Motion：”Strengthening the governance systems and further reinforcing the closely intertwined relations between the ‘three centres”
President, “three centres and a hub” is the strategic positioning of Hong Kong’s development, and each of the “three centres” has its own focus while cooperating with each other. The purpose of developing the financial industry is to serve the real economy such as the trade and shipping sectors, and the prosperity of the real economy can provide more opportunities and room for the financial industry. I would like to thank Ms Carmen KAN for proposing this motion which urges the Government to plan the development of the “three centres” in an integrated manner, to reinforce the closely intertwined relations between the three centres, thereby benefiting various sectors of the community.
When it comes to financial development, many people may first think of the contributions of the Hong Kong Monetary Authority (“HKMA”). Apart from regulation, HKMA has done a lot in promoting financial infrastructure and technology application, financial inclusion, offshore Renminbi business, connectivity with the Mainland, green finance and manpower training. In fact, the Financial Services Development Council (“FSDC”) should also play a role in promoting the further development of the financial services industry. I am pleased to find that FSDC has already set up committees focusing on policy research, Mainland opportunities, new business, market development, human capital and corporate governance and established advisory groups to strengthen ties with the Association of Southeast Asian Nations and the Middle East. On this basis, if FSDC can keep abreast of the industry’s development direction and keep innovating, it is believed that it will be able to strengthen Hong Kong’s competitiveness as an international financial centre and collaborate with various parties and move forward together.
The prosperity of the industry relies on the contributions made by countless talents and elites. While educating and training people in the industry to enhance their skills and professional knowledge, FSDC should also actively attract “fresh blood” to provide endogenous momentum for the development of the industry. The school is a crucial place for attracting more talents to join the finance industry, and under the influence of the daily media and other factors, many people and students have acquired finance-related knowledge since childhood. Therefore, FSDC can consider working together with the Hong Kong Institute of Bankers to organize more industry practitioners to visit schools to have exchanges and share with students at different learning stages, so as to stimulate their interest in the financial industry. It can also encourage enterprises to cooperate more closely with tertiary institutions and provide more internship opportunities for finance students, so that they can put the knowledge they got from books into practice and learn more about the real situation of the industry in advance.
In addition, as Hong Kong further promotes its financial services industry around the world and seeks more opportunities for cooperation, FSDC has established advisory groups on the Association of Southeast Asian Nations and the Middle East. I am sure that the members are very familiar with the relevant regions, and financial practitioners also need to master more languages. Apart from biliteracy and trilingualism, telling the story of Hong Kong’s financial sector well in minority languages shows respect for the cooperating parties and makes it easier for them to truly understand Hong Kong’s financial development. Multi-lingual communication is also more effective in promoting the Hong Kong brand and market in a more comprehensive manner. Hence, I have been advocating for more resources to be invested in FSDC so that it can make greater contributions in this connection.
FSDC needs to inwardly review the current state of development of the financial industry and to outwardly explore opportunities for cooperation with other industries. Since Hong Kong is an international financial centre and international trade and shipping centres, its new direction could be to focus on the synergistic development of the “three centres”. FSDC’s Policy Research Committee and Business Development Committee could work with the trade and shipping industries to set up certain groups similar to a joint think tank or expert groups, as mentioned in Dr SO Cheung-wing’s amendment, to integrate resources at a more macroscopic level and promote the facilitation of resource circulation and rationalization of distribution.
“Technology” and “green” are the common keywords in respect of the development of finance, trade and shipping. From the technical level, going smart further facilitates the financial industry’s providing financial support for the development of trade and shipping; and the increased awareness of environmental protection among enterprises also creates a better environment for the development of green finance business. So, if the three parties can have direct dialogues in a joint think tank or expert groups and seek development together, it is believed that cross-sectoral barriers can be broken down to the largest extent and win-win cooperation can be achieved.
President, finance is Hong Kong’s shining business card. Apart from HKMA, we should also make full use of the platform of FSDC. While FSDC has worked hard towards diversification, it should clarify its major tasks and focus its resources on providing a clear direction for Hong Kong’s financial development. As FSDC has maintained cooperation with the Hong Kong Trade Development Council and the Hong Kong Maritime and Port Development Board, I believe it will certainly get twice the result with half the effort in planning for the synergistic development of the “three centres”.
President, I support the original motion and the amendment. I so submit.