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Hong Kong SAR Government
Paul Chan, Hong Kong’s Financial Secretary, recently returned from an influential visit to the United States, where he engaged with key financial leaders in New York, presenting a refreshed outlook on the city’s evolving role in global finance. Chan’s agenda included a keynote at the Bloomberg Global Regulatory Forum and a business luncheon organized by the Hong Kong Economic and Trade Office in New York. His visit underscored efforts to bolster the region’s standing as a resilient financial hub, adept at navigating both global and regional challenges.
At the Bloomberg Global Regulatory Forum, Chan focused on the need for financial sustainability, a theme aligned with the city’s regulatory strength and international connectivity. He emphasized that these attributes are crucial to building a resilient financial system for the future, noting that the city’s “strong fundamentals continue to be internationally recognized.” As a testament, he pointed to the Fraser Institute’s ranking, which reaffirmed the city’s position as the world’s freest economy.
Integral to Chan’s address was the “one country, two systems” framework, which he highlighted as an assurance to global investors. This unique arrangement supports an open environment for the free flow of capital, talent, and goods, reinforced by an independent judiciary grounded in common law. These factors, Chan argued, contribute to a stable, open market highly regarded by international stakeholders. Backing up this stability with hard data, he noted that the total banking deposits have grown by 5% this year to over $2 trillion, while the asset and wealth management sector oversees more than $4 trillion, with a significant portion from international investors.
Chan also delved into the future of finance, addressing the transformative effects of technology on the sector. He outlined two main development areas: the “Connect Schemes,” which deepen ties with Mainland China, enabling more seamless regulatory cooperation and market integration, and responsible digital asset growth, positioning the city as an innovation-driven market.
During a luncheon event co-hosted by the Hong Kong Economic and Trade Office, Chan further highlighted the region’s role as a “super connector” in the global economy. Addressing an audience of business leaders, institutional representatives, and chamber members, he discussed the city’s unique positioning between Mainland China and international markets, making it a gateway for investors seeking access to Mainland opportunities.
Chan also pointed to new initiatives aimed at attracting businesses and talent in finance, technology, and innovation, citing collaborative efforts within the Guangdong-Hong Kong-Macao Greater Bay Area. These alliances, he explained, are creating fresh opportunities for cross-border investment and fostering regional growth in innovation.
Through his visit, Chan showcased a forward-looking financial strategy that seeks to maintain regional prominence in the global finance scene. As markets and technologies continue to evolve, his engagement reflects a commitment not only to sustaining relevance but actively shaping the future of international finance with a balanced approach to regulatory rigor and growth.
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