Hong Kong SAR’s financial system works well despite outbreak: Carrie Lam

Carrie Lam File Photo: VCG

The Hong Kong Special Administrative Region’s economic system and business volume have remained stable during the global epidemic and continue to provide a good investment environment for international businesses, the SAR Chief Executive said. Hong Kong, Carrie Lam at the 2022 iFeng Finance Summer Summit held on Thursday.

Carrie Lam noted that the government has adopted measures to ensure the soundness of HK’s financial sector in five aspects.

The HKSAR has improved its IPO mechanism and launched a special IPO mechanism for Special Purpose Acquisition Companies (SPACs) to attract companies to list on the Hong Stock Market Kong. The Southbound Scheme, a cross-border wealth management connection between the financial markets of Hong Kong SAR and Mainland China, has enhanced the role of Hong Kong SAR in connecting international financial markets.

Hong Kong SAR is home to HK$34.9 trillion ($4.45 trillion) in funds under management by local companies, and is focused on attracting more offshore capital for SAR and Hong Kong projects. continent, which includes the deployment of a special registration mechanism, advantageous tax policies and support for office rent. , said Lam.

The HKSAR’s overall volume of deposits within its own banking system saw a year-on-year increase of 4.6% in 2021 and recorded a year-on-year increase of 0.8% in the first quarter of 2022. The Daily Value transactions for the HKSAR stock market exceeded HK$160 billion in 2021.

Lam also referred to the HKSAR’s issuance of green bonds and investments targeting fintech companies to support China’s goal of reducing carbon emissions and growing the digital economy.

world times

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Don F. Davis