HKSAR’s financial system operating smoothly amid epidemic: Carrie Lam
Published: Jun 16, 2022 12:33 PM Updated: Jun 16, 2022 12:31 PM
Carrie Lam file photo:VCG
Carrie Lam file photo:VCG

Hong Kong Special Administrative Region's economy system and business volume remained stable during the global epidemic and continues to offer a good investment environment for international enterprises, HKSAR Chief Executive Carrie Lam said at the iFeng Finance Summer Summit 2022 held on Thursday.

Carrie Lam noted that the government has enacted measures to ensure the strength of HK's financial sector from five aspects.

HKSAR has been improving its IPO mechanism and launched a special IPO mechanism for Special Purpose Acquisition Companies (SPACs) to attract enterprises to list in HK stock market. The Southbound Scheme, a cross-boundary wealth management connection between financial markets in HKSAR and the Chinese mainland, has enhanced HKSAR's role of connecting international financial markets.

HKSAR is home to HK$34.9 trillion ($4.45 trillion) in funds under management by local firms, and is focusing on attracting more offshore capital for SAR and mainland projects, which includes rolling an out special registration mechanism, beneficial tax policies, and office rent support, said Lam.

HKSAR's overall deposit volume within its own bank system saw year-on-year increase of 4.6 percent in 2021, and recorded a year-on-year increase of 0.8 percent in the first quarter of 2022. The daily transaction value for HKSAR's stock market surpassed HK$160 billion in 2021.

Lam also referenced HKSAR's issuance of green bound and investment targeting fintech companies to support China's goal of carbon emission reduction and growing the digital economy.

Global Times