HKFI's Response to the 2023 Policy Address


In the 2023 Policy Address, the Chief Executive of the Hong Kong SAR mentioned:

- Develop "Headquarters Economy" – to attract enterprises from outside Hong Kong to set up headquarters and/or corporate divisions in Hong Kong …… The HKSAR Government will explore with the relevant central authorities feasible measures to facilitate Mainland enterprises in setting up headquarters and/or corporate divisions in Hong Kong, such as arrangements for investments relating to capital account. (Paragraph 54)

- Attract Companies to Re-domicile in Hong Kong – to introduce a mechanism to facilitate companies domiciled overseas, in particular those with a business focus in the Asia-Pacific region, for re-domiciliation to Hong Kong. The HKSAR aims to introduce the legislative amendments into the LegCo in the first half of next year. (Paragraph 55)

- Deepen financial co-operation in the GBA – The HKSAR will co-establishing the Shenzhen-Hong Kong Financial Co-operation Committee with the Shenzhen authorities in the first half of 2024. The committee will advise and offer suggestions in respect of bolstering mutual access to the financial markets, co-operation on financial technologies and green finance, and exchange of financial talents. (Paragraph 72)

- Attract and Retain Talents – The Government will endeavour to trawl for and retain talents. We will: (i) establish the physical office of the Hong Kong Talent Engage (HKTE); (ii) expand the coverage of universities under the Top Talent Pass Scheme; (iii) relax visa requirements; (iv) implement the Capital Investment Entrant Scheme. (Paragraph 57)

- Promote the development of green and sustainable finance in Hong Kong – The Government will launch a dedicated proof-of-concept subsidy scheme for green Fintech in the first half of 2024. The new scheme will promote the development of technological solutions and provide early-stage funding support for pre-commercialised green Fintech, conducive to expanding the green Fintech ecosystem and developing Hong Kong into a green Fintech hub. (Paragraph 72)

- Promote the development of high value-added maritime services – The Commissioner for Maritime and Port Development under the TLB will co-ordinate efforts of various government departments and stakeholders to spearhead maritime development from an industry-oriented perspective, especially professional services such as maritime law, insurance, ship finance, etc., and develop our maritime strengths in collaboration with the trade. (Paragraph 74)

The Hong Kong Federation of Insurers (HKFI) welcomes various measures relevant to the insurance industry announced in the 2023 Policy Address. We appreciate the Government's acceptance of our recommendations to facilitate market expansion and attract more international financial capital to Hong Kong by developing the "Headquarters Economy" and strengthening Hong Kong's significant role within the Greater Bay Area (GBA). We also welcome the various talent attraction and retention measures against the backdrop of intensive talent competition around the globe.
We are pleased to note the Government's dedication to promoting the development of green and sustainable finance in Hong Kong. The insurance industry will play a part in promoting green and sustainable insurance.
Moreover, marine insurance is vital in supporting Hong Kong as the International Shipping Centre. We are glad that the Government commits to promoting high value-added maritime services, including marine insurance.
In the long run, we are fully committed to collaborating with the Government to further enhance Hong Kong's position as a global insurance hub and risk management centre.