Pan Gongsheng: Speech – Launch Ceremony of Southbound Bond Join

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Honorable Deputy Director Deng Zhonghua, Chief Govt Carrie Lam Cheng Yuet-ngor, Monetary Secretary Paul Chan Mo-po, Deputy Director Yin Zonghua, Chief Govt Eddie Yue Wai-man, Chairman Chen Siqing,

Distinguished friends,

Good morning!

In 2017, the Northbound Buying and selling underneath the mutual bond market entry and connection scheme between the Mainland and Hong Kong (Northbound Bond Join) was launched. Since then, the scheme has been functioning easily and effectively for 4 consecutive years, representing a milestone within the opening-up of China’s monetary market.

Constructed on the stable cooperation between the Mainland and Hong Kong, upon approval of the central authorities, it’s determined to launch the Southbound Bond Join, facilitating Mainland establishments to exit and make investments effectively in Hong Kong and the worldwide bond markets. That is one other main step of the central authorities towards bolstering Hong Kong’s improvement and deepening monetary cooperation between the Mainland and Hong Kong.

Right here, entrusted by Governor Yi Gang and CPC PBC Committee Secretary Guo Shuqing, and on behalf of the Individuals’s Financial institution of China (PBC), I want to lengthen heat congratulations on the launch of the Southbound Bond Join.

China’s expertise in creating the monetary market demonstrates that unswervingly increasing opening-up offers robust driving pressure and essential assure for constructing a market-based, law-based, and internationalized monetary market, and it’s a key transfer towards enhancing the capabilities of the monetary sector in serving the actual financial system and its worldwide competitiveness.

Hong Kong, as one of many main world monetary facilities, boasts a extremely open enterprise surroundings, a deep monetary market, well-developed monetary infrastructure, and an internationalized monetary regulatory system, making it a key gateway and bridge for the Mainland monetary market’s opening up. Up to now years, now we have been working intently with the Hong Kong Financial Authority (HKMA) and different related authorities to constantly optimize the Northbound Bond Join. On the idea of thorough analysis, we collectively devised the Southbound Bond Join scheme.

The official launch of the Southbound Bond Join at this time denotes that China’s Bond Join scheme now achieves two-way connectivity. It manifests the central authorities’s dedication to consolidate and strengthen Hong Kong’s standing as a global monetary heart and the boldness and resolve in sustaining Hong Kong’s long-term prosperity, stability, and improvement.

As an vital channel linking the Mainland, Hong Kong and the worldwide monetary market, the Southbound Bond Join will join and combine the monetary markets of the Mainland and Hong Kong extra effectively. It would present handy entry for Mainland traders to spend money on Hong Kong and world monetary markets, and inject contemporary vitality and power into Hong Kong.

On this event, on behalf of the PBC, I want to thank the Authorities of the Hong Kong Particular Administrative Area, the HKMA, the Securities and Futures Fee of Hong Kong, in addition to monetary establishments and infrastructure suppliers within the Mainland and Hong Kong in your unremitting dedication to the Bond Join scheme all through these years. I might additionally wish to thank the distinguished friends and associates from the media who’re current on the ceremony, as your dedication and assist are an integral a part of China’s monetary reform and opening up.

Subsequent, the PBC will proceed with the pragmatic cooperation with Hong Kong in accordance with the unified preparations of the CPC Central Committee and the State Council and firmly assist the event of Hong Kong as a global monetary heart.

Lastly, I want the Southbound Bond Join a full success and I want Hong Kong larger achievements in creating the worldwide monetary heart. Thanks all!

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