Speech by CE at Hong Kong Association of Banks Distinguished Speaker Luncheon
Following is the speech by the Chief Executive, Mr John Lee, at the Hong Kong Association of Banks Distinguished Speaker Luncheon today (September 4):
Mr Sun Yu (Chairperson of the Hong Kong Association of Banks), distinguished guests, ladies and gentlemen,
Good afternoon. I am delighted to join you, for the fourth time now, the Hong Kong Association of Banks' annual Distinguished Speaker Luncheon.
This annual gathering brings together prominent leaders of Hong Kong's banking and financial sectors. Indeed, the Association now represents nearly 150 member banks from 28 countries and regions.
Your continuing dedication, expert counsel and long-standing support for banking, and business in general, are central to Hong Kong's financial resilience and long-term prosperity.
This year alone, more than 3 000 professionals from your member banks have participated in business and professional education workshops held by the Association. And I understand that the Association's Kazakhstan Forum, held here in Hong Kong this April, brought together nearly 200 industry leaders and professionals to hear about opportunities in Kazakhstan, and the broader Central Asia.
I am pleased to note the Association's Hong Kong Banking 2030 report, produced together with Deloitte. It will respond to, and champion, Hong Kong's First Five-Year Plan, which I will unveil on the 16th of September.
The Plan will mark a defining moment for our city. Launched in the first year of the period of the National 15th Five-Year Plan, it responds to Hong Kong's compelling need for strategic and forward-looking planning, both for our economic and social development. At the same time, it has been created to integrate into, and serve, our country's national development.
The Plan will leverage Hong Kong's unparalleled roles as a "super connector" and a "super value-adder", linking Mainland capital and enterprises with global markets, while bringing in international capital, technology and talent.
The banking sector is our crucial partner in realising this strategic vision - bringing it to our dynamic life. Allow me now to highlight four key areas where the HKSAR (Hong Kong Special Administrative Region) Government and the banking industry can work together to drive Hong Kong's prosperity and contribute to our country's development.
First, expanding the offshore Renminbi business and deepening financial connectivity. The National 15th Five-Year Plan charts the country's course for high-level opening up, and the internationalisation of the Renminbi stands as a strategic priority.
Hong Kong, the world's largest offshore Renminbi business hub, is uniquely positioned to spearhead this effort. We are committed to enriching the Renminbi liquidity pool, expanding offshore Renminbi investment and risk management products, and reinforcing our financial market infrastructure.
We will expand the mutual market access schemes with the Mainland. That includes Stock Connect, Bond Connect, Wealth Management Connect and Swap Connect.
And the Government looks forward to working closely with banks - with you - to innovate Renminbi-denominated products, enable cross-boundary trade settlement and broaden the global use of Renminbi.
Second, empowering the real economy and encouraging innovation and technology through finance. Strategic growth hinges on technological self-reliance and high-quality development.
That very much includes the Northern Metropolis. With the support of the National 15th Five-Year Plan, the Northern Metropolis development will integrate university town areas, innovation and technology, and industry, providing an environment suitable for living, working and travelling. In short, it will become a breakthrough points for our city's rapid development.
I am pleased to note that the Hong Kong Association of Banks, together with the Hong Kong Monetary Authority, jointly established the Northern Metropolis Financial Advisory Taskforce in April.
The Taskforce, which currently counts 23 participating banks, formalises communication and collaboration with the Government, while exploring ways to support the Northern Metropolis through financing.
I am confident that the Association, and the banking sector in general, will play an instrumental role in financing large-scale infrastructure projects in the Northern Metropolis, unlocking opportunities created by this boundless new economic engine for Hong Kong and the Greater Bay Area.
Developing commodity trading is the third area we can make a difference, working together. With the clear support in the National 15th Five-Year Plan, the HKSAR Government is pursuing developments in this area, with the gold market as our entry point.
In July, we reached a milestone, launching the trial operation of Hong Kong's central clearing and settlement system for gold.
And I am grateful for the staunch support we received from banks participating directly in the clearing system.
That banking support goes well beyond infrastructure, let me add. It also includes issuing gold-backed investment products and market development, as well as vaulting. I encourage you all to join us on this golden journey of opportunities.
And fourth, strengthening financial security and market integrity. A thriving international financial centre must be anchored in a safe, trusted and secure environment.
Guided by the principle of "same activity, same risk, same regulation", the HKSAR Government believes that while innovation lights our future, sound oversight ensures lasting progress.
As technologies rapidly evolve, so do unforeseen vulnerabilities and emerging risks. The Government will continue to partner with the banking industry to promote responsible technology adoption through such initiatives as practical guidance and sandbox schemes, safeguarding our financial system and upholding public trust.
Ladies and gentlemen, the National 15th Five-Year Plan opens up vast horizons, unlimited opportunities, for Hong Kong. And Hong Kong's First Five-Yer Plan will help us capitalise on these strategic strengths. It helps that, under "one country, two systems", our institutional strengths - our common law system, free flow of capital, simple and low tax regime and seamless connectivity with global standards - remain rock-solid. Hong Kong's strengths are what businesses can always bank on as they pursue diversification and development.
Government strategies set the direction, but it is the energy, enterprise and expertise of our banking sector that turn vision into reality. As Hong Kong aligns its strengths with the country's development, I am confident that the vital partnership between the Government and the banking industry will continue to serve as the primary engine for Hong Kong's economic dynamism.
I know you will enjoy today's luncheon, and I wish you all the best of business, finance and banking in the rest of this year – and long into the future. Thank you.
The Chief Executive, Mr John Lee, attended the Hong Kong Association of Banks Distinguished Speaker Luncheon today (September 4). Photo shows Mr Lee (seventh left); the Chairperson of the Hong Kong Association of Banks, Mr Sun Yu (sixth left); the Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (seventh right); and other guests at the luncheon. Source: HKSAR Government Press Releases
The Chief Executive, Mr John Lee, speaks at the Hong Kong Association of Banks Distinguished Speaker Luncheon today (September 4). Source: HKSAR Government Press Releases
