FS Attends Economic Forum

Financial Secretary Paul Chan attended the St Petersburg International Economic Forum (SPIEF) and events organised by the Russian Direct Investment Fund (RDIF) in Russia.

The RDIF, set up in 2011, is Russia’s sovereign wealth fund.

Mr Chan attended an RDIF roundtable discussion on investment opportunities in emerging markets and exchanged views with members of the fund’s senior management, its International Advisory Board members and other attendees.

He earlier attended the RDIF Advisory Board meeting which discussed the Russian macroeconomic outlook as well as current challenges to investment worldwide.

Together with RDIF event participants, Mr Chan had a meeting with Russian President Vladimir Putin.

In addition, Mr Chan participated in one of the SPIEF sessions attended by representatives of investment banks, trade associations and ratings institutions.

During the session, he pointed out there are no winners in a trade war and that international trade and investment have been key to global economic growth and development. The finance chief added the rise of trade protectionism poses a significant threat to the global economy.

He noted the Mainland will continue to pursue further reforms and opening up, and promote investment and trade flows with other countries. As the world's leading financial centre, Hong Kong will assist in the gradual process of the opening up, he said.

Mr Chan also met Russian Deputy Finance Minister Vladimir Kolychev to update him on Hong Kong's latest developments.

He expressed his hope for closer co-operation between Russia and Hong Kong on all fronts.