HK helps connect different financial systems: FS
Financial Secretary Paul Chan said on Thursday that Hong Kong can help connect different financial systems in the region, boost trade and promote cultural exchanges by serving as a platform to support the growth of the Belt and Road Initiative. He made the remarks when he met finance officials from Central Asia and the Middle East at the World Economic Forum in Davos. Chan encouraged the officials from Bahrain, Qatar and Kazakhstan to take advantage of the SAR's financial market to facilitate their countries' economic diversification and green transformation.  He also met with finance officials from Italy and Peru to exchange views on issues such as the global financial environment and the geopolitical situation. At a separate luncheon, Chan said China remains open to the world while embracing global cooperation in technology-driven industries and supply chains. He added that the city is striving to enhance its position as an international financial centre while further developing its offshore renminbi business. "We are leading in this area. We have about RMB 1 trillion of deposits, and we are handling about slightly over 70 per cent of global trade settlement conducted in RMB. But there is room - much more room for growth," he said.  Meanwhile, speaking to reporters in Davos, he rejected the idea of introducing a controversial capital gains tax or departure tax in the short term, saying that any adjustment would affect the competitiveness of the city's tax system and economic recovery.