Li Jiachao: Hong Kong's first five-year plan will align with and serve the nation's overall development strategy, expand offshore RMB business, and deepen financial connectivity.

On September 4, Hong Kong Chief Executive John Lee Ka-chiu stated during an event organized by the Hong Kong Association of Banks that the five-year plan for Hong Kong will be launched in the first year of the national "14th Five-Year Plan." This plan aims to respond to Hong Kong's need for strategic and forward-looking planning while aligning with and serving the overall national development. It will leverage Hong Kong's role as a "super connector" and "super value adder," linking mainland capital and enterprises with global markets, and bringing in international capital, technology, and talent. John Lee Ka-chiu announced that Hong Kong's first "Five-Year Plan" will be unveiled on September 16, highlighting four areas of potential collaboration with the banking sector, including expanding offshore Renminbi business, deepening financial connectivity, empowering the real economy, and promoting innovative technology through finance, as well as developing commodity trading and enhancing financial security and market integrity. Regarding offshore Renminbi, the internationalization of the Renminbi is a key national strategy. As the world's largest offshore Renminbi business hub, Hong Kong should enrich the Renminbi liquidity pool, expand offshore investment and risk management products, and strengthen market infrastructure. The Hong Kong government will enhance connectivity with the mainland, including stock connect, bond connect, wealth management connect, and swap connect, and hopes to cooperate with banks to innovate and issue Renminbi-denominated products to facilitate cross-border trade settlements and expand the global use of the Renminbi. In terms of the Northern Metropolis, John Lee Ka-chiu expressed that with the support of the "14th Five-Year Plan," this area will integrate university towns, innovation and technology, and industries, creating a livable, workable, and walkable environment that serves as a breakthrough point for Hong Kong's accelerated development. He mentioned that the Association had established a dedicated financial advisory group for the Northern Metropolis with the Hong Kong Monetary Authority in April, involving 23 banks to institutionalize communication and collaboration with the government. He believes that the banking sector can play a crucial role in financing major infrastructure projects, unleashing the opportunities this new economic engine brings to Hong Kong and the Greater Bay Area. Regarding commodity markets, he revealed that Hong Kong's central clearing and settlement system for gold commenced trial operations in July, thanking the banks directly involved in the settlements for their support. He indicated that the industry can also contribute in areas such as investment products, market development, and warehousing and custody, urging banks to "jointly embark on this golden opportunity road." On financial security, he reiterated the principle of "same activity, same risk, same regulation," stating that innovation must be paired with robust regulation. As technology rapidly evolves, emerging risks have also surfaced, and the government will continue to collaborate with the industry through practical guidelines, sandbox programs, etc., to promote the responsible adoption of technology, protecting the financial system and public trust. John Lee Ka-chiu pointed out that under "one country, two systems," the common law, free flow of funds, a simple and low tax regime, and alignment with international standards remain advantages that businesses can rely on. The Hong Kong government is responsible for setting direction, while the vitality and professionalism of the banking sector translate vision into reality; this partnership will continue to be the main engine driving Hong Kong's economic momentum.