Carrie Lam confirms Shenzhen government’s plan to sell offshore bonds in Hong Kong next month
- Shenzhen will be the first local-level Chinese government to sell offshore debt in Hong Kong, Carrie Lam says
- The Shenzhen authorities plan to raise as much as 5 billion yuan (US$772 million) from the offshore bond sale in Hong Kong
The offshore fundraising plan was first proposed by Shenzhen’s finance bureau in January last year, but no specific timeline was disclosed. The plans, however, gathered pace late last month when the local authorities said that they plan to sell up to 5 billion yuan (US$772 million) of bonds in Hong Kong.
The Shenzhen government did not say what the funds would be used for.
“The central government has always recognised the city’s status as an international financial centre, but we also have to be better equipped with measures to further enhance our position,” said Lam, who attended the Shenzhen-Hong Kong Cooperation Conference on Monday.
Going forward, Hong Kong and Shenzhen are expected to expand the scope of the Shenzhen-Hong Kong Stock Connect, facilitate cross-boundary fintech applications and collaborate on green and sustainable finance, according to a statement released by the Hong Kong government.