Hong Kong probes into becoming an offshore RMB centre

This is among 6 financial researches.

The Financial Services Development Council has submitted its first batch of six research reports to the Government.

The reports set out recommendations for developing Hong Kong as an international financial centre and fostering new business, the council’s chairman Laura Cha said today.

The report "Strengthening Hong Kong as a Leading Global International Financial Centre" covers developing a sustainable talent model, maintaining Hong Kong’s attractiveness as a home for talent, striking a balance between market development and financial stability, and stepping up market promotion in Hong Kong's financial services industry.

The report “Development & Reform of Mainland China's Financial Sector & the Strengthening & Enhancement of Hong Kong's Pivotal Role as a Financial Centre" covers opportunities and challenges Mainland economic restructuring brings.

Other reports cover how to advance Hong Kong’s development as an offshore renminbi centre, facilitating real estate investment trusts, and proposals for regulations related to open-ended investment companies and private equity funds.

Mrs Cha says the recommendations spring from the council members' and committees' months of deliberation, and draw extensively on industry experience and expertise.

They are pragmatic and can be implemented, she believes, adding she hopes the Government will study them in detail.