Hong Kong is striving to join the Regional Comprehensive Economic Partnership (RCEP), Hong Kong's strengths in financial and professional services can serve the regional economies, said Hui Ching-yu, Secretary for Financial Services and the Treasury.
Over the past decade, RCEP economies have contributed more than 40% to global economic growth, underscoring their significant role, Hui said at a forum. He mentioned that implementing RCEP has greatly reduced tariffs among its economies, boosting the use of the RMB in cross-border trade. In addition to facilitating RMB trade settlement, Hong Kong is also introducing a series of RMB products to provide investment opportunities for offshore renminbi funds.
Hui further pointed out that the financing needs arising from increased infrastructure and project investments within RCEP economies, especially the trend towards green financing, present an opportunity for Hong Kong to play an important role. Also, Hong Kong can promote harmonizing standards among member economies, particularly in green standards, which would further enhance economic efficiency.
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