Hong Kong and Shanghai have entered into a new agreement aimed at bolstering cooperation in captive insurance and financial market operations.
This agreement is part of a broader initiative to enhance financial collaboration between the two cities and strengthen their financial stability.
The statement issued by the Chinese government, as reported by Captive International, highlighted the importance of cooperation between the cities in the insurance sector, focusing on areas such as risk management for Belt and Road projects, captive insurance, and insurance-linked securities.
“During a meeting in Hong Kong, representatives of the governments, financial regulators and exchanges of the two cities discussed issues of mutual concern, including the latest developments of financial services in the China (Shanghai) Pilot Free Trade Zone, cooperation in respect of cross-boundary Renminbi business, securities, futures, insurance, financial technology (fintech), and green finance as well as enhancing talent exchange,” the government said, as reported by Captive International.
The government also noted the ongoing enhancement of mutual market access programs, such as Shanghai-Hong Kong Stock Connect, Bond Connect, and Swap Connect, along with deepening cooperation between the securities markets of the two cities.
It further outlined a commitment to enhancing cooperation on product development, services, and innovation related to green finance and increasing collaboration among fintech enterprises in both cities.
To implement these goals, the Financial Services and the Treasury Bureau of the HKSAR government and the Shanghai office for advancing international financial centre development will convene regular meetings to facilitate financial cooperation between Hong Kong and Shanghai.
