Policy Address

Finance

26.       Hong Kong is a major international financial centre as well as China's leading global financial centre.  We have to capitalise on this dual identity.  There is room to further diversify financial services in Hong Kong.  The Financial Services Development Council has recommended specific proposals raised by the financial sector to leverage our advantages and promote diversification.

27.       The significance of the Shanghai-Hong Kong Stock Connect can be best appreciated when seen in the broader context of the well-defined plan of our country for financial liberalisation.  The Stock Connect links the Mainland market with international markets and enhances Hong Kong's role as a connector on the financial front.  By increasing liquidity in the offshore Renminbi (RMB) market and by providing a wider choice of RMB investment products in Hong Kong, the Stock Connect contributes to the continuous growth of our financial sector.

28.       The Government introduced the Insurance Companies (Amendment) Bill to this Council last April and proposed the establishment of an independent Insurance Authority.  The Government will allocate $500 million to the Insurance Authority to meet part of its initial operating expenses and for use as contingency reserve.

Professional Services

29.       With high per capita incomes, professional services play an integral part in Hong Kong's economy.  In recent years, the industry has actively expanded its presence in the Mainland market.

30.       The development of professional services has been gaining momentum.  Take legal, accountancy, auditing, architecture and engineering services as an example.  The average annual growth of their value added was 9.9% from 2007 to 2012, far exceeding the overall economic growth of 4.6% over the same period.  In 2012, professional services contributed as much as 4.7% of our GDP, equivalent to the contribution of the whole tourism industry, and provided nearly 200 000 job opportunities.  At present, through the Mainland and Hong Kong Closer Economic Partnership Arrangement, many professional services sectors can enjoy preferential access to the Mainland market.  We will continue to foster the development of professional services.

Contents | Next