Paul Chan: Hong Kong will further expand the dim sum bond market and develop RMB-denominated gold and commodities markets.

On September 20, Financial Secretary of the Hong Kong SAR Government Paul Chan Mo-po said in a blog post that the national "15th Five-Year Plan" proposes accelerating the building of a financial powerhouse, and Hong Kong's role is clear and unique, including providing a safe and reliable offshore platform fully aligned with international rules. Hong Kong's offshore RMB loans hit a record high of RMB 935 billion last year, and the quota for the RMB business facility has been expanded to RMB 500 billion. Hong Kong will further expand the dim sum bond market and develop RMB-denominated gold and commodities markets, helping the country enhance its international pricing power in relevant fields. Hong Kong should give full play to its strengths to serve the country's needs; the country's high-quality development is Hong Kong's greatest development opportunity and source of confidence. Paul Chan Mo-po said that Hong Kong's first five-year plan is the first all-encompassing five-year commitment it has set for itself since the city's founding, and is a development blueprint for the next five years that must be gradually realized with firmer confidence and perseverance. Paul Chan Mo-po proposed that in five years, the Northern Metropolis will produce 900 hectares of serviced land; the added value of manufacturing and new-type industries as a share of GDP will rise to 5.5%, and total local innovation activity expenditure will strive to reach 3% of GDP. The three university towns in the Northern Metropolis will be laid out under the "one town, five elements" approach, with total planned area expanded to more than 1,000 hectares. On the financial front, the authorities will optimize the securities market and listing regime, facilitate more high-quality enterprises from home and abroad to list in Hong Kong, and strive to include real estate investment trusts in Stock Connect as soon as possible.