FS promotes HK's advantages in US

October 24, 2024

Lively exchanges:

Financial Secretary Paul Chan (left) engages in a discussion with the President of the National Committee on United States-China Relations Steve Orlins at the luncheon.

Financial insights:

Mr Chan (first right) attends meets local financial and banking professionals at a roundtable hosted by JP Morgan.

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Voiceover:
Financial Secretary Paul Chan’s visit to New York, in the US, continued with him delivering a keynote speech at a lunch attended by around 80 representatives from the business sector and from various institutions, chambers of commerce and think tanks. 
 
Financial Secretary Paul Chan:
You may be curious about, since the end of September to now, what is the major driving force for the Hong Kong stock market rally. The stock market rallied by above 15%, the daily transaction volume rose to about $300 billion a day, as compared to previously only $100 billion in daily turnover.

This is because of the few measures I mentioned by the central authorities, and also when we analyse who are these buyers, I wish to share with you (that) about 80% of the buying is from US and European investors; and when you look at the identity of those investors, most – over 70% to 80% – are long-term fund managers and investment houses, indicating that the interests from this part of the world into our market have been revived.

Voiceover:
Mr Chan also held discussions with President of the National Committee on United States-China Relations, Steve Orlins.

Financial Secretary Paul Chan delivered a speech and held discussions with President of the National Committee on United States-China Relations Steve Orlins as he continued a visit to New York, the US.

Mr Chan gave his speech at a lunch co-hosted by the Hong Kong Economic & Trade Office in New York and the Hong Kong Association of New York and attended by around 80 representatives from the business sector and from various institutions, chambers of commerce and think tanks.

At the lunch, he also discussed topics of interest relating to Hong Kong in US political and business circles with Mr Orlins.

In his address, Mr Chan spoke about Hong Kong’s economic situation and development strategies. He focused in particular on new initiatives in areas such as finance and innovation and technology, policies and achievements related to attracting businesses and talent, and Hong Kong’s increasingly close co-operation and collaborations with sister cities in the Greater Bay Area.

Mr Chan stated that the “one country, two systems” arrangement will in place in Hong Kong for the long term. He emphasised that the city will continue to play a unique role as a super-connector and super value-adder, linking the Mainland’s capital markets and investors with those of the global community to create value and opportunities for all.

He highlighted that Hong Kong maintains its common law system, upholds the rule of law, provides an open, free, and simple low-tax business environment, and protects investors’ rights. Following the implementation of national security legislation, he added, foreign businesses continue to have confidence in Hong Kong, and various international institutions have affirmed the city’s excellent business environment and competitiveness.

The Financial Secretary highlighted that Hong Kong values the strengthening of relationships with traditional markets and welcomes continued investments from the US business community. He said that the Hong Kong Special Administrative Region Government will continue to present the real situation in Hong Kong through objective facts and data, and will maintain communication and connections with political and business sectors in the US.

Earlier, Mr Chan had breakfast with local political and business figures, followed by a roundtable meeting with local financial and banking professionals in which he briefed them on Hong Kong’s latest situation and opportunities, and took questions.

Mr Chan met Acting Consul General of China in New York Ma Xiaoxiao in the afternoon to discuss China-US economic and trade relations.