Hong Kong’s leader has urged the banking sector to support financing the city’s new economic engine in innovation and technology while expanding the offshore yuan business, a key area for aligning with national strategies.
Speaking at the Hong Kong Association of Banks’ Distinguished Speaker Luncheon on Friday, Chief Executive John Lee called for closer partnership between the government and banking sector in four areas.
The areas comprise expanding the offshore renminbi business, encouraging innovation and technology through finance, developing commodity trading, and strengthening financial security and market integrity.
“Strategic growth hinges on technological self-reliance and high-quality development. That very much includes the Northern Metropolis,” Lee said as he encouraged banks to empower the real economy and foster innovation in technology through finance.
He added that the development would integrate university town areas with innovation and technology, and industry, providing an environment suitable for living, working and travelling.
“It will become a breakthrough point for our city’s rapid development,” he said.
Lee also made reference to the Northern Metropolis Financial Advisory Task Force, which includes 23 banks to support the development through financing.
