Hong Kong actively preparing to launch RMB counter for Stock Connect program: financial secretary

HONG KONG -- Paul Chan, financial secretary of China's Hong Kong Special Administrative Region (HKSAR) government, said on Saturday that the HKSAR government is actively preparing to launch a Renminbi (RMB) counter for Stock Connect program, aiming to bring new catalysts for the issuance and trading of offshore RMB stocks.

Chan made the remarks at the Fifth Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Financial Development Forum.

He said that in March 2023, constituent stocks of the SSE A Share Index and the SZSE Composite Index that meet certain requirements are included in Northbound trading, and eligible shares of international companies that are primary-listed in Hong Kong are included in Southbound trading.

This marks a significant milestone, which he said will help mainland enterprises gain access to international funds, and help Hong Kong attract high-quality international enterprises to list in the city.

The economic strength of the GBA is strong, Chan said, adding that in the future, GBA cities can join hands to draw on each other's strengths and leverage financial strength to promote each other's economic development to a higher quality and contribute to the country's opening-up in the financial sector at a higher level.

He pointed out that the focus is to strengthen financial services to the real economy, and to lead industrial development and upgrading.