Legislative Council Meeting Adjournment Motion: Adjournment motion under Rule 16(2) of the Rules of Procedure

Adjournment motion under Rule 16(2) of the Rules of Procedure

MR CHAN CHUN-YING (in Cantonese): President, President XI Jinping remarked in his important speech on 1 July that “Hong Kong’s return to the Motherland marked the beginning of a new era for the Region. Over the past 25 years, with the full support of the country and the joint efforts of the Hong Kong Special Administrative Region Government and people from all walks of life in Hong Kong, the success of ‘one country, two systems’ has won recognition throughout the world.” He also stated that “there is no reason for us to change such a good policy, and we must adhere to it in the long run”. President XI’s emphasis on adhering to “one country, two systems” in the long run has considerably boosted our confidence in the steadfast and successful implementation of “one country, two systems” and quashed all false rumours.

From disarray to good governance, Hong Kong is entering a new phase of becoming more prosperous. The next five years are important for Hong Kong to break new ground and achieve another leap forward. It is essential to continue to create strong impetus for growth, as instructed by President XI.

Regarding financial development, creating strong impetus for growth has a bearing on whether the financial industry in Hong Kong can maintain stable development in the long run and whether Hong Kong can maintain its distinctive status and advantages as a financial hub. With the country’s support, the regulators and business operators in the financial industry in Hong Kong have achieved spectacular international success through ceaseless hard work since the return of sovereignty. Financial markets such as equity, bond and fund markets are thriving, and the banking industry keeps expanding its scale of operation and improving the quality of its services, which has consolidated and enhanced Hong Kong’s status as an international financial hub continuously.

However, as we can clearly see, Hong Kong has faced challenges in maintaining its status as a financial hub in recent years in view of intensifying geopolitical conflicts, a reversal of globalization, challenges arising from the development of financial technologies and ongoing competition with neighbouring countries and regions. A boat sailing against the current must forge ahead in order not to be driven back. Therefore, we must pool the strengths and wisdom of the industry and work assiduously to enhance Hong Kong’s competitiveness and make serious efforts in continuing to create strong impetus for growth.

First, we should firmly seize historic opportunities offered by China’s development. The 14th Five-Year Plan has established a clear positioning for the future financial development of Hong Kong. Hong Kong is presented with tremendous opportunities from the sustained and steady economic development in the Mainland as well as high-quality development such as the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative. So long as we actively dovetail ourselves with national strategies and proactively and fully integrate ourselves into the country’s overall development, the financial development of Hong Kong is expected to be given continuous impetus for growth.

Second, Hong Kong should give full play to its close connection with the world market. It should capitalize on its special geographical location to maintain and expand the openness and freedom of Hong Kong’s financial markets, carry out more extensive and closer exchanges and collaboration with markets around the world, and strengthen the attractiveness and radiation of our financial markets to neighbouring countries and regions. This will enhance the financial development of Hong Kong in terms of scope, depth and quality, thereby laying a more solid foundation for creating impetus for growth continuously.

Third, while adhering to the basic operation and management principle, we should follow the global trend in the development of financial industry and continue to break new ground. We should take the initiative to embrace new ideas and actively adopt innovative technologies, mindsets and approaches in a bid to move towards digitalization, “intelligentization” and online operation. This will unleash the creativity and development momentum of the industry so as to achieve stable, balanced and high-quality development.

Fourth, we should take a multi-pronged approach and put great efforts into nurturing and attracting financial talent. Fundamentally speaking, it is necessary to nurture and attract more professional and international talent in order to create impetus for growth of the financial industry in Hong Kong. I strongly support the SAR Government to allocate more resources to financial education and training of local talent in order to build a long-term and steady pool of talent. However, it should also diversify the sources of talent and offer concessions to attract Mainland and overseas talent to work in Hong Kong, with a view to exploring new sources of talent for the long-term development of the financial industry.

President, President XI said that “China’s national rejuvenation has become a historical inevitability, and the successful practice of ‘one country, two systems’ in Hong Kong is an important part of this historic process”. As Legislative Council Members, we should take the lead in studying, publicizing, implementing and carrying out the spirit of President XI’s important speech, and work hard to take forward President XI’s “four proposals”, thereby making contributions to the new phase of greater prosperity in Hong Kong.

I so submit. Thank you, President.