FS says HK key to national financial goals

Financial Secretary Paul Chan on Sunday said Hong Kong would expand its renminbi-denominated bond market as part of efforts to strengthen its role as a safe, reliable offshore platform that fully aligns with international rules. Writing in his weekly blog, he said the government would also develop renminbi-denominated gold and commodity markets, to help strengthen the nation's pricing power in these areas. He noted the national five-year plan called for the speeding up the building of a financial powerhouse. He emphasised that Hong Kong plays a clear and unique role in meeting the nation's needs. "Leverage Hong Kong's strengths to serve the nation's needs — the country's high-quality development is Hong Kong's biggest opportunity and source of confidence," he wrote. He added that Hong Kong's first five-year plan is a response to a fast-changing world as markets need longer-term certainty. He said that when businesses can see where Hong Kong is heading over the next five years, they can work better with the government, combining an "active government" with an "efficient market" to drive results. Edited by Tony Sabine