HONG KONG SAR, October 30, 2024 — Paul Chan, the Financial Secretary of the Hong Kong Special Administrative Region, is currently visiting the United States (22-24 October), where he delivered keynote addresses on financial sustainability at the Bloomberg Global Regulatory Forum (22 October) and a business luncheon in New York (23 October).
In his address at the Bloomberg Global Regulatory Forum, Mr. Chan underscored Hong Kong’s commitment to a resilient regulatory framework and global connectivity, aimed at fostering a sustainable, future-proof financial system.
“Our solid foundation continues to gain global recognition. Once again, Hong Kong ranks among the top three international financial hubs, alongside New York and London,” Mr. Chan remarked, noting that Canada’s Fraser Institute has also maintained Hong Kong’s position as the world’s freest economy.
Mr. Chan further highlighted the confidence of global investors in Hong Kong’s financial strength, pointing out, “Total banking deposits in Hong Kong have risen by 5%—around US$100 billion—this year, bringing the total to over US$2 trillion. Our asset and wealth management sector is also thriving, with assets under management exceeding US$4 trillion, over half of which comes from investors outside Hong Kong and Mainland China.”
Under the “one country, two systems” principle, Mr. Chan reaffirmed Hong Kong’s appeal to international investors, supported by its common law tradition, an independent judiciary, unrestricted movement of goods, capital, talent, and information, a currency linked to the US dollar, and business practices aligned with top global standards.
Expounding on the dual role of Hong Kong’s financial regulators as both regulatory authorities and market enablers, Mr. Chan explained, “This dual role requires a regulatory regime that adapts to economic and market shifts, embraces technological innovation, and fosters conditions for market prosperity.”
Mr. Chan highlighted the transformative power of innovation in finance and outlined two main areas for Hong Kong’s strategic development: expanding the Connect Schemes between Hong Kong and Mainland China to deepen integration and collaboration with Mainland and global capital markets, and promoting responsible and sustainable growth within digital asset sectors.
Furthermore, Mr. Chan discussed Hong Kong’s strengthened partnerships with other markets across ASEAN, the Middle East, and Belt and Road countries.
On 23 October, Mr. Chan attended a luncheon co-hosted by the Hong Kong Economic and Trade Office in New York and the Hong Kong Association of New York. Addressing representatives from businesses, institutions, chambers of commerce, and think tanks, he reiterated Hong Kong’s role as a “super connector” and “super value-adder,” linking capital markets and investors from Mainland China with the global community to unlock value and opportunities for all.
In addition, Mr. Chan shared Hong Kong’s latest strategic initiatives in areas such as finance, technology and innovation, business and talent attraction, and its deepening collaboration with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area.
