Development, Responsibility and Mutual Benefits
Chinese banks in Hong Kong have long been receiving care and support from the Central Government, the HKSAR Government, regulatory authorities, customers, the media and society at large. The Association, in the course of its planning and preparation, also received care, guidance and assistance from all circles of society, especially all of you present today. On behalf of all Chinese banks and the Chinese Banking Association of Hong Kong, I would like to extend my sincere thanks to all of you and those who have always been supporting the development of Chinese banks in Hong Kong.
Hong Kong as an international financial centre boasts a unique geographic location, a free and open economy, sound legal and regulatory systems, a developed capital market and a mature banking system. Chinese banks always look to Hong Kong as a key destination of their overseas development, where their presence dates back to nearly a century ago. In recent years, in particular, Chinese banks are rapidly expanding their footprint in Hong Kong as the Mainland’s financial market opens up, RMB internationalization gains pace and Chinese enterprises’ “going global” accelerates. To promote China’s Belt and Road Initiative, contribute to the long-term prosperity and stability of Hong Kong and raise Hong Kong’s position as an international financial centre, Bank of China (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) Limited, Agricultural Bank of China Hong Kong Branch, China Construction Bank (Asia) Corporation Limited, Bank of Communications Hong Kong Branch and China Development Bank Hong Kong Branch have come together to form the Chinese Banking Association of Hong Kong. The Association consists of 32 members, all of which are Chinese banks and representative offices in Hong Kong.
Our purposes of establishing the Association can be summarized into three key words. The first word is “development”. The Association will put together forces to boost the economic development and improve people’s livelihoods in Hong Kong, strengthen the economic and financial cooperation between Hong Kong and the Mainland as well as the rest of the world, and pursue the healthy growth of Chinese banks together with their peers. Currently, the Association focuses its work on the following fields: Firstly, the Association will serve the Belt and Road Initiative and other national strategic initiatives, and provide financial support for infrastructure investment in countries along the Belt and Road and Chinese enterprises “going global”. Secondly, the Association will enhance its role to collaborate with Mainland-based institutions to develop RMB business, in a bid to establish Hong Kong as a corporate treasury centre and raise its position as an international financial centre. Thirdly, the Association supports the development of Hong Kong’s high value-added and tech industries, participates in Hong Kong’s housing and infrastructure projects and supports the economic development in Hong Kong.
The second word is “responsibility”. The Association will bear social responsibility, strengthen industry self-regulation and cooperate actively with the HKSAR Government, HKMA and other regulators to safeguard the financial stability in Hong Kong, and foster a good image of Chinese banks. Firstly, the Association will promote RMB internationalization, strengthen Hong Kong’s position as an offshore RMB hub and promote Hong Kong financial satiability. Secondly, the Association will assume the social responsibility, in public welfare activities, charity undertakings, environment protection and provide more internship and job opportunities to the young people in Hong Kong. Thirdly, the Association will adapt itself to the different regulatory environments in Hong Kong and the Mainland, adhere to legal and regulatory compliance and continuously improve the capability in risk management, internal control and compliance. Fourthly, the Association will uphold the philosophies of “Customer First” and “Finance for everyone”, bring to Hong Kong the mainland’s and international experience in Fintech, helping to raise customer service quality.
The third word is “mutual benefit”. Hong Kong as an international financial centre is attractive to various financial institutions around the world. This brings more development opportunities to financial institutions. The Association hopes to strengthen communication and cooperation with all parties to order to achieve mutual benefits. Firstly, the Association will create opportunities for its members to enhance communication among themselves and with other banks and other sectors of society, in pursuit of mutual reinforcement and growth. Secondly, the Association will strengthen information sharing through lectures, training, forums and topical research. Thirdly, the Association will further promote business cooperation.
Persistence paves the way to success. Today, the Chinese Banking Association of Hong Kong is established. We will uphold our objectives and work together with all sectors of the Hong Kong in pursuit of mutual development and prosperity and create a brighter future for Hong Kong and the motherland.