Financial Secretary Paul Chan announced the new budget today (Feb. 26). He stated that the government will enhance the mutual market access mechanism with the Mainland, including the issuance of offshore Mainland government bond futures in Hong Kong, and implementing block trading of stocks and inclusion of real estate investment trusts under the mutual access as soon as possible.
"We will also actively explore opportunities to introduce further expansion initiatives, extend the Cross-boundary Wealth Management Connect Scheme in the GBA, improve market liquidity, and enrich the risk management toolbox," he noted.
According to Chan, the Financial Services and the Treasury Bureau, together with OASES and the HKTDC, will host the inaugural Hong Kong Global Financial and Industry Summit this year, which will pool together global enterprises, funds and technologies through financial empowerment, thereby elevating the level of international cooperation of industries. It will also attract more leading companies in advanced industries, domestic as well as overseas enterprises and investors to establish a foothold in Hong Kong.
Also, to promote the connection of e-payment between the Mainland and Hong Kong, Chan said the PBoC and the HKMA are working closely to implement the linkage of faster payment systems of both places, to provide round-the-clock real-time, small-value cross-boundary remittance service for residents in both places. The service is expected to be launched in the middle of this year at the soonest.
According to the "Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services", the restriction for the Mainland branches of Hong Kong banks to conduct bank card business will be lifted starting next month. This will facilitate them in expanding their businesses in the Mainland.
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