Chen Maobo: Hong Kong will further expand the dim sum bond market and develop the renminbi-denominated gold and commodities market

The Zhitong Finance App learned that on September 20, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chan Mao-po, published a blog post stating that the country's “15th Five-Year Plan” plan proposes speeding up the construction of a financial power. Hong Kong's role is clear and unique, including providing a safe and reliable offshore platform that is fully in line with international rules. Hong Kong's offshore RMB loans reached a record high of RMB 935 billion last year, and the amount of RMB business funding arrangements has been extended to 500 billion yuan. Hong Kong will further expand the dim sum bond market, develop the renminbi-denominated gold and commodities market, and help the country enhance its voice in international pricing in related fields. Give full play to Hong Kong's strengths and serve the country's needs; the country's high-quality development is Hong Kong's greatest opportunity and motivation for development.

Chen Maobo said that Hong Kong's first five-year plan is the first five-year agreement he has made for himself since opening the port. It is a blueprint for development over the next five years, and it must be gradually realized with more firm confidence and perseverance.

Chen Maobo proposed that in five years, the northern metropolitan area will produce 900 hectares of mature land; the value added of manufacturing and new industries will rise to 5.5% of GDP, and the total cost of local innovation activities will strive to reach 3% of GDP. The three university towns in the northern metropolitan area have a “one city, five elements” layout, and the total planned area has been expanded to more than 1,000 hectares.

On the financial side, the authorities will optimize the securities market and listing mechanism, facilitate more high-quality domestic and foreign companies to go public in Hong Kong, and seek the integration of housing trust funds into connectivity as soon as possible.