In Hong Kong’s latest policy address, there was reiteration to enhance the city’s status as an international financial center, with a focus on areas such as access to mainland China, risk management and gold trading.
Hong Kong chief executive John Lee delivered the 2024 policy address to the local legislative council on October 16. According to Lee, the city will align itself with Beijing’s resolution to «harness the institutional strengths of 'One Country, Two Systems' while consolidating and enhancing its status as an international financial, shipping and trade center».
«[The resolution] also supports Hong Kong's position to become an international hub for high-caliber talents, to exert a greater role in our country's opening up to the world, and to deepen collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through better harmonization of rules and mechanisms,» he said in a published speech.
Financial Services
On financial services, the address highlighted a number of different areas for development. This includes deepening mutual market access with mainland China and enriching the offshore renminbi business. The government will also aim to enhance Hong Kong’s status as an international risk management center, an asset and wealth management center as well as its securities market and green finance ecosystem.
It will also expand markets and deepen overseas networks, provide convenient cross-boundary financial services arrangements and build an international gold trading market.
Luring Wealthy Individuals
In addition, the government also expanded the Capital Investment Entrant Scheme (CIES) aimed to attract wealthy individuals from abroad. Under the new CIES, a maximum of HK$10 million ($1.3 million) will be counted towards the total capital investments for the purchase of a residential property with a minimum value of HK$50 million.
The government will also consult the the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single family offices.
