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Among 500 speakers and 10 000 visitors from 60 countries at the Euro Finance Week (EFW) 2011, the Hong Kong Economic and Trade Office (HKETO), Berlin sponsored a keynote session at the Global Finance Conference and an exhibition stand between November 16 and 17 in Frankfurt to promote Hong Kong as China's Global Financial Centre.
Speaking to an audience of senior financial service executives and economists at the Global Finance Conference on November 17, the Director of HKETO, Berlin, Mr Stephen Wong, said, "Hong Kong's strategic positioning is being China's global financial centre. This entails two meanings: first, Hong Kong can ride on the rich opportunities in the Mainland of China by using the means of global connection; second, Hong Kong is located in China yet able to manage financial activities all around the world. This is based on Hong Kong's competitive edge of being the only place in the world where the China advantage and global advantage converge in one single city. Moreover, as set out in the National 12th Five-Year Plan, Hong Kong is in a position to facilitate the internationalisation of the Renminbi (RMB). As Asia's international asset management hub, China's offshore RMB centre and Initial Public Offering centre, Hong Kong has embarked on an unprecedented way into an international financial centre.
"The international use of RMB is good for the Mainland of China, Hong Kong and the world. It does not only enable foreign companies to reduce foreign exchange risks while doing business with China, but also offers private investors a wider choice of investment instruments. To facilitate the RMB internationalisation process, our Vice-Premier Li Keqiang has announced several measures including expansion of RMB trade settlement scheme all over the Mainland of China and Hong Kong, offshore RMB funds' access of portfolio investments in the Mainland of China via RMB Qualified Foreign Institutional Investors, use of RMB in direct investment in the Mainland of China and issuance of RMB-denominated bonds by Mainland enterprises," Mr Wong added. His presentation met with a robust response from the audience in the question-and-answer session.
After the conference, Mr Wong gave interviews to local German and Chinese media, updating them on Hong Kong's latest financial developments. He explained that as China's industries have become more integrated with the global economy, the integration of its financial sector with the global financial system will take on a strategic role, and this is where Hong Kong can help. In addition, he said the presentation in Frankfurt was the fourth one within 10 days in Europe, the first three having been concluded in Zurich, Geneva and Luxembourg by the Under Secretary for Financial Services and the Treasury, Ms Julia Leung.
Under the patronage of Germany's Federal Minister of Finance, Dr Wolfgang Schäuble, and Minister President of the State of Hessen, Mr Volker Bouffier, the EFW 2011 is Europe's largest meeting point for the finance industry, comprising approximately 40 specialised conferences with 100 panel discussions and a huge exhibition called Euro Finance Marketplace (the Marketplace). The Marketplace offers companies the opportunity to present themselves at the central networking and meeting area for follow-up discussions with participants of the conferences. HKETO, Berlin's exhibition stand, in collaboration with the Hong Kong Trade Development Council based in Frankfurt, not only offered the most updated information on Hong Kong as an international financial centre, but also promoted one of the most significant financial events in Asia - the Asian Financial Forum (AFF), to be held in Hong Kong between January 16 and 17, 2012. In 2011, the AFF attracted 1 800 participants and 461 journalists from 32 countries and regions to learn about the latest opportunities and challenges in Asia from more than 70 internationally respected leaders in government, financial and business sectors. More information can be found at www.asianfinancialforum.com/en/index_en.htm.
Ends/Friday, November 18, 2011
Issued at HKT 21:24
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