The inauguration ceremony of the Chinese Banking Association of Hong Kong was held on the afternoon of June 27. HKSAR Chief Executive Mr. Leung Chun-ying, the Director of Liaison Office of the Central People’s Government in the HKSAR Mr. Zhang Xiaoming and Deputy Director Ms. Qiu Hong, Commissioner of the Ministry of Foreign Affairs of the PRC in the HKSAR Mr. Song Zhe, Financial Secretary of the HKSAR Government Mr. John Tsang Chun-wah, Secretary for Financial Services and the Treasury Bureau Prof. K.C. Chan and Chief Executive of the Hong Kong Monetary Authority Mr. Norman Chan, officiated the ceremony. Also present at the ceremony were over 400 guests from the agencies of the Central Government in Hong Kong, the HKSAR Government and regulatory authorities, Hong Kong-based banks, chambers of commerce, corporates and the media.
Chief Executive Mr. Leung Chun-ying said in his speech that that the Hong Kong banking industry fully meets the needs of our Country and represents Hong Kong’s strength in serving the future development. Chinese banks have a long history of operation in Hong Kong. Since China launched its reform and open-door policy, Chinese banks have been providing Hong Kong community with a full spectrum of diverse and modern international services. Chinese banks have promoted mutual development in Hong Kong, the Mainland and the rest of the world. They also have delivered remarkable contributions to the prosperity and stability of Hong Kong community. Chinese banks with a presence in Hong Kong have broad business connections in both the Mainland and Hong Kong, thus playing the crucial role of as a “super connector”.
Mr. Leung pointed out that one of the objectives of the Association is to serve the Belt and Road Initiative. As the Belt and Road Initiative develops, countries along the Belt and Road will have closer economic and trade ties with Hong Kong and the Mainland, giving a boost to cross-border use of the RMB. These countries will have growing demand for financial services such as infrastructure financing, asset management and risk management. Hong Kong as an important bridge for China, the world’s largest offshore RMB centre and Asia’s largest asset management centre is able to provide a variety of services, which will support the Mainland enterprises’ endeavours to go global. Chinese banks in Hong Kong certainly will play a huge role given their familiarity with the developments of Hong Kong and their insights into the Mainland market. He also expected Chinese banks to fully capitalize on their strengths in serving the Belt and Road Initiative, building Hong Kong into a corporate treasury centre and promoting Fintech innovations and applications in Hong Kong.
Ms. Qiu Hong expressed her appreciation of Chinese banks in Hong Kong, which is the largest group of Chinese banks overseas. The banks are committed to serving the motherland, the national interests and the wellbeing of Hong Kong people. Ms Qiu pays tribute to the banks for their significant contributions to the economic and financial safety and stability in Hong Kong, and for their contributions to strengthening Hong Kong’s position as an international financial centre and offshore RMB hub.
Ms. Qiu Hong further said that the Chinese Banking Association of Hong Kong provides a new platform for Chinese banks to enhance communication and cooperation with other parties concerned and to pursue mutual developments. She wish that the Association would unite all Chinese banks in Hong Kong together to support the HKSAR Government, developing the economy and improving people’s livelihoods, and help to raise Hong Kong’s position as an international financial centre. The Association should continue to uphold the philosophy of mutually beneficial development and deliver new dimensions to supporting the Belt and Road Initiative; the banks should capitalize on the unique role of Hong Kong as an international financial centre. Ms. Qiu Hong also expected the Association to continue to fulfill its social responsibility, take an active part in public welfare undertakings, serve the Hong Kong businesses and people, and contribute to the long-term prosperity and stability of Hong Kong.
Mr. Yue Yi, Chairman of the Chinese Banking Association of Hong Kong and Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, expressed his thanks to all who have long been supporting the development of Chinese banks in Hong Kong. He pointed out that the purposes of establishing the Association could be summarised into three key words. The first word is “development”. The Association will put together resources more effectively to boost the economic development and improve people’s livelihoods in Hong Kong. The Association will serve the Belt and Road Initiative and other national strategic initiatives, establishing Hong Kong as a corporate treasury centre and support the development of Hong Kong’s high-value-added and tech industries, and to pursue the healthy growth of Chinese banks together with their peers in that process. The second word is “responsibility”. The Association will shoulder social responsibility, strengthen industry self-regulation and cooperate actively with the Hong Kong government, HKMA and other local regulators in their work to safeguard the financial stability in Hong Kong, and foster a good image of Chinese banks. The third word is “mutual benefit”. The Association will strengthen communication and cooperation with all parties concerned, boost information sharing and further promote business cooperation and achieve mutual beneficial results.
Chief Executive Leung Chun-ying, Director Zhang Xiaoming and Chairman Yue Yi and other officiating guests presided over the inauguration ceremony of the Association. The logo of the Association consists of a copper coin, which represents the banking industry, and the bauhinia flower, which is the emblem of Hong Kong. Officiating guests also presented certificates to Chairman, Vice Chairmen, advisors and members of the Association.
The Chinese Banking Association of Hong Kong is a non-profit organisation incorporated in Hong Kong. It was jointly sponsored by Bank of China (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) limited, Agricultural Bank of China Limited Hong Kong Branch, China Construction Bank (Asia) Corporation Limited, Bank of Communications Co., Ltd. Hong Kong Branch and China Development Bank Hong Kong. Its members consist of all Chinese banking institutions in Hong Kong. The objectives of the Association are to strengthen communication between its members and their peers; establish closer ties and enhance cooperation in pursuit of mutual development and prosperity; better serve customers and Hong Kong citizens; promote Hong Kong’s economic development, the Belt and Road Initiative and other national strategies; help consolidate and raise Hong Kong’s position as an international financial centre and contribute to the long-term prosperity and stability of Hong Kong.
Vice Chairman of the CPPCC National Committee Mr Tung Chee-hwa, Chief Executive Mr. Leung Chun-ying, Director of the Liaison Office of the Central People’s Government Mr. Zhang Xiaoming, Commissioner of the Ministry of Foreign Affairs of the PRC in the HKSAR Mr. Song Zhe, Financial Secretary Mr. John Tsang Chun-wah and Legislative Council President Mr. Jasper Tsang sent their written congratulation on the establishment of the Association. Former Chairman of the Securities and Futures Commission Dr. Eddie Fong was invited to serve as Honourary President of the Association.
The Association has also recruited 18 outstanding individuals of the financial, academic and corporate sectors as advisors, including the HSBC Asia-Pacific Vice Chairman and Chief Executive Peter Wong, Standard Chartered Greater China and North Asia Regional CEO Benjamin Hung, Bank of East Asia Chairman and Chief Executive David Li, Citigbank’s Chief Executive for Hong Kong and Macau Weber Lo, Asia Financial holdings President Bernard Charnwut Chan and the President of Education University of Hong Kong Prof. Cheung Yan-leung.
