Deputy President, the country strongly supports and attaches great importance to Hong Kong’s status as an international financial centre. The Third Plenary Session of the 20th Central Committee of the Communist Party of China (“CPC Central Committee”) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization, which has provided a strategic fulcrum for Hong Kong to better play its unique role in consolidating and enhancing Hong Kong’s status as an international financial, shipping and trade centre. Mr HE Lifeng, Vice Premier of the State Council, has earlier expressed his hope that Hong Kong will continue to seize the precious critical period of development; understand changes accurately, respond to them scientifically, and seek them proactively; embrace and uphold the Lion Rock spirit; forge ahead with determination and strive hard to continuously improve the level of financial development; and continuously consolidate and enhance Hong Kong’s status as an international financial centre. 

Finance is the lifeblood of the economy and an important component of the core competitiveness of a country. The Central Financial Work Conference has put forward the need to do a good job in the “five major articles” on technology finance, green finance, inclusive finance, pension finance and digital finance ... The timer has not been activated, I am very grateful to the Deputy President for allowing me to speak for a few more minutes. 

The development of technology finance can promote technological innovation and industrial upgrading. Technological innovation can bring about new industries, new modes and new impetus, and it is a core element in the development of new quality productive forces. The development of technology finance can better promote the virtuous cycle of technology, industry and finance, thereby facilitating the technological innovation of enterprises and accelerating the upgrading and transformation of small and medium-sized enterprises (“SMEs”).

The development of green finance can enhance the distinctive defining feature of high-quality development. We should channel more capital to green industries such as environmental protection, energy conservation, clean energy, etc.; help promote green and low-carbon development and encourage green loan schemes; solve the difficulties of SMEs in promoting sustainable development; and help SMEs in financing.

The development of inclusive finance will ensure that the fruits of development can better benefit the people. The development of inclusive finance has achieved positive results, while the accessibility, coverage and satisfaction of financial services have continued to improve. The 2024 Policy Address has announced the implementation of full portability of the Mandatory Provident Fund (“MPF”), and the new eMPF Platform can enhance operational efficiency, reduce costs and provide greater convenience in managing MPF accounts, streamline administrative work and minimize human errors. 

Pension finance should be developed to actively address population ageing. Properly addressing the social problems caused by the ageing population is a crucial matter to the overall development of the country and the well-being of the people. To better meet the elderly people’s ever-growing needs for multi-level, high-quality and healthy elderly care, it is necessary to further improve the retirement protection system. As Hong Kong faces the challenges of an ageing population, it also brings new business opportunities to certain sectors of our economy. The silver market is growing fast. The development of silver economy can effectively unleash the economic potential of the elderly market, while better meeting the wishes and needs of the elderly. 

The development of digital finance can enhance the quality and efficiency of finance in serving the real economy. Exploring the business opportunities of the virtual asset ecosystem can be linked with financial technologies to benefit the real economy. Besides, introducing more credit products and services to assist SMEs in their transformation will also provide SMEs with more financing opportunities. 

Deputy President, the Liberal Party supports today’s motion, but has reservations about the point in Mr TANG Ka-piu’s amendment about urging the Government to “motivate MPF funds to offer fund options with guaranteed above-inflation returns”. 

Deputy President, we hope that relevant government departments will make all-out efforts to follow up on the implementation of the spirit of the Third Plenary Session of the 20th CPC Central Committee, as well as fully and accurately understand Hong Kong’s strategic positioning in the country’s overarching paradigm of high-quality opening-up. In addition, the SAR Government should expeditiously implement the measures mentioned in the 2024 Policy Address for further deepening financial reform and innovation, expanding financial opening-up and cooperation, and proactively aligning with national development strategies. This will enable Hong Kong to make new and positive contributions to the process of building our country into a financial powerhouse, and to create Hong Kong’s new advantages amid financial competition.