Hong Kong showcases its strengths
City’s bright future stressed as forum exudes confidence in China-led global economic recovery
At the 2023 Asian Financial Forum, participants expressed growing confidence in a China-led economic recovery with Hong Kong, China’s global financial hub, showcasing its resilience and prospects.
This year’s Asian Financial Forum invited more than 100 global business leaders, policymakers, financial and wealth management professionals, entrepreneurs, technology innovators and economists to share their insights on international finance and economy, trade, sustainability and other issues. There were more than 2,000 in-person participants, with 3,000 others attending the event online from more than 70 countries and regions.
Hong Kong enjoys a bright future thanks to the continuing and wideranging support of the country and the “one country, two systems” principle, Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiu said.
The chief executive said the city is actively enhancing its strengths as an international financial center, a global offshore renminbi hub and an international asset management and risk management center, under the clear direction of the 14th Five-Year (2021-25) Plan.
The two-day forum on Jan 11-12 included plenary sessions and panel discussions focusing on how global cooperation can be strengthened to tackle challenges ranging from the COVID aftermath to supply chain crises, from geopolitical conflicts to soaring costs of living.
Hong Kong Trade Development Council Chairman Peter Lam Kinngok told the forum: “We need to revitalize and transform so that we will be better equipped to withstand any crises in the future. Global cooperation has become more important than ever, and our collective aim is to stimulate growth.”
Luxembourg Minister of Finance Yuriko Backes, Secretary of Finance of the Philippines Benjamin Diokno and Thailand Minister of Finance Arkhom Termpittayapaisith addressed the forum, as well as Vice-President, Finance, and CFO of the Islamic Development Bank Zamir Iqbal, President and Chair of the Asian Infrastructure Investment Bank Jin Liqun,
Vice-President of the Asian Development Bank Ahmed Muneeb Saeed, and Chairman of the International Organization of Securities Commissions Jean-Paul Servais.
Zhang Tao, chief representative of the Bank for International Settlements’ Representative Office for Asia and the Pacific, said: “By keeping inflation low and stable, we could create an environment that encourages firms and households to do their businesses, promote productive activities and foster innovations.”
Delivering his welcome remarks at the forum’s keynote luncheon, Hong Kong’s Financial Secretary Paul Chan Mo-po said the city is keen on harnessing its status as an international
financial center and strengths in professional services to contribute to global environmental objectives.
By taking forward a string of policies and measures, the city is well-poised to address strong demand for sustainable infrastructure and green transitions around the world, Chan said, adding that the amount of green and sustainable debt issued in Hong Kong reached about $57 billion in 2021.
Leaders of financial behemoths at the Asian Financial Forum voiced their confidence on Jan 11 in China’s investment prospects in the coming years with the growth in private market assets in the country.
Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing, said China
is taking “a prominent role” in Asian capital markets, where two-thirds of global IPOs came from last year.
Samuel Tsien, former group CEO of OCBC Bank, predicted that China’s economy will have a strong rebound, which will lead to capital liberalization and benefit countries in the Regional Comprehensive Economic Partnership.
President of the Bank of China Liu Jin suggested that financial institutions in Asian trade blocs work on harmonization, such as unifying e-commerce rules to push paperless trade, thus building a financial ecosystem.