Hong Kong should make plans to ensure alignment with the national 14th Five-Year Plan: HK official
Published: Aug 29, 2021 10:25 PM
Hong Kong. Photo: VCG

Hong Kong. Photo: VCG

Hong Kong should make plans to ensure financial and technology sectors, among others, are better aligned with the national 14th Five-Year Plan (2021-25), a senior Hong Kong government official said on Sunday.

Hong Kong will ensure a good alignment with the central government in markets, industries and policies, Hong Kong Financial Secretary Paul Chan Mo-po said in his official blog post on Sunday, adding that the city should enhance the depth and product diversification of the asset management market.

Hong Kong has been one of the world's top markets to raise capital for IPOs. In addition, as China's foreign trade and investment continue to rise, the demand for the Chinese yuan abroad is bound to grow which is bringing new opportunities to Hong Kong.

Chan said the city should develop green and sustainable finances in accordance with China's carbon neutral goals. Green bonds and funds in line with the sustainable development goals will bring a new momentum to the development of financial markets.

Moreover, the administration should enable a deeper and broader development of Hong Kong's bond markets. Chan said that although the stock market is booming, corporate financing channels must be more diversified, and bonds have traditionally been an important tool for companies to raise capital.

In China's 14th Five-Year Plan, Hong Kong, as a domestic offshore market of Chinese yuan, should prudently promote the internationalization of the renminbi and adhere to trends in markets and independent choices of enterprises, Chan added.

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