FS Reaffirms HK's Position

Financial Secretary Paul Chan today briefed UK business leaders at the online Corporate Members Briefing at Asia House on Hong Kong's leading position as a global investment and trade hub.

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

In his opening remarks, Mr Chan highlighted the restoration of social and political stability due to the enactment of the National Security Law and the impending improvement to Hong Kong's electoral system.

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

He then told the participants that with its institutional strengths and core competitiveness, Hong Kong's status as an international financial centre remains very solid.

The city has continued to thrive as a global hub for financing, offshore renminbi business and asset and risk management. It is also fully committed to promoting the development of green and sustainable finance.

Mr Chan noted that despite the COVID-19 epidemic's economic fallout, Hong Kong's economy continued functioning well.

The strong growth of the Mainland economy, the improved economic situation in neighbouring Asian markets and the gradual control over the epidemic in major economies should render further support to Hong Kong's economy, he added.

Mr Chan also remarked that 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 central government's 14th Five-Year Plan duly recognises Hong Kong as a global financial, transport and trade centre and supports the city's development as an international hub for both aviation and innovation and technology.

Hong Kong will capitalise 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 said.

During the question-and-answer session, Mr Chan exchanged views with participants on the Government's anti-epidemic work and initiatives to support economic recovery, as well as policies and support for promoting green and sustainable finance.