PriyaPatelTLDR:
- Beijing’s top official, Xia Baolong, emphasizes the importance of Hong Kong as a global financial hub
- Xia calls for focus on expanding the city’s offshore renminbi market and boosting financial market development
Secretary for Financial Services and the Treasury, Christopher Hui, revealed that Xia Baolong, Beijing’s point man for Hong Kong affairs, highlighted the significance of Hong Kong as China’s international financial hub during a meeting with local regulators. Xia emphasized the importance of expanding the city’s offshore renminbi market and boosting financial market development. He urged the local business community to tell better stories about Hong Kong and encouraged industry representatives to share their views on how the finance industry could continue to thrive in the city. While the proposed domestic national security law was not explicitly mentioned, stakeholders understood that the legislation would provide a stable environment conducive to financial development.
Hui also briefed Xia on the city government’s efforts in developing the financial market, including policies promoting connectivity with the mainland and pursuing emerging fields like green and sustainable finance. Xia’s fact-finding mission in Hong Kong also involved meetings with foreign business chambers, patriotic organizations, and various sectors to gain insights into the city’s economic development and livelihood issues. He is set to conclude his visit as finance chief Paul Chan Mo-po unveils the annual budget.
