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GBA rule of law action plan released

The Action Plan on the Construction of Rule of Law in the Guangdong-Hong Kong-Macao Greater Bay Area has been released, the Department of Justice (DoJ) announced today.   Secretary for Justice Paul Lam explained that the action plan has two intentions, namely to underpin the guiding principle of “Three Interfaces, Two Connects & One Greater Bay Area”, and strengthen collaboration with the legal and dispute resolution sectors and other stakeholders to effectively implement policy measures set out in the plan.   Through mechanisms, regulatory frameworks and talent – the “three interfaces” – the DoJ said it will promote hardware and software connectivity in constructing rule of law in the bay area, co-operation between the various cities according to their respective strengths, and collaboration between different legal systems, thereby eventually achieving the goal of “one Greater Bay Area”.   Deputy Secretary for Justice Cheung Kwok-kwan, who is also the leading Hong Kong

Futures contract approval welcomed

The Hong Kong Special Administrative Region Government welcomed the announcement made by the Securities & Futures Commission today about the approval for Hong Kong Exchanges & Clearing to launch the MSCI China A-share index futures contract in the city.   Chief Executive Carrie Lam thanked the central government for its support during the process.   She noted that with the central government’s support, a number of mutual capital market access schemes were successfully launched over the past years.   Launching the A-shares index futures contract will expand the product scope offering in Hong Kong’s capital markets, strengthen the city’s offshore renminbi businesses and deepen the collaboration between the two capital markets.   This would contribute to the further development of the Mainland’s capital market towards internationalisation, demonstrating that Hong Kong can fully leverage its advantages and integrate into the national development.   Mrs Lam said: “I would like to express deep appreciation to the central government for supporting Hong Kong to reinforce its status as an international financial centre, and will continue to implement the targets laid down in the National 14th Five-Year Plan.”   Financial Secretary Paul Chan thanked regulators of the two places for their efforts in taking forward and implementing the initiative.   He pointed out that the futures contract to be launched by Hong Kong Exchanges & Clearing would be an offshore A-share index futures product formally approved by the Mainland authorities.   It could serve as a useful risk management tool for offshore investors participating in the A-share market while broadening the offering of financial products in Hong Kong at the same time.   Mr Chan said launching the product will further reinforce Hong Kong’s function as a global offshore renminbi business hub, an international asset management centre and a risk management centre as outlined in the National 14th Five-Year Plan.   It would also enhance Hong Kong’s competitiveness as an international financial centre, he added.
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