Lee unveils plans to encourage more mainland banks to set up in city, tax incentives for family offices, and possible use of RMB to settle certain government expenditure
The Hong Kong Monetary Authority (HKMA) is set to encourage more mainland banks to set up regional headquarters in the city, while the local bourse operator plans to enhance the listing regime, as the government aims to fortify Hong Kong’s position as an international financial centre, according to Chief Executive John Lee Ka-chiu.
In his policy address on Wednesday, Lee also said the government planned to issue more RMB bonds and was considering using renminbi to settle government expenditures under “suitable circumstances”.
He also said authorities would introduce more tax incentives to strengthen the family office and wealth management sectors, alongside measures to support gold and yuan trading in the city.
Lee said banks establishing regional headquarters in Hong Kong could leverage their presence in the city to expand into markets like Southeast Asia and the Middle East, providing comprehensive cross-border financial solutions.
