Response by LegCo President and two Chief Coordinators of LegCo on Chief Executive's announcement on work arrangement regarding Hong Kong's first five-year plan
The following is issued on behalf of the Legislative Council Secretariat:
The following is the response by the President of the Legislative Council (LegCo), Dr Starry Lee, and the two Chief Coordinators of LegCo on the Chief Executive's (CE) announcement this morning (April 21):
The Government of the Hong Kong Special Administrative Region (HKSAR) is formulating Hong Kong's first five-year plan to proactively align with the National 15th Five-Year Plan. Under the executive-led system, a collaborative research and public opinion gathering mechanism between the Government and the LegCo (the collaboration mechanism) has been established. The CE further announced this morning that the Government aims to release a public consultation document for the five-year plan within this quarter of the year to gather public views. The LegCo fully supports the relevant work of the CE and the HKSAR Government in completing and promulgating the official document for the five-year plan within this year.
Under the collaboration mechanism, the executive and legislative authorities have fostered more positive interactions, complementing each other and strengthening their partnership. The LegCo has fully mobilised Members and established multiple groups based on respective constituencies, professional expertise and experience to conduct thematic research and analysis while gathering views from various sectors. This aims to complement and support the HKSAR Government in formulating the five-year plan for Hong Kong, clearly outlining the development goals, strategies and roadmap for the next five years in areas of economy, society, people's livelihood, and more.
Hong Kong's five-year plan is of profound significance and closely related to the well-being of all citizens. As an integral part of the HKSAR's governing team and the most important platform for gathering public views in Hong Kong, the LegCo is duty bound to fully support the HKSAR Government in formulating the five-year plan. The House Committee has established the Subcommittee on Hong Kong's Work to Actively Dovetail with the National 15th Five-Year Plan, and the Panel on Development has established the Subcommittee on Matters Relating to the Development of the Northern Metropolis. Members will proactively reach out to all sectors of society, inviting stakeholders including experts, industry representatives and civil organisations to participate in this process and build a broad consensus, so as to offer constructive advice to the Government and serve as its steadfast partner.
As the Director of the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, said earlier, it is highly significant for the HKSAR Government to formulate Hong Kong's five-year plan, and the Northern Metropolis (NM) should be highlighted as a key focus. LegCo Members visited the NM twice in the past month to keep abreast of the latest developments. This would help Members provide the Government with more targeted and precise advice. The LegCo will continue to gain first-hand understanding of other developments in the NM in future site visits.
Together with the two Chief Coordinators (Mr Chan Chun-ying and Mr Stanley Ng) and all other Members of LegCo, I will continue to support the HKSAR Government to complete Hong Kong's first five-year plan at the earliest opportunity. Through positive interactions between the executive and legislative authorities, this blueprint sets out the direction for Hong Kong's future development, which can effectively align with the National 15th Five-Year Plan and help Hong Kong better integrate into and serve the national development.
Speech by SFST at Global Financial Markets Association Board Meeting Dinner
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Global Financial Markets Association (GFMA) Board Meeting Dinner today (April 21):
Peter (the Chief Executive Officer of GFMA, Mr Peter Stein), Howard (Deputy Chief Executive of the Hong Kong Monetary Authority Mr Howard Lee), members of the GFMA Board, ladies and gentlemen,
Good evening. It is an honour to join you this evening for the dinner ahead of the Global Financial Markets Association's board meeting. I would like to thank GFMA and its member associations, for bringing together the world's leading financial and capital market participants. Your collective voice on cross-border policy and market practices plays an important role in supporting efficient, resilient global capital markets and sustainable economic growth.
In today's global landscape, marked by uncertainties and shifting dynamics, Hong Kong's strengths as an international financial centre have never been more relevant. We offer a highly open and internationalised market, a regulatory regime aligned with major overseas jurisdictions, the rule of law, a rich pool of professional talent, robust infrastructure, and the free flow of information and capital. These attributes make Hong Kong not only a trusted place to conduct global operations, but also an attractive platform for companies seeking to list and grow.
Hong Kong is also the only city in the world where the global advantage and the China advantage converge. This unique position allows us to serve as the Mainland's gateway to international financial markets and as a bridge for global investors seeking exposure to China and Asia.
I am pleased to share that Hong Kong's equity markets delivered a strong performance last year, despite volatility in global markets. The Hang Seng Index saw average daily turnover surge by about 90 per cent to over US$32 billion. In the IPO (initial public offering) area, we recorded 119 new listings that raised more than US$36 billion, placing Hong Kong at the top of the global IPO league table for the year. This year, momentum has continued. As of the end of March, IPO fundraising in Hong Kong had already exceeded US$14 billion, again ranking first globally. In March alone, average daily turnover of Hong Kong stocks reached nearly US$39 billion, an increase of 8 per cent compared with the same period last year. These figures reflect the confidence that issuers and investors continue to place in our market. They also demonstrate the resilience and vibrancy of Hong Kong's equity IPO business, even amid broader global challenges.
Beyond our traditional strengths, we are actively extending our financial value chain and diversifying our offerings to further consolidate Hong Kong's position as a leading international financial centre.
One key area of focus is the development of an international gold trading market. We plan to commence trial operations of our central clearing system for gold this year. At the same time, we are exploring tax incentives for gold trading and settlement to enhance Hong Kong's competitiveness in this important segment.
Another priority is establishing Hong Kong as a digital asset hub. We have already licensed 12 digital asset trading platforms, and we continue to strengthen our regulatory framework across key areas. Just this month, we granted two stablecoin issuer licences under the new Stablecoins Ordinance. Our regime is designed to provide a clear, orderly environment that encourages innovation while ensuring robust investor protection and effective risk management. We believe this balanced approach will help foster a healthy, responsible and sustainable stablecoin ecosystem in Hong Kong.
Ladies and gentlemen, Hong Kong remains firmly committed to reinforcing our role as a top international financial centre. We will continue to build on our unique advantages, enhance our market infrastructure, and create new opportunities for global participants. I look forward to working closely with all of you to deepen collaboration and to drive the continued growth and resilience of our financial markets.
Thank you.
Source: AI-found images
