UK Urged To Leverage HK

Financial Secretary Paul Chan continued his visit programme in London by meeting members of the UK banking and business sectors. He encouraged them to capture opportunities of the Belt & Road Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area through Hong Kong.

Addressing a Hong Kong Association luncheon, Mr Chan said that in view of the social incidents, the Hong Kong SAR Government is making efforts to address the challenges, from launching a diversified dialogue platform to putting forward new measures in the Policy Address to tackle issues in housing and land supply, aiming to relieve social unrest.

Mr Chan also pointed out he announced in mid-August, early September and last week new measures costing over $20 billion to support enterprises and safeguard jobs.

He reassured UK sector representatives at the luncheon that Hong Kong's financial system is sound, resilient and running smoothly, and expressed confidence that Hong Kong's institutional strengths, such as the "one country, two systems" principle and the rule of law, will help the city to meet the challenges.

Given Hong Kong's pivotal role in enhancing international and regional co-operation in the context of the Belt & Road Initiative and the development of the Greater Bay Area, the finance chief urged UK companies to expand their business in Hong Kong and seize the opportunities of the national development initiatives.

At a roundtable discussion jointly organised by Hong Kong Economic & Trade Office in London of the Hong Kong SAR Government, the City of London and HM Treasury of the UK, Mr Chan pointed out the Belt & Road Initiative and the Greater Bay Area development will draw foreign investment in infrastructure and Hong Kong will continue to serve as the premier platform for bringing in such investment to the Mainland.

Thanks to its well-developed fund-raising and insurance markets, Hong Kong also serves as an infrastructure project financing and risk management centre, he said, and encouraged the UK business sector to leverage Hong Kong to capitalise on the vast business opportunities.

Mr Chan then met Bank of England Governor Mark Carney to exchange views on various issues including supervisory co-operation, green finance and the global economy.

Highlighting the mutual benefits of the strong Hong Kong-UK trade and economic ties, they agreed both sides will continue to work closely together in the future.

Mr Chan had earlier led a 20-member fintech delegation on a visit to Level 39, the largest startup incubator in Europe, to learn about its services and support for innovation and technology startup companies.