Hui Ching-yu: Finance is Hong Kong's foundation and greatest advantage; the five-year plan will elevate Hong Kong into a must-choose destination for capital.

On September 18, Hui Ching-yu, Secretary for Financial Services and the Treasury of Hong Kong, said at a press conference that finance is Hong Kong's foundation and greatest advantage. In the face of profound changes unseen in a century, Hong Kong's financial industry should not rest on its laurels but should take a more proactive approach. The five-year plan and the Policy Address reflect two major strategic changes: first, a shift from pursuing scale to enhancing functions, serving the real economy and doing a good job in asset price discovery; second, Hong Kong's transformation from a financial city to a financial empowerment city, using finance as a catalyst to drive technological, green and livelihood development. He said the significance of Hong Kong's first five-year plan lies in a shift in mindset, planning Hong Kong's financial development with a longer-term vision and a broader perspective, elevating Hong Kong from a "must-pass route" for capital to a "must-choose destination" for capital. In addition, he mentioned that after the London Metal Exchange (LME) included Hong Kong in its global warehouse network last year, more than 30,000 tonnes of metals have been stored in Hong Kong so far. He will personally lead the newly established Commodity Trading Joint Working Group, together with various financial regulators, to comprehensively review market opportunities and directions for cross-exchange cooperation. The Policy Address proposed that the Hong Kong Monetary Authority is studying a moderate increase in gold holdings by the Exchange Fund. Asked how to balance related risks, Hui Ching-yu said a mechanism is already in place to comprehensively consider various factors in asset allocation. In addition, regarding the APEC Finance Ministers' Meeting to be held in Hong Kong next month, Hui Ching-yu said it is necessary to present China's voice through the meeting, especially the country's new changes on the international stage, in society and the economy over the past year or more. The SAR government will make corresponding arrangements in accordance with the unified deployment of the Ministry of Finance. He also said he hopes to incorporate Hong Kong elements into the meeting, including considering organizing visits and activities, so that guests from 21 economies can gain a comprehensive understanding of Hong Kong's current economic, social, livelihood, cultural and artistic conditions.