Financial Secretary Paul Chan details ‘achievements’ of Hong Kong government since taking office in 2017

Financial Secretary Paul Chan lists improvements to Hong Kong’s financial services industry and overall economic stability

Some say government’s accomplishments should not be forgotten because of extradition crisis

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Financial Secretary Paul Chan in Tamar on May 3. Photo: Dickson Lee

Published: 10:01pm, 30 Jun 2019Updated: 10:54pm, 30 Jun 2019

Financial Secretary Paul Chan Mo-po has listed what he considers to be the government’s achievements since taking office in July 2017, pointing to improvements in Hong Kong’s financial services industry and overall economic stability.

Chan’s assessment, published on his official blog on Sunday, came just days after he said the city’s reputation as a global financial centre had been damaged by the extradition bill crisis, and that the government would make every effort to restore its image.

As the government scrambles to recover from the botched handling of the legislation, some pro-establishment politicians have said officials’ achievements over the last two years should not be forgotten.

Chan wrote on his blog that one accomplishment was issuing eight virtual banking licences, which allowed financial institutions to operate branchless savings and loans businesses.

“The virtual banking licences also fostered competition in the banking industry. People would have noticed that recently, many large traditional banks cancelled their requirements on the minimum amount of deposits, as well as relevant administration fees. Many people have benefited,” he wrote on his blog.