Hong Kong aims to offer more investment options for mainland Chinese: Paul Chan
Authorities on both sides reviewing broader Greater Bay Area trading scheme, finance chief says, adding crackdown on illegal trades will help city
As Hong Kong marks the 29th anniversary of its return to Chinese rule on July 1, the South China Morning Post talks to the city’s senior officials about the administration’s achievements so far and what may lie ahead.
More mainland Chinese investors could gain access to a broader range of products in Hong Kong under a review by authorities, the finance chief has said, dismissing concerns that a recent crackdown on illegal cross-border stock trading could dent the city’s appeal.
Financial Secretary Paul Chan Mo-po said authorities on both sides were working to expand eligibility, quotas and the range of products under the Cross-boundary Wealth Management Connect scheme, although enhancements would take time to be finalised.
“Can the product offerings provide more choices compared to before? In the past, especially in the initial stages, we had to play it safe, so many were fixed-income and very low-risk products,” he told the South China Morning Post.
“Meanwhile, mainland investors hope to access more innovative products, maybe with a higher return – though the risk will be higher as well. These are under discussion.”
The scheme allows residents of Hong Kong, Macau and nine Guangdong cities comprising the Greater Bay Area to invest directly in approved wealth management products across borders.