內國際雙循環相互促進的新發展格局。新發展格局不是封閉的國內循環,而是開放的國內國際雙循環。內地的資本市場亦因此不斷提高開放水平,以更好地滿足境外投資者的需求。今年6月,人民銀行及國家外匯管理局正式取消了QFII及RQFII的投資額度限制。多個部委亦於9月聯合發佈了適用於QFII及RQFII的境內證券期貨投資管理辦法,從降低准入門檻、穩步有序擴大投資範圍及加強持續監管三方面作出制度及監管優化,加快推進資本市場高水平雙向開放。
今天(十一月二日)是香港金融科技周2020的開幕日。今年是不尋常的一年,全球各地依然受到2019冠狀病毒病疫情困擾,這個由財庫局支持,各金融監管機構及投資推廣署合辦的金融科技年度盛事選擇了以全線上形式舉行。活動籌備團隊滿有初創企業的「Can-do」精神,克服了重重技術困難,為參加者提供由三個主要頻道組成,以「金融科技人性化」為主題的嶄新線上活動體驗。我亦以非傳統形式致辭,選擇了與平安集團聯席首席執行官陳心穎(Jessica Tan)進行了一場線上對談。在今日的對談環節中,我公布了財庫局為推動香港金融科技發展,針對行業痛點與需求,涉及財政誘因和監管優化的兩項全新政策措施,在此跟大家分享一下。
各位證券業同仁:
大家好!當2019冠狀病毒病依然困擾香港之際,希望大家已經逐步適應「新常態」,熟習員工在家工作等的新安排,並重新掌握業務的營運及增長節奏。香港金融服務業在疫情中展現了很強的韌性和適應能力。今年以來,證券市場日均成交額達1,200多億元,比去年同期增長39%。新股集資方面,今年香港IPO市場集資金額至今達2,100多億元,比去年同期更增長達58%。既有更多中概股回歸香港上市,而我們的資本市場亦將迎來「人類史上最大規模集資」,可以說,即使在2019冠狀病毒病疫情的陰霾下,香港金融市場依然生氣蓬勃。早前一些有關資金正大規模撤離香港的說法,在港元匯價不斷觸及強方兌換保證,資金持續流入令銀行體系結餘大幅增長至超過4,500億元的情況下,根本已經不攻自破。
立法會在剛過去的星期三 (10月14日) 復會﹐我們期望用好未來一年的議會時間﹐在金融發展的範疇上向立法會提交多條法案﹐與各黨派議員一同多做實事﹐共謀發展。雖然2019冠狀病毒病疫情為香港帶來了「逆風」﹐但我們目標明確﹐將集中精力為香港經濟發展注入新動力﹐在為受困企業提供拯救機制的同時﹐亦為拓展金融市場發展空間提供政策支持﹐讓我們可以在「逆風」中砥礪前行。具體而言﹐我們希望通過相關法案達到三大目標: 1) 設立法定企業拯救程序﹐加強市場抗疫復元能力; 2) 提供有針對性的稅務寬免﹐拓展資產管理業務; 及3) 強化市場基建﹐加快金融科技發展的進程。以下是法案及相關政策目標的簡要概述。在2019冠狀病毒病疫情肆虐全球的今天﹐我們的生活和工作模式都經歷巨變﹐而這些改變很可能是長期而不會逆轉的。以線上購物和遙距工作為例﹐大家都已經習以為常﹐甚至開始享受其帶來的便利。而在金融市場發展方面﹐疫情同樣促成很多轉變。投資者要獲得更好回報﹐企業要找到更廣泛的融資來源﹐都需要調整其策略及行動﹐為疫後的新常態做好準備。其中﹐我認為可持續金融 (Sustainable Finance) 和環境、社會及管治 (Environmental, Social and Governance “ESG”) 要素將是一個不可忽視的新趨勢﹐漸漸從一個新興機會演化成市場的投融資主題。你對此或已略有所聞﹐但心中可能還有不少疑問。以下讓我嘗試回答。現屆立法會將繼續履行職責不少於一年﹐正值大會暑假未復會之際﹐我爭取機會與本地金融服務界、20個相關金融行業組織、金融科技初創公司、世界經濟論壇 (World Economic Forum) 小組、加拿大及澳洲相關商會等就香港的金融市場發展進行交流。在會面中﹐大家都不約而同地對環球市場的前景表示憂心。畢竟﹐我們現在面對的是新冠疫情與中美角力疊加的雙重挑戰。2020年將注定成為歷史性的一年﹐我們不但經歷了因疫情而來的經濟衰退﹐亦目睹了全球化的日益倒退。
還記得上任一個多月時接受報章訪問﹐當時記者問我為什麼選擇在這個時候加入「熱廚房」。我的想法其實很簡單﹐香港這個廚房需要有人用心烹調﹐讓大家吃得飽也吃得舒心。而且﹐這個廚房有齊全的設備、新鮮的材料,以及最重要的是幹勁十足的伙計,因此我有信心可以在財經事務及庫務的範疇內煮出一道道好菜。戴上廚師帽將近三個月後﹐我了解到財庫局需負責的宴會不少﹐其中一個就是在立法會推動通過政府法案。在我的工作重點金融發展上﹐財庫局趕在本屆立法會會期結束前煮好了「五道菜」,全部都是我們精心炮製、只此一家。
金融科技代表了傳統與創新的揉合和升級。傳統體現於金融業成熟及行之有效的監管法規及行業標準﹐而香港的金融市場亦一直依靠這優勢﹐高效地服務全球融資及財富、資產及風險管理等的金融需求。金融科技的創新則體現於融合現有最新的ABCD技術﹐包括人工智能 (AI) 、大數據 (Big Data) 、雲計算 (Cloud) 及分布式分類帳技術 (Distributed Ledger Technology) 等﹐將金融業升級並發展得更普惠、更高效及更安全。香港的金融市場在世界上已經是一個富有經驗的長跑選手﹐金融科技則是一雙全新設計的跑鞋﹐讓我們整個行業可以更輕鬆地跑得更快更遠。近日香港的新冠病毒病疫情反覆,當本地感染個案歸零一段日子後,又突然出現一些源頭不明的確診個䅁,令人時而寬心時而沮喪。大家或許要有心理準備現有的一些防疫抗疫措施須要維持再多一些時間。當然,保障市民生命健康是最為首要,不過措施的確對大家的日常生活帶來很多不便,亦嚴重干擾本港整體經濟。
今年踏入強積金制度實施二十年,這二十年來,強積金擔當着為打工仔提供基本退休保障的角色。政府與積金局過去一直致力優化強積金制度,使它更切合一眾打工仔的需要。目前,四分之三的打工仔是被納入強積金的保障範圍;而截至三月底,強積金的總資產已累積至約8,600億港元,大概相等於政府財政儲備的八成,絕對是一筆重要的資產。
2019冠狀病毒病爆發以來,特區政府一直嚴控疫情擴散,靠著海、陸、空口岸管制來減少外來人士進入香港,並要求市民保持社交距離。在抗疫三個多月後的今天,我們終於迎來比較穩定的日子。雖然目前仍然不能夠鬆懈,但情況就好像看到黑暗盡頭的一點曙光,總是教人舒一口氣。