The Government attaches great importance to strengthening financial cooperation with the Mainland. We will formulate and implement various policy measures in accordance with the “Outline of the 14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Long-Range Objectives Through the Year 2035”. Under the new development pattern of “dual circulation”, we will continue to make good use of Hong Kong's connectivity with the Mainland and international market and leverage the enormous opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative, with a view to promoting the sustainable development of the financial industry in Hong Kong and contributing to the economic development and opening up of the country.
National Five-Year Plan – The "Outline of the 14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Long-Range Objectives Through the Year 2035" (the 14th Five-Year Plan) continues to support Hong Kong to enhance its status as an international financial centre; strengthen its status as a global offshore Renminbi business hub, an international asset management centre and a risk management centre. It also mentions the deepening and widening of mutual access between the financial markets of Hong Kong and the Mainland. We will continue our work to implement the goals set out in the 14th Five Year Plan.
Guangdong-Hong Kong-Macao Greater Bay Area – The “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)” confirms and supports Hong Kong’s status as an international financial centre, a global offshore Renminbi business hub, an international asset and risk management centre. It also supports the development of Hong Kong into a green finance centre and a platform for investment and financing serving the Belt and Road initiative. In May 2020, the Central Government promulgated the “Opinion on Providing Financial Support for the Development of the Greater Bay Area” which supports promoting further financial liberalisation and innovation, deepening financial cooperation between the Mainland, Hong Kong and Macao, and elevating the role of the GBA in supporting and leading the country’s development and opening up. We will continue to cooperate closely with the Mainland authorities and implement policy initiatives along the broad directions as set out in the Outline Development Plan and the Opinion.
Belt and Road Initiative –The HKSAR Government and the National Development and Reform Commission signed the “Arrangement between the National Development and Reform Commission and the Government of the Hong Kong Special Administrative Region for Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative” (“the Arrangement”) in Beijing on 14 December 2017. The Arrangement sets out specific measures for Hong Kong's further participation in the Belt and Road Initiative, focusing on six key areas including finance and investment. Capitalising on Hong Kong’s bridging role between the Mainland and the rest of the world and its premier financial platform and professional services, Hong Kong will continue to contribute to the Initiative as the major investment and financing centre, offshore Renminbi business hub, asset and wealth management, corporate treasury, risk management and green and sustainable finance centre.
Connect schemes – A number of mutual capital market access schemes were launched over the past years, including the Shanghai-Hong Kong Stock Connect in November 2014, the Shenzhen-Hong Kong Stock Connect in December 2016, the Northbound Trading of the Bond Connect in July 2017, the Southbound Trading of the Bond Connect in September 2021, and the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area in September 2021, inclusion of Exchange-traded Funds (“ETFs”) under Stock Connect in July 2022 and Northbound trading of mutual access between the interest rate swap markets (Swap Connect) in May 2023. Continuous efforts are being made to enhance these schemes.
With more convenient access of the Mainland capital markets (including A-shares market) by international institutional investors through Hong Kong, major international indices have now included Mainland A-shares in their emerging market index portfolios, signifying the achievements made by the mutual market access scheme and the role that Hong Kong plays in the internationalisation of the Mainland capital markets.
The Government and the regulatory authorities will discuss with the relevant Mainland authorities to progressively expand the scope of the mutual market access schemes with a view to further promoting the collaboration and interaction between the two financial markets.
For more information, please visit the following websites/linked documents:
Financial Services, Greater Bay Area, CMAB
https://www.bayarea.gov.hk/en/opportunities/finance.html
Opinion on Providing Financial Support for the Development of the Greater Bay Area [Chinese only]
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4023428/index.html
18 Measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai, Qianhai Authority and FSTB