皇冠体育app

Good morning.

Back in October I visited both Hong Kong and China with the Chancellor.

And the reason we went on that trip, was to promote the links between our asset management industries.

So I鈥檓 delighted to be here today.

To celebrate the fact that a Hong Kong based firm.

Has teamed up with a UK based asset manager so successfully.

I鈥檓 sure that this collaboration will pave the way for future partnerships.

I鈥檓 equally pleased that Source and CSOP (SEE-SOP) have chosen to list their RQFII (R 鈥� Q 鈥� FEE) 鈥� exchange traded fund on the London Stock Exchange.

This sends a powerful message about the progress we鈥檙e making on two fronts:

• we鈥檙e strengthening our position as an international centre for asset management
• we鈥檙e strengthening our position as the Western hub for offshore RMB trading

And I鈥檇 like to quickly discuss those themes with you.

皇冠体育app UK as the International Centre for Investment Management:

So why is the UK succeeding as an international centre for investment management?

We鈥檝e got a lot of factors in our favour, like:

• our language, our geography, our time zone
• our openness to foreign businesses
• our existing expertise

And because of those factors, our asset managers currently look after over 拢5 trillion of assets.

Which represents over a third of the whole European market share.

But we understand that asset managers and investors do have a choice.

And CSOP didn鈥檛 have to partner with a London based asset manager.

So we鈥檙e not going to sit on our success in this field.

We鈥檙e going to build on it.

Last March we launched a Plan to boost our Asset Management sector.

Which abolished Schedule 19.

Established the UK鈥檚 tax transparent funds.

And introduced a one stop shop for firms looking to set up in the UK.

And just over a month ago 鈥� at the Autumn Statement 鈥� we went even further.

And we announced that from next April both stamp duty and stamp duty reserve tax on investors鈥� purchases of shares in exchange traded funds that are established in the UK will be abolished.

It also makes sense 鈥� in this building 鈥� to talk about Exchange Traded Funds, or ETFs.

皇冠体育appse are 鈥� as most of you will know 鈥� an increasingly popular type of investment vehicle.

But none of the funds themselves are located here in the UK.

So we鈥檝e changed things around, so that such funds will now receive the same tax treatment whether established in the UK or offshore.

皇冠体育app UK as the Western Hub for RMB

We know that if we want to succeed in a global business environment.

皇冠体育appn we have to keep looking globally.

And one of our strengths in asset management lies in the fact that we are the Western hub for offshore RMB activity.

62% of all RMB trading outside of China takes place here in the UK.

And just a few weeks ago the Industrial and Commercial Bank of China issued the largest ever RMB bond issuance in the UK.

But 鈥� again 鈥� we don鈥檛 want to sit on that success.

We want to build on that success.

So when I was in China last year 鈥� talking to the Government and business 鈥� we went even further.

• PRA agreed to consider applications from Chinese banks to open branches in the UK
• UK was awarded the first RQFII allocation outside of Greater China

Which will allow UK based asset managers to invest directly in Chinese markets.

In fact, I understand that this fund will use CSOP鈥檚 Hong Kong RQFII quota to invest in China.

And I hope my next big event like this will be the launch of the first UK RQFII fund to take advantage of the UK鈥檚 RQFII allocation!

I want the UK to remain the best place in the world.

To set up a bank.

To set up an insurance company.

To put your assets under management.

And to do that, we have to open ourselves up to new opportunities.

And we have to open ourselves up to the world.

So we鈥檙e delighted that you鈥檝e chosen to list this product on the LSE.

We want to wish you every success with the launch of this ETF.

And we鈥檒l look forward to working with you.

And supporting you.

In the future.

Thank you.