I. Overview of Hong Kong’s participation in the development of the Guangdong-Hong Kong-Macao Greater Bay Area
Finance
Members requested the Administration to study the reasons for the small numbers of participating banks and wealth management products rolled out under the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (“WMC”) since its launch and the solutions. The reasons might include, among others, the fact that:(a) normal traveller clearance between Hong Kong and the Mainland had not been resumed, thereby affecting the desire of Hong Kong residents to open bank accounts in the Mainland; (b) most of the wealth management products that could be purchased under the Southbound Scheme were relatively simple products of low-to-medium risk, and thus the attraction to Mainland residents was limited; and (c) while the information on Mainland wealth management products was mainly disseminated through online channels, Hong Kong banks were used to making use of offline avenues to develop their business, and hence there were difficulties in the acquisition of information on and promotion of the relevant products.
Elderly services and cross-boundary welfare
Members requested the Administration to provide the respective numbers of persons admitted to the two residential care homes for the elderly operated in Shenzhen and Zhaoqing under the Residential Care Services Scheme in Guangdong. Members also called upon the Administration to step up its efforts in promoting to Hong Kong elderly persons the schemes of retirement in the Mainland cities of GBA. Members also requested the Administration to consider constructing elderly estates in Hong Kong to address the housing problem of the elderly. CMAB indicated that the Labour and Welfare Bureau would be invited to explain to Members matters concerning elderly and welfare services at a thematic meeting later.