FS speaks to UK business sector

September 28, 2024

Strengthening co-operation:

Financial Secretary Paul Chan (centre) meets The CityUK Leadership Council Chief Executive Officer Miles Celic (left).

Promoting HK:

Mr Chan speaks to guests from the political and business communities in the UK at a luncheon.

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Voiceover:
Financial Secretary Paul Chan spoke to the UK’s political and business communities to promote Hong Kong as he attended a luncheon and a roundtable meeting in London. 

At the luncheon hosted by the Hong Kong Association of the UK, Mr Chan said that Hong Kong’s economy is steadily advancing with the solid support of the central authorities.

Financial Secretary Paul Chan:
Our stock market remains one of Asia’s leading exchanges with a capitalisation in excess of 3 trillion (British) pounds, about 11 times our GDP. The measures announced earlier this week by the central authorities to cut rates, reduce reserve requirement (ratios) and provide more support to the real estate sector is boosting market confidence. The effects are already visible on Hong Kong’s stock market, with record high transactions.

Voiceover:
He also emphasised that financial services and innovation and technology are the city's key future dual economic engines.

Citing green finance as an example, Mr Chan highlighted that Hong Kong is developing itself into an international green tech and green finance centre, where the city fully supports the development of technologies in addition to green and sustainable financing.

Financial Secretary Paul Chan spoke to the UK’s political and business communities to promote Hong Kong as he attended a roundtable meeting and a luncheon in London on the final leg of his visit.

Mr Chan joined a roundtable meeting organised by The CityUK, an industry-led body representing UK-based financial services, for in-depth discussions with over 20 leaders from the British financial community.

In addition to briefing participants on Hong Kong’s economic situation, he highlighted that Hong Kong’s financial markets are undergoing continuous reforms, with good progress achieved in the stock market, asset and wealth management, offshore renminbi business, green finance and fintech.

As the Hong Kong Special Administrative Region Government is actively working to reinforce Hong Kong’s status as an international financial centre, Mr Chan said he looked forward to strengthening co-operation with the UK financial sector to promote mutual development.

After the meeting, the Financial Secretary attended a luncheon hosted by the Hong Kong Association of the UK and delivered a speech to about 150 guests from the British political and business circles.

Mr Chan said that with the support of the central authorities, Hong Kong’s economy is steadily advancing, giving full commitment to promoting the development of the “eight centres”, with financial services and innovation and technology as the key dual economic engines.

The finance chief also noted that Hong Kong is developing into an international green tech and green finance centre where the development of technologies as well as green and sustainable financing are fully supported.

Hong Kong is actively aligning with international green standards, including developing green classification frameworks and pressing ahead with sustainability disclosure requirements in financial reporting, he added.

The finance chief also introduced the four main areas of innovation and technology development in Hong Kong, and explained how the Hong Kong Investment Corporation, as “patient capital”, can guide more long-term private market investments into strategic industries.

Mr Chan will arrive back in Hong Kong tomorrow afternoon.