2024 Policy Address: Leaders commend gov’t plans to reinforce financial sector

The government will continue to forge financial cooperation overseas. 

Leaders from various organisations have commended the government policies addressing the reinforcement of the financial sector. 

In his Policy Address, Chief Executive John Lee said that the government will continue to forge financial cooperation with the Middle East and the region of the Association of South East Asian Nations (ASEAN), organise more international financial events, and explore further collaboration with Islamic markets.

“We commend the Hong Kong government’s initiatives to foster financial cooperation with the Middle East and the ASEAN through collaboration with sovereign wealth funds along the Belt and Road,” Josephine Kwan, PwC Hong Kong asset and wealth management partner, said. 

Additionally, the government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single-family offices.

“We believe that the government’s plans to develop a robust family office ecosystem, attract global capital and promote a favourable tax environment for private equity and wealth management will enhance investor confidence,” Stephanie Leung, chief investment officer at StashAway, stated. 

Furthermore, the Hong Kong Exchanges and Clearing encourages more listed companies to have shares listed in the renminbi (RMB) stock trading counter. 

Apart from increasing the issuance of RMB bonds, the government will also seek support from the Ministry of Finance to boost the size and frequency of issuing RMB sovereign bonds and launch offshore RMB sovereign bond futures immediately. 

“The plan to strive for more IPOs in Hong Kong will create business opportunities for investment banks and professional services firms, positive for office demand,” Marcos Chan, head of Research in CBRE Hong Kong, comments.