Group 1 - The current global financial landscape is undergoing a transformation driven by technology, particularly artificial intelligence and blockchain, creating new opportunities for financial markets [1] - Hong Kong's financial market has shown remarkable performance this year, with IPO fundraising totaling nearly HKD 150 billion, ranking first globally, and a significant increase in international long-term capital participation [1] - The Hang Seng Index has risen over 30% this year, with daily trading volumes reaching historical highs, averaging over HKD 250 billion [1] Group 2 - The active IPO market and influx of capital have positively impacted the A-share market, with H-shares listed in Hong Kong seeing an average daily trading volume increase of 28% and an average stock price rise of 15% since last September [1] - Hong Kong's unique value in connecting domestic and global capital is reflected in its ranking as the third global financial center, with a narrowing score gap with New York and London [2] - Hong Kong aims to solidify its financial market's advantages while diversifying into emerging sectors such as fixed income, currency markets, commodities, and digital assets [2] Group 3 - The fixed income and currency markets are crucial for risk management and investment, with the region's international bond issuance growing at an annual rate of 16%, significantly outpacing the global average of 4% [3] - Hong Kong has established itself as a leading international bond issuance hub in Asia, accounting for nearly 30% of the region's total issuance, with green and sustainable bonds making up about 45% [3] Group 4 - The development of the fixed income market aligns with Hong Kong's goal of enhancing its offshore RMB business, with the issuance of RMB-denominated "dim sum bonds" reaching CNY 1 trillion last year, doubling from 2021 [4] - Initiatives are underway to improve the offshore RMB ecosystem, including enhancing liquidity, product supply, and introducing risk management tools like offshore government bond futures [4][5] Group 5 - The implementation of these measures will help create a more effective offshore RMB yield curve, providing issuers with precise pricing benchmarks and better meeting global investors' demand for RMB assets [5]

陈茂波表示，固定收益和货币市场不仅是融资与投资的重要工具，更是帮助投资者管理风险的关键。过 去15年，亚洲地区国际债券发行额年均增长率达16%，远高于全球平均水平。香港已确立亚洲领先的国 际债券发行枢纽地位，经香港安排发行的国际债券占亚洲地区近三成，绿色及可持续债券发行额更占约 45%。 他指出，香港离岸人民币市场的发展与此方向互为呼应。去年在港发行的人民币"点心债"规模达1万亿 元人民币，较2021年大幅增加近一倍，发行人背景日益多元，反映国际市场对人民币计价产品的需求。 未来，香港将继续完善互联互通机制、丰富人民币产品，争取尽快推出离岸国债期货等风险管理工具， 为国际投资者长期持有人民币资产创造更完善的环境。 香港财政司司长：香港将建全球固定收益及货币产品枢纽 中新社香港9月28日电 香港特区政府财政司司长陈茂波28日发表网志指出，香港正全力推进固定收益及 货币市场发展，目标是建设成为全球重要的固定收益及货币产品枢纽。 2025年2月，香港特区政府财政司司长陈茂波出席香港交易及结算所有限公司(香港交易所)开市仪式。 (资料图)中新社记者 陈永诺 摄 他介绍，在特区政府统筹下，香港证券及期货事务监察委员会( ...

Group 1 - The Hong Kong government aims to enhance the competitiveness of the stock market through various measures, including the introduction of a "T+1" settlement cycle, support for mainland tech companies, and improvements to listing mechanisms [2][3] - The proposed "T+1" settlement cycle would allow investors to receive cash or complete payments the day after trading, significantly improving market efficiency and reducing counterparty risks [2] - The establishment of a "Tech Enterprise Express" service will assist mainland tech companies in financing in Hong Kong, reducing communication costs and accelerating the financing process for high-growth, innovative firms [3] Group 2 - The report emphasizes the importance of building a diversified product ecosystem in Hong Kong's capital market, with initiatives to issue more RMB bonds and develop offshore government bond futures [4] - The creation of a "Commodity Strategy Committee" aims to enhance the trading ecosystem for commodities in Hong Kong, optimizing international commodity trading processes through financial innovation [4] - The establishment of an international gold trading market and the expansion of gold investment tools are also highlighted as key initiatives to diversify investment products [4]

Group 1: Hong Kong's Financial Market Developments - The Hong Kong government aims to seize opportunities from global investors reallocating assets to strengthen its position as an international financial center [1] - The Hang Seng Index has risen over 20% since the beginning of the year, with an average daily trading volume close to HKD 250 billion, nearly doubling from last year [1] - New stock fundraising has reached over HKD 130 billion by the end of August, marking a nearly sixfold year-on-year increase, making Hong Kong the top global market for new stock offerings [1] Group 2: Support for Technology and Innovation - The government plans to assist mainland technology companies in raising funds in Hong Kong through a "Tech Enterprise Line" and enhance financial support for national technological development [1] - Initiatives include optimizing the main board listing and structured product issuance mechanisms, and exploring the shortening of the stock settlement cycle to T+1 [1] Group 3: Bond and Currency Market Enhancements - The government will work to solidify Hong Kong's status as a bond center and enhance financial infrastructure, including discussions on launching offshore national bond futures [1] - The Hong Kong Monetary Authority (HKMA) will establish a new "Renminbi Business Fund Arrangement" to provide long-term RMB financing to support the real economy [2] - More RMB bonds will be issued, and the government will explore using RMB for government expenditures in suitable scenarios [2] Group 4: Gold Market Development - The government aims to develop a regional gold reserve hub, targeting over 2,000 tons of gold storage within three years [2] - Initiatives include establishing a central clearing system for gold in Hong Kong and promoting the development of gold investment tools and funds [2] Group 5: Wealth Management and Insurance Sector Growth - Hong Kong is expected to become the largest cross-border wealth management center globally, with plans to optimize tax incentives for funds and family offices [3] - The government will revise regulations to lower capital requirements for infrastructure investments and promote the development of the local self-insurance and reinsurance industry [3]

Financial Market Enhancements - The Hong Kong government aims to shorten the stock settlement cycle to T+1 and promote more overseas companies to list in Hong Kong [2][3] - The Hong Kong Securities and Futures Commission (SFC) is actively working to include Real Estate Investment Trusts (REITs) in the "mutual market access" scheme to enhance liquidity [2][5] - The government plans to assist mainland technology companies in financing in Hong Kong through the "Tech Enterprise Line" [3] Bond Market Development - The Hong Kong government is focused on solidifying its position as a bond center by enhancing financial infrastructure and creating a centralized platform for managing various assets [4] - Discussions are ongoing with mainland institutions to launch offshore Chinese government bond futures in Hong Kong [4] - The SFC is exploring the feasibility of an electronic bond trading platform and promoting the establishment of a commercial repurchase market [4] Currency Market Growth - To increase the liquidity of the offshore RMB market, the Hong Kong Monetary Authority (HKMA) will establish new RMB funding arrangements to support enterprises [5] - The number of accounts for mainland investments in Hong Kong wealth products has increased significantly, from 25,000 to 110,000 since the launch of "Cross-Border Wealth Management Connect 2.0" [5] Gold Market Expansion - The government has accepted recommendations to develop the gold market, aiming to establish a regional gold reserve hub with a target of over 2,000 tons in three years [7] - Plans include building a central clearing system for gold transactions and inviting the Shanghai Gold Exchange to participate [7] Housing Supply Strategy - According to the Long-Term Housing Strategy, the demand for private housing over the next decade is projected to be 126,000 units, with sufficient land supply to meet this demand [8] - The government plans to prepare approximately 2,600 hectares of "ready-to-develop" land over the next decade to ensure healthy land reserves [8]

Core Points - The Chief Executive of Hong Kong, John Lee, presented the 2025 Policy Address, focusing on economic development and enhancing the quality of life for residents [1] - The address outlines specific measures to accelerate the development of the Northern Metropolis, industrial innovation, and reinforce Hong Kong's status as an international financial center [1] Financial Sector Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [2][3] - The government aims to enhance the bond market by improving financial infrastructure and establishing connections with markets in Switzerland and the UAE [2][3] - Plans to establish an international gold trading market include expanding gold storage capabilities to exceed 2000 tons within three years [3][4] Commodity and Family Office Development - Collaboration with Greater Bay Area exchanges to develop commodity and carbon trading [4] - The government will optimize tax incentives for family offices to attract more funds to Hong Kong [4][5] Digital Asset and Stablecoin Regulation - The Hong Kong Monetary Authority (HKMA) will promote tokenized deposits and establish a regulatory framework for stablecoin issuers [6] - The Securities and Futures Commission (SFC) is working on expanding the types of digital asset products available to professional investors [6] Innovation and Technology - A HK$3 billion "Frontier Technology Research Support Scheme" will be launched to attract international research talent in AI [7] - The government plans to accelerate the development of autonomous vehicles and establish a regulatory framework for ride-hailing services [8] Clinical Trials and Pharmaceutical Development - The government aims to attract more pharmaceutical companies to conduct clinical trials in Hong Kong, particularly for rare diseases and advanced therapies [12] - A new "International Clinical Trial Academy" will be established to train clinical trial professionals in the Greater Bay Area [12] Investment and Economic Policies - The "New Capital Investor Entry Scheme" will be optimized to encourage investments in Hong Kong, with increased limits for non-residential property investments [13][14] - The government will enhance cross-border payment systems and improve cash assistance distribution for elderly residents in mainland China [13][14] Governance and Management - A "Department Head Responsibility System" will be established to strengthen governance and accountability within the government [15] Innovation Fund Launch - The "Innovation and Technology Industry Guidance Fund" is set to launch in the 2026-2027 fiscal year to promote strategic investments in emerging industries [16]

在产业发展和革新方面，李家超重点提及人工智能（AI），包括推进AI科研和人才优势、强化AI资金 优势、强化AI数据优势、拓展AI应用等。李家超表示，政府早前宣布推出30亿港元的"前沿科技研究支 援计划"，将会短期内接受申请，支持本地资助院校吸引AI等方面的国际科研顶尖人物来港，带领前沿 科技基础研究。此外，政府同时已预留十亿港元，于2026年成立"香港人工智能研发院"，促进AI上游研 发、中下游成果转化及开拓应用场景。香港投资管理有限公司（港投公司）作为政府全资拥有的耐心资 本机构，已投资包括AI大语言模型、云计算及AI药物研发在内的多家AI企业，未来将会继续投资AI产 业。 李家超表示，《施政报告》既是香港全力"拼经济谋发展惠民生"、加快迈向"由治及兴"的进程表，亦是 香港主动对接国家发展战略、实现突破新局面的策略部署。在报告中，李家超就加快发展北部都会区、 产业发展和革新、巩固香港国际金融中心地位等提出具体措施。 加快发展北部都会区 李家超表示，北部都会区是香港经济发展的新引擎，具有非常大的潜质，现在是加快发展北部都会区、 引入产业和重大项目的最佳衔接期。香港特区政府会加快发展北部都会区，成立由李家超领导 ...

Core Viewpoint - Hong Kong will continue discussions with mainland institutions to implement offshore government bond futures and expand the variety of interest rate derivatives under the swap connect, while promoting the development of over-the-counter derivatives and cross-border RMB repurchase business with the mainland [1] Group 1 - The Hong Kong government aims to encourage more companies to issue bonds in Hong Kong, increasing market engagement from the Hong Kong Securities and Futures Commission, the Monetary Authority, and the Stock Exchange [1]

Core Viewpoint - The construction of Shanghai's offshore financial center is a strategic initiative aimed at enhancing global resource allocation capabilities, driven by the dual transformation of "dollar hegemony loosening + digital technology reconstruction" in the global financial order [1][2]. Group 1: Offshore Financial Center as a Core Component - Offshore financial centers are essential for international financial centers, as evidenced by New York, London, Hong Kong, and Singapore, which have developed comprehensive offshore ecosystems that balance cross-border capital flow and risk control [2]. - Establishing a matching offshore financial center in Shanghai is crucial for the national financial opening strategy and is necessary for enhancing global resource pricing power and attracting international capital [2]. Group 2: Institutional Innovation for Dynamic Balance - The core competitiveness of offshore financial centers lies in their ability to balance "open efficiency" and "risk prevention" through institutional design [3]. - Shanghai can innovate by establishing a "digital enclosure" regulatory system that integrates existing accounts into a new offshore account model, allowing for flexible management of offshore and onshore funds [4]. Group 3: Tax Policy Neutrality and Precision - Tax policy is a double-edged sword for offshore financial centers; Shanghai should find a balance between attractiveness and compliance by implementing a low tax burden combined with strong regulation [7]. - A proposed 5% capital gains tax on general offshore business could reduce cross-border financing costs for Chinese enterprises by 1.8 percentage points while generating approximately 2 billion yuan in annual tax revenue [7]. Group 4: Technological Empowerment in Offshore Finance - Digital technology is reshaping the underlying logic of offshore finance, with blockchain and digital currency at the core of creating a leading digital financial testing ground in Shanghai [8]. - Blockchain technology can significantly reduce transaction costs and time in cross-border settlements, as demonstrated by successful pilot projects in Shanghai [9]. Group 5: Gradual Capital Account Opening - The proposed "three-step" strategy for capital account opening includes initial, mid-term, and mature phases, focusing on gradually relaxing restrictions on offshore investments and cross-border financing [14]. - By 2030, a faster opening of the capital account could create an additional $1.2 trillion space for global RMB asset allocation [15]. Group 6: International Collaboration and Rule Integration - Shanghai should transition from being a "rule follower" to a "rule co-creator" in the global financial landscape, enhancing its attractiveness to international investors through compatible legal and dispute resolution mechanisms [18][19]. - Collaborative efforts with RCEP member countries and the establishment of a "Shanghai Offshore Financial Rules Alliance" could enhance Shanghai's role in global offshore finance [21]. Group 7: Paradigm Value of Offshore Financial Centers - The development of offshore financial centers is fundamentally about the mutual empowerment of offshore and onshore functions, which can provide significant support for Shanghai's international financial center construction [22][23]. - Shanghai's unique value lies in breaking away from traditional low-tax arbitrage paths by constructing a new paradigm through institutional innovation and technological empowerment [23].