Development of Industries

33.         I will now highlight the development of some major industries.

Financial Services Sector

34.         The National 12th Five-Year Plan specifically states our country's support for Hong Kong's development as an offshore Renminbi (RMB) business centre and an international asset management centre. Under "One Country, Two Systems", Hong Kong is an ideal "testing ground" for steady market reforms of our country's interest rate and exchange rate regimes, and its gradual realisation of the RMB capital account convertibility. In the space of just a few years, Hong Kong has become the largest and most liquid RMB business centre outside the Mainland. We will consolidate and expand our offshore RMB business, especially in the areas of cross-border RMB trade settlement, and issuance of offshore RMB bonds and securities products.

35.         The Asian region has seen the fastest wealth growth globally. We will consolidate our leading role as the asset management centre in the Asia-Pacific region, and strive to develop Hong Kong into a more comprehensive fund and asset management centre.

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