HK, Shanghai boost financial ties

Representatives of the governments, financial regulators and exchanges of Hong Kong and Shanghai held the ninth Working Meeting of Hong Kong-Shanghai Financial Co-operation in Hong Kong today to discuss how the two places could enhance financial co-operation.

Secretary for Financial Services & the Treasury Christopher Hui and Shanghai Office for Advancing International Financial Center Development Director-General Zhou Xiaoquan provided updates of the latest market situation and development of the financial services sectors in Hong Kong and Shanghai.

The attendees from the two cities discussed issues of mutual concern, including financial services in the Mainland (Shanghai) Pilot Free Trade Zone, co-operation in respect of cross-boundary renminbi business, securities, futures, insurance, fintech and green finance, and enhancing talent exchange.

The Central Financial Work Conference highlighted strengthening Shanghai’s competitiveness and influence as an international financial centre, as well as consolidating and enhancing Hong Kong’s position as an international financial hub, Mr Hui pointed out, noting that this fully underscores the important and unique status of Hong Kong and Shanghai in building the country's strength in finance.

Mr Hui said he looked forward to closer financial co-operation between Hong Kong and Shanghai on various fronts, and the joint implementation of the measures for further expanding mutual access between the capital markets of the Mainland and Hong Kong announced by the China Securities Regulatory Commission on April 19, thereby jointly contributing to the high-quality financial development of the country.

Mr Zhou supplemented that Shanghai and Hong Kong must co-ordinate developments and make a concerted effort to build the financial core competitiveness of the country, contributing to its development as a financial powerhouse as well as the national rejuvenation.

As China’s two locomotives in the areas of finance, both Shanghai and Hong Kong should strengthen co-operation and realise capital and resource connection to create joint forces in serving national strategies, he stressed.

At the meeting, both sides agreed to work on the enhancement of the mutual market access programmes. On insurance, they will facilitate exchange and co-operation in the industry on such development issues as risk management of Belt & Road projects, captive insurance and insurance-linked securities.

Both sides backed the strengthening of co-operation on product development, services and innovation relating to green finance. In addition, they advocated encouraging enterprises to conduct green and sustainable financing, investment and certification, and develop diversified financial products, as well as supported exchanges on carbon trading, carbon finance product research, development and supervision.

The meeting participants also agreed to enhance exchanges and co-operation among Hong Kong and Shanghai fintech enterprises.