Secretary for Financial Services & the Treasury Christopher Hui attended the 14th Lujiazui Forum in Shanghai today.
At a plenary session during the forum, apart from talking about global economic conditions and Hong Kong's current financial market, Mr Hui elaborated on how the city maintains financial stability through a robust and effective regulatory regime.
He made it clear that the continued interest rate hikes in the US over the past year will not disturb Hong Kong's financial and monetary stability.
The treasury chief also pointed out that the Hong Kong Special Administrative Region Government has been co-ordinating various financial regulators to ensure the smooth operation of the financial and monetary markets.
He added that the financial security is vital to national security and development, noting that as an international financial centre, Hong Kong has been committed to safeguarding the country's financial security.
Mr Hui said: “The Hong Kong SAR Government will work with the financial regulators to continuously monitor if there are signs of systemic risk in the market through our round-the-clock, cross-market and co-ordinated monitoring mechanism, and respond decisively if necessary.
“The national development has entered a new era. In the course of the country's reform and high-level two-way opening up, Hong Kong plays the roles of a testing ground and a firewall in the reform and opening up of the country's financial market. Therefore, we should adopt bottom-line thinking to stay vigilant and safeguard financial security.”
Furthermore, Mr Hui explained to other speakers during the plenary session how Hong Kong, being a global offshore renminbi business hub, can help promote renminbi internationalisation in an orderly manner.
Themed “Global Financial Opening-up & Cooperation: New Drivers of Economic Recovery”, this year's forum is co-organised by the Shanghai Municipal People's Government, the People's Bank of China, the National Administration of Financial Regulation and the China Securities Regulatory Commission.
On the margins of the forum, Mr Hui met Shanghai Municipal Financial Regulatory Bureau Director Zhou Xiaoquan to explore ways to deepen co-operation between regulatory and market institutions in the two places.
He also called on Shanghai Pudong Development Bank Executive Director Zheng Yang to brief him on the latest policies to promote the development of Hong Kong's financial industry.
The two sides also exchanged views on promoting financial co-operation between Hong Kong and Shanghai, including the promotion of renminbi internationalisation, enhancement on mutual access between the financial markets and financial infrastructure of both places as well as the strengthening of co-operation in green finance.
Yesterday, the treasury chief met Shanghai Municipal People's Government Deputy Secretary General Gu Jun, China Foreign Exchange Trade System President Zhang Yi and New Development Bank Vice-President and Chief Administrative Officer Zhou Qiangwu to exchange views on issues of mutual concern.
He also visited the Shanghai Stock Exchange and met its Executive Vice President Dong Guoqun.
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