Chief Executive John Lee today met President of the China Development Bank (CDB) Ouyang Weimin to exchange views on the global macro environment and Hong Kong's macro-economic situation.

Welcoming Mr Ouyang and CDB representatives to Hong Kong, Mr Lee expressed gratitude to the bank for proactively supporting and participating in the developments of the bond market, mutual market access mechanism and green finance in the city.

He noted that apart from its support for developments in the financial sector, the CDB supported the construction and implementation of the three-runway system of Hong Kong International Airport and the financing of Hong Kong's first offshore liquefied natural gas terminal project, making significant contribution to the economic development of the city.

The Chief Executive said the National 14th Five-Year Plan enhances Hong Kong’s status as an international financial centre and strengthens its functions as a global offshore renminbi business hub and added that the development of Hong Kong's offshore RMB market has been rapid in recent years.

Currently, Hong Kong has the largest RMB liquidity pool outside the Mainland, amounting to over RMB900 billion, while more than 70% of global offshore RMB payments are processed in the city.

"Promoting offshore RMB business is one of the priorities of the Hong Kong Special Administrative Region Government. The Hong Kong SAR Government looks forward to continuing to work closely with the CDB on various aspects, including increasing offshore RMB liquidity, promoting diversification of offshore RMB products and further improving RMB financial infrastructures in the offshore market.

“Hong Kong will fully leverage the unique advantages of its financial system under the 'one country, two systems' principle, and complement national plans on promoting the capability of the financial sector in serving the real economy, RMB internationalisation, and deepening the reform and opening up of the financial market."