But I will approach these questions with three words: ecosystem, resilience, and opportunity. Ecosystem Let me start with the ecosystem. By this, I mean the various components, mechanisms, and interactions within the financial system. But I also refer to the larger environment in which the financial system operates. These two domains are intricately connected with each other. Without a favourable operating environment an IFC cannot flourish. Hong Kong’s financial services are now broadly based and well established, reinforcing our status as a global centre on many fronts. We are also championing emerging trends that shape the future of finance – notably fintech and green finance. All of this results from the hard work of our financial practitioners, supported by world-class professional services in fields ranging from accounting to risk management and compliance. Hong Kong has a fully bilingual legal system, rooted in the common law, with an independent judiciary and a strong legal profession. Our financial regulatory regime is internationally recognised for its open and progressive approach. These are tried and tested elements of a rules-based system that offers a level playing field for market participants from all over the world. Our world-class universities continue to produce outstanding professionals who are highly competitive by any standard. Hong Kong is also a magnet for talented people from all corners of the world.
Quite apart from our excellent ecosystem and proven resilience, we have a strong record as the Mainland’s trusted partner in its entry into the global financial system. We have been able to assist in achieving the desired outcomes while ensuring the integrity and stability of the Mainland’s own financial system. Similarly, Hong Kong is a trusted partner for international investors. We offer them access to Mainland markets in the language and rules with which they are familiar. In doing so we help maximize their opportunities while minimising their compliance costs and risks. One exciting aspect of the Connect schemes is the prospect of unleashing the potential of Hong Kong as the world’s leading offshore renminbi business hub. The internationalization of the renminbi and the opening of China’s capital account are interdependent issues. Today’s seminar will focus on Hong Kong’s role in driving offshore RMB business, and the opportunities that come with it. I would simply like to stress the point that Hong Kong has the infrastructure, the expertise, and the markets to perform that role. Before I conclude, let me mention two other opportunities Hong Kong cannot afford to miss: green finance and technology. We intend to be at the forefront of these two trends that will define the future of finance. We are joining hands with local and international financial regulators to ensure that the financial sector plays its part in achieving global net-zero objectives. We are working with the banks to manage their own climate risk as they help the real sector go green.