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HK Promoted As China's Global Financial Centre

by Mary Swire, Tax-News.com, Hong Kong

09 November 2010


Hong Kong’s Financial Services and the Treasury Bureau, supported by Invest Hong Kong (InvestHK), the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) will be running a series of conferences in leading global financial centres to promote Hong Kong as China's global financial centre.

The first conference will be held in London on November 16, 2010, followed by another in New York in early March next year. Participants of the London conference, entitled "Hong Kong: China's Global Financial Centre", will discuss important issues relating to Hong Kong as a bridge between China and the world, and also the role of Hong Kong as Asia's asset management hub.

InvestHK will hold one-to-one meetings with potential investors after the conference to discuss with individual potential investors in greater detail the investment opportunities in Hong Kong.

The Secretary for Financial Services and the Treasury, Professor K C Chan, remarked:

"Hong Kong is the gateway to the world's economic growth engine in Mainland China. While other developed markets are still recovering from financial crises, Asia is booming. With this shift in the centre of economic gravity towards Asia and China, Hong Kong has a unique role as an international financial centre where both the China opportunities and global opportunities converge.”

“Global investors can use Hong Kong as the gateway to access Mainland China's increasing wealth pool and also tap into opportunities in Asia and the world,” he continued. "Through the series of conferences, we aim to present to the London and New York financial services communities the huge potential that Hong Kong offers for the asset management industries and also the opportunities brought about by the gradual internationalization of the renminbi.”

"Hong Kong is a leading hub for raising capital, not just for overseas companies but also for Mainland China enterprises,” Chan added. “The city is a leading global financial centre where international capital and international investors congregate to lead a range of financial activities."

Chief Executive Officer of the SFC, Martin Wheatley, said: "Hong Kong's robust regulatory regime is widely recognized by the international financial community. Having stood the test of regional and global financial crises, we continue to take a balanced approach in enhancing our regulation to reflect changes in the market landscape. Participants in the Hong Kong market benefit from our stable, transparent operating environment, as evidenced in a thriving asset management sector which saw a 45.4% year-on-year growth in assets under management to USD1,091bn last year."

Deputy Chief Executive of HKMA, Eddie Yue, added: "In the years to come, economic and financial development in China will underpin the furthering of Hong Kong's role as an international financial centre. In particular, the gradual financial liberalization in Mainland China and the wider external use of RMB will be the two key developments that will help attract market players worldwide to establish their presence in Hong Kong, with a view to leveraging on our advantages to tap the new opportunities arising."

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
TAGS: investment | law | financial services | China | offshore | Hong Kong | regulation | services

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