Financial chief reaffirms Hong Kong’s position as global investment, trade hub

Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government Paul Chan on Friday updated business leaders from Britain on Hong Kong’s leading position as a global investment and trade hub at an online meeting.

Chan highlighted the restoration of social and political stability due to the enactment of the national security law in Hong Kong and the improvement to the electoral system of Hong Kong.

He said the improved electoral system would ensure that patriots administer Hong Kong with the goal of getting on with the substantive business of building a flourishing economy and providing for an engaged community.

Chan said that with its institutional strengths and core competitiveness, Hong Kong’s status as an international financial center remains very solid.

Hong Kong has continued to thrive as a global hub for financing, offshore Renminbi business and asset and risk management, and is fully committed to promoting the development of green and sustainable finance, he said.

Despite the fallout from the COVID-19 pandemic, Hong Kong’s economy continued to function well, said the financial chief, adding that the strong growth of the mainland economy, the improved economic situation in neighboring Asian markets and the gradual control over COVID-19 in major economies should render further support to Hong Kong’s economy.

Chan also introduced Hong Kong’s unique roles as a gateway, a springboard and an intermediary under China’s dual circulation development strategy.

He said Hong Kong’s flourishing future is underpinned by its role as the multilevel business bridge between the mainland and the rest of the world. The national 14th Five-Year Plan duly recognizes Hong Kong as a global financial, transport and trade center and supports Hong Kong’s development as an international hub for both aviation and innovation and technology.

Hong Kong will capitalize on the Guangdong-Hong Kong-Macao Greater Bay Area development as the best entry point to grasp the opportunities arising from the mainland’s development, he added.

With around 50 participants joining, the online event was organized by Asia House, an independent think tank based in Britain.