In the 2022-23 Budget, the Financial Secretary of the Hong Kong SAR mentioned:-

• "...We will progressively implement these recommendations, including expanding the issuance of green bonds, RMB bonds and Hong Kong Dollar bonds with longer tenor under government bond programmes to foster the development of local RMB and green bond markets and the formation of local yield curve..." (Section 76 of the Budget)

• "...We are also working with the regulatory authorities in the Mainland to explore enhancement measures for the Cross-boundary Wealth Management Connect Scheme in the Guangdong Hong Kong Macao GBA, such as increasing quotas gradually, expanding the scope of eligible investment products, inviting more participating organisations and improving the distribution arrangement." (Section 80 of the Budget)

• "Having regard to the new trend of developing low carbon and sustainable economy, we plan to launch a three-year Pilot Green and Sustainable Finance Capacity Building Support Scheme. Under the scheme, subsidies will be provided for the training and acquisition of relevant professional qualifications, so as to encourage practitioners in the financial and other relevant sectors to participate in the training." (Section 128 of the Budget)

• "We have commissioned the Cyberport to implement a new round of Financial Practitioners FinTech Training Programme this year to provide training programmes and tuition fee subsidies for practitioners in the insurance and securities sectors. Subsidies will also be provided for the two sectors to organise their own training programmes." (Section 130 of the Budget)

The Hong Kong Federation of Insurers (HKFI) welcomes the issuance of bonds with longer tenor as they are essential for insurance companies to meet the asset-liability management needs when providing long term products.

We also welcome the Government’s initiatives to facilitate training and groom talents in the space of InsurTech and ESG, thereby help uplift the competitiveness of Hong Kong as the international financial hub.

We are supportive of the Government’s move to continue deepening our cooperation in the Greater Bay Area across different financial services sector. On the Cross-boundary Wealth Management Connect Scheme, as the industry representative body, we have repeatedly requested and will continue to lobby for the inclusion of suitable insurance products in the expanded scope of eligible investment products.