The Hong Kong Monetary Authority and the Hong Kong Association of Banks have established a Financial Advisory Working Group for the Northern District to accelerate the implementation of the Northern District project.

On April 22, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks announced the establishment of the "Northern Metropolis Financial Advisory Working Group" (Working Group) to actively support the development of the Northern Metropolis (North Metropolis) from a financing perspective. The Working Group is composed of representatives from the HKMA, the Association of Banks, and 15 banks with experience in financing large projects. In addition, the Hong Kong Chinese Banking Association will participate as an observer and support the relevant work. The North Metropolis encompasses a wide range of new development land and industrial projects, which are crucial for Hong Kong's future development and competitiveness. Under the coordination of HKMA, the banking industry will engage in discussions with the Development Bureau by 2025 to understand the development overview and planning of the North Metropolis. To strengthen communication and collaboration between the banking industry and the SAR government and other stakeholders, and to discuss how to actively support the development of the North Metropolis in terms of financing, the Working Group will: (1) provide professional advice on financing and banking services for the development of the North Metropolis; (2) explore opportunities in the North Metropolis, understand related financing needs, and propose practical financing recommendations to drive project development; (3) promote the exchange of knowledge and experience in the banking industry to enhance financing support for key projects in the North Metropolis. The Working Group visited the Hung Fuk Bridge/Shacun New Development Area and the River Trade Area in the North Metropolis yesterday to understand the latest progress and overall planning in the area, laying the foundation for future discussions and recommendations. Arthur YUEN, Deputy Chief Executive of the HKMA, stated, "The establishment of the Northern Metropolis Financial Advisory Working Group provides an important coordination platform for the HKMA and the banking industry to jointly support the development of the North Metropolis. Participating banks will provide feasible financing advice and solutions based on their financial expertise and experience, accelerating the implementation of projects in the North Metropolis and providing solid support for the long-term development of Hong Kong." Sun Yu, Chairman of the Hong Kong Association of Banks and Vice Chairman and President of Bank of China (Hong Kong), stated that with the clear support of the national "14th Five-Year Plan" to accelerate the construction of the North Metropolis, the North Metropolis has become not only an important engine driving economic development in Hong Kong, but also a bridgehead for Hong Kong to integrate into and serve the national development plan. The banking industry will closely follow the needs of the North Metropolis development through the Working Group, leveraging its financial expertise in capital flows, technology development, investment attraction, and connectivity to fully support the accelerated construction of the North Metropolis and create growth momentum for Hong Kong's future.