Hong Kong promoted as International Financial Center
FSDC Promotes Hong Kong To International Financial Center: Hong Kong Government to allow more freedom to Hong Kong companies, despite the fact the Hong Kong is already an offshore jurisdiction and one of the most successful financial centers in the World.
Hong Kong becomes an International Financial Center while global companies are flowing in.
Latest reports recommend evolving Hong Kong into an International Financial Center have been issued by the FSDC (Financial Services Development Council). This Council was set up by the government in January 2013.
The FSDC states that given certain freedoms to the Mainland economy will provide opportunities and also competition whilst financial centers are being established and catching up, creating the danger to even overtake Hong Kong if it remains confident of its position in the global economy and doesn’t act on this.
The council continues by saying that even though Hong Kong is considered to be one of the most offshore powerful business centers in the world and widely recognized at the moment, its position as described above is not completely ensured for the future.
As an example for using similar strategies to remain ahead of the game, mentioned various business centers worldwide i.e. Singapore, New York etc.
The FSDC aims to use a strategy in order to make Hong Kong the superior international business offshore center based in Asia and to preserve control of the larger part of Mainland’s financing, trade and investment.
In addition, regarding the sections of private banking and asset management, the council believes that Hong Kong should also boost its present position with the goal to extend its reach and make it appealing to foreign offshore jurisdictions based companies and convince them to invest in Hong Kong i.e. to list on its stock exchange, choosing Hong Kong to establish their head offices etc. Offshore Companies are already an established sector of Hong Kong’s economy.
Included in the propositions of the FSDC for the development of Hong Kong, is the promotion of Hong Kong as an offshore RMB center and in order to succeed in that area they recommend that its economic organizations should develop more RMB financial commodities to satisfy the various demands of the market and offshore companies.
The Chief Executive of Hong Kong ensured the FSDC and promised that the Government will show the appropriate attention and study all the relevant reports issued by the Financial Services Development Council and that they will try to reach the above goals in the most productive way.