The Chinese Banks’ Association (“CBSA”) expresses its warm welcome and full support for the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region and the new Policy Address. This marks the first time Hong Kong has formulated a medium-to-long-term five-year plan, with the Policy Address executing its annual implementation. It outlines a clear strategic blueprint for Hong Kong’s financial sector and overall economy, significantly boosting market confidence.
The Association believes that the Five-Year Plan and the Policy Address are rooted in Hong Kong’s actual context while deepening reform and innovation. They introduce a series of key initiatives in the financial realm, including: consolidating and enhancing Hong Kong’s status as an international financial centre; strengthening its function as a global offshore Renminbi business hub; optimizing stock and bond market mechanisms; expanding its functions as an asset and wealth management centre as well as a risk management centre; and advancing “Finance+” to empower the transformation and upgrading of the real economy. At the same time, the Government is actively supporting Chinese Mainland enterprises in expanding overseas (“GoGlobal”), enhancing cross-boundary trade data connectivity and financial services to help SMEs reduce costs and increase efficiency, and continuously deepening the development of the Greater Bay Area and the Northern Metropolis. These measures will further expand the space for growth and service boundaries of the banking industry.
CBSA will continue to unite industry peers, actively contribute constructive proposals regarding the implementation details of the Five-Year Plan and the Policy Address, and leverage the Association’s unique advantages and facilitating role. Together with all sectors of society, we will capitalize on the historic opportunities brought by national development strategies and contribute to the long-term prosperity and stability of Hong Kong.