Hong Kong – Asia’s international financial centre

Financial Services Development Council publications on potential improvements to Hong Kong’s financial services industry regulation

As the world’s centre of economic gravity shifts unrelentingly to the east, Hong Kong continues to consolidate its position as Asia’s leading international finance centre. Under the unique “one country, two systems” regime, Hong Kong is able to capitalise on its unique position as the gateway between Mainland China and the rest of the world. Hong Kong’s strategic position as China’s international finance centre, combined with the rule of law and a world-class financial services industry, make Hong Kong the leading international financial centre for China access. More importantly, Hong Kong is dynamically changing to meet the continued opportunities and challenges presented by China’s financial liberalisation. China has established four free-trade zones in the last two years; its goal for Shanghai is to establish it as a global financial centre by 2020; Hong Kong’s pivotal position as the leading offshore Renminbi business centre faces challenges from Singapore, London, Taiwan and others; and agreement has yet to be reached on Hong Kong political reform.

The Financial Services Development Council (the FSDC) is a high-level government advisory body established to support the sustained development of Hong Kong’s financial services industry. It plays a key role in engaging the industry and formulating proposals for developing Hong Kong’s financial services industry and determining strategies to enhance its competitiveness as China’s and Asia’s premier international financial centre.

The FSDC’s work is underpinned by a series of committees staffed by experienced financial services professionals who conduct in-depth research and formulate strategies with a view to advising Hong Kong’s government. Its publications are available on the FSDC website at www.fsdc.org.hk and include the following:

• Chinese Enterprises “Going Global”: Opportunities and Hong Kong’s Policy Responses (Apr 2015)
• Developing Hong Kong as an Offshore RMB-denominated Reinsurance Centre (Dec 2014)
• Disclosure of Interests Regime in Hong Kong (Dec 2014)
• Policy Development Proposals on the “Mainland and Hong Kong Closer Economic Partnership Agreement (Sep 2014)
• Positioning Hong Kong as an International IPO Centre of Choice (Jun 2014)
• Proposals to Advance the Development of Hong Kong as an Offshore Renminbi Centre (Nov 2013)
• Development and Reform of Mainland China’s Financial Sector and the Strengthening and Enhancement of Hong Kong’s Pivotal Role as a Financial Centre (Nov 2013)
• Strengthening Hong Kong as a Leading Global International Financial Centre (Nov 2013)
• Hong Kong: China’s Global Financial Centre (Nov 2013)