Policy Address

Financial Services

8.         Hong Kong is already a major international financial centre, and still has immense potential for further development.  The financial sector, an important economic pillar, provides the highest contribution to our Gross Domestic Product (GDP) per capita among all major industries.  In 2013, the financial services industry provided around 230 000 jobs, and accounted for over 16% of GDP.  The Government will continue to seize the opportunities flowing from the reform and opening up of our country and foster the diversification of our financial services industry. 

9.         The Shanghai-Hong Kong Stock Connect and mutual recognition of funds will not only help reinforce our status as an international financial centre and a global hub for offshore Renminbi (RMB) business, it will also provide a wider choice of RMB investment products in Hong Kong.  The Government will continue to broaden the legal infrastructure and create a favourable tax environment to consolidate Hong Kong’s status as a premier asset management hub in the Asia-Pacific region. 

10.         The banking sector launched the e-Cheque service at the end of last year.  The Government is working with the financial sector, scientific research institutions and regulatory authorities to develop Hong Kong into a financial technology hub by providing policies and an environment conducive to the development of the industry. 

11.         Since its establishment in 2013, the Financial Services Development Council (FSDC) has made specific recommendations to the Government to enhance the development of our financial services industry.  The Government values the FSDC’s recommendations and will endeavour to implement those that are feasible.  The FSDC will conduct policy research with different sectors of the industry, and step up publicity and promotion activities in the Mainland and overseas.  The Government will continue to provide more resources to support FSDC’s operation.  To this end, $100 million has been earmarked to implement a three-year pilot scheme for enhancing manpower training for the insurance sector and asset and wealth management sector. 

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