Shenzhen-Hong Kong Stock Connect

The China Securities Regulatory Commission and the Securities and Futures Commission of Hong Kong just made a joint announcement on the approval in principle of the structure of the Shenzhen-Hong Kong Stock Connect.

Hong Kong is China's international financial centre as well as the world's China financial centre. Since the Mainland's reform and opening up, Hong Kong has made great strides in financial services development. At present, our financial services industry accounts for one-sixth of Gross Domestic Product, and there will certainly be more development opportunities.

I welcome the approval in principle of the structure of the Shenzhen-Hong Kong Stock Connect, and am grateful to the Central People's Government for its support to Hong Kong, as well as the efforts of the Hong Kong community at large. I have every confidence that our financial services industry will continue to thrive and provide high-value jobs for more young people. Indeed, that was why I established the Financial Services Development Council four years ago.

Hong Kong enjoys the "two systems" advantage over the Mainland cities. We also enjoy the "one country" advantage over our overseas competitors. Without "one country, two systems", will our financial services industry continue to grow and prosper?

August 16, 2016