MR CHAN KIN-POR (in Cantonese): Deputy President, I thank Mr CHUNG Kwok-pan so much for proposing today’s motion for the discussion of the development of the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”).
The development of GBA means Hong Kong’s future. In the past, owing to political impacts, there was no chance to discuss GBA issues in society at all. Members of the public neither understand how important GBA is to Hong Kong, nor they know it is all because of the country’s support that the Hong Kong economy is able to maintain prosperous and stable. Today, Hong Kong has restored order from chaos. I hope there will be more chances for our society to probe into the development of GBA, so as to let the community knows more about the real picture.
Today, many fellow Members have proposed a lot of useful suggestions, and I agree to most of them as well. I would like to focus on a question or two. In the original motion, it is proposed to urge the Government to consult relevant industry stakeholders, so as to accurately understand the needs of various industries and thereby formulate strategies for the development of relevant industries. I think this is a very good proposal that the Government should seriously consider. Actually, in terms of the current economic perspective, the Government should play an active role to promote economic development in a more self-initiated manner. As for the specific details of development, the consultation with industry stakeholders is what the Government must do before formulating policies because industry stakeholders are the ones who have the best understanding of the market.
Certainly, I know it has been the practice of the Government to consult industry stakeholders; yet the problem is whether the officials will take consultation work as window dressing or genuinely attach importance to consultation results and adopt them as far as possible? In fact, it has been the practice of various departments to conduct consultations; however, from the study stage till the final decision is made, everything is done by the officials behind closed doors, such that outside parties cannot ask anything about it and usually no change can be made after the decision is made. That was the practice of the past, yet has already become obsolete long ago in the present fast-changing information world. That must indeed be changed.
Taking the insurance industry as an example. The industry is awaiting the specific plan for the establishment of after-sales service centres in GBA, while the Government is now negotiating with the Mainland authorities on the details. The industry is so worried about that the specific outcome will go out of tune with the market; yet luckily, the Government is willing to listen to opinions and let the Hong Kong Federation of Insurers represent the industry to present their views on specific details for ensuring the practicability of the final decision.
Furthermore, I would like to talk about the insurance industry’s expectations on GBA. Apart from the after-sales service centres, the industry has also been striving for the sale of insurance products in the Mainland. Several months ago, the Financial Services and the Treasury Bureau also provided some positive information when responding to my question raised about the Budget. It replied that with the coming launch of the cross-boundary Wealth Management Connect, the Government would take reference of relevant experience and further explore with the Mainland the proposal of facilitating cross-boundary sale of Hong Kong insurance products, i.e. “Insurance Connect” in our words. This will involve even more complex issues concerning the regulatory regimes and capital, which might entail prolonged troubles and discussions. But this is a good start after all.
The “Insurance Connect” may be implemented in a step-by-step manner. The industry may first offer some insurance products of non-saving nature, e.g. health insurance, accident insurance, etc., for cross-boundary sale, followed by products having saving elements when the operation matures. Actually, launching the “Insurance Connect” can also benefit people in GBA. This is because not only can more insurance product options of greater flexibility be available to them, their wealth management needs can also be addressed. Moreover, the industry can invest in the Mainland with the premiums received there, thus there will be no worry about capital outflow. The insurance industry hopes this proposal can be taken forward as soon as possible, because it is of utmost importance to the industry. GBA is an important market for the industry’s future development. Thank you, Deputy President.