New | Mainland banks establish Hong Kong lobby group for greater say in banking and financial policy

Thirty-two mainland banks with a presence in Hong Kong have banded together to form the Chinese Banking Association of Hong Kong, an industry group that will spearhead banking policies and seek to create opportunities related to China’s 13th five-year plan and One Belt One Road objectives.

The move is an effort by mainland banks to assert themselves into an effective lobby group to steer Hong Kong banking and financial policy developments.

The new body won the backing of the Hong Kong and Macao Affairs Office of the State Council and the Hong Kong government whose officials turned out in force to support the association’s inauguration.

Chief Executive Leung Chun-ying expressed his support towards the Chinese banks.

“In recent years, there have been more mainland banks coming to Hong Kong to develop their businesses. They have helped expand the scale of Hong Kong’s banking industry and also consolidate and raise Hong Kong’s position as an international financial centre,” Leung said.

“Hong Kong has its key advantage in the One Country, Two System policy. Against other global hubs, we have our mainland advantage. Against mainland hubs, we have our advantage in Two Systems.”