Chief Executive CY Leung has outlined plans to strengthen collaboration with the Mainland as laid down in the National 13th Five-Year Plan, by expanding and strengthening the Mainland & Hong Kong Closer Economic Partnership Arrangement.
Delivering his 2017 Policy Address today, Mr Leung said the National 13th Five-Year Plan and the Belt & Road Initiative will provide new opportunities for Hong Kong in areas such as financial and professional services, as well as innovation and technology.
He said the chapter on Hong Kong in the plan pledges support for Hong Kong to move towards high-end and high value-added industries, and for the development of innovation and technology, as well as legal and dispute resolution services.
"The chapter emphasises deepening co-operation between the Mainland and Hong Kong and supports Hong Kong's participation in the country's two-way opening up and the Belt & Road Initiative," he said.
Hong Kong will continue to work closely with the Guangdong Provincial Government to seize new opportunities for Hong Kong in the Guangdong-Hong Kong in-depth co-operation zone in Nansha.
Mr Leung added the Government will consider the recommendations by the Financial Services Development Council on how to attain sustainable development of Hong Kong's financial sector.
The recommendations touch on taxation, as well as laws and regulation.
The Government will invite the Hong Kong Trade Development Council to boost overseas promotion of the financial services industry.
Mr Leung added that Hong Kong will further expand its renminbi business to boost Hong Kong's status as a global offshore RMB business hub as laid down in the plan.
As Hong Kong is expected to join the Asian Infrastructure Investment Bank by mid-year, Hong Kong will support the bank in areas in project financing, bond issuance, investment, financial management and foreign exchange management.
Mr Leung said the Government will promote the development of financial technologies (Fintech) to establish Hong Kong as a hub for the application and setting of standards for cutting-edge Fintech.
