Speech by CE at AsiaGlobal Dialogue 2022 (English only) (with video)
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President and Vice-Chancellor Zhang Xiang (President and Vice-Chancellor of the University of Hong Kong), Dr Victor Fung (Chairman of the Asia Global Institute), distinguished guests, ladies and gentlemen,
It is my pleasure to speak to you at this year's AsiaGlobal Dialogue. Inaugurated in 2012, this remarkable platform brings Asian perspectives to global issues and celebrates its 10th anniversary this year. As always, this year's theme "Recovery and Reformation: Asia in a Changing Global Economy" is timely and appropriate. It is so timely, in fact, that I am in Bangkok at this very moment, at this year's APEC (Asia-Pacific Economic Cooperation) Economic Leaders' Meeting, to discuss the global economy and Asia's economic recovery with economic leaders throughout the region.
Today, the global economy is facing challenges we have not seen in decades. Inflation in advanced economies has hit a multi-decade high, and for the first time in a long time, we are asking ourselves how high, rather than how low, interest rates will go. Geopolitical tensions have added fuel to the fire. In October, the IMF (International Monetary Fund) forecast that global economic growth would slow from 3.2 per cent in 2022 to 2.7 per cent in 2023. For advanced economies, growth is expected to slow visibly from 2.4 per cent to 1.1 per cent.
But there is a more optimistic picture here in Asia. In the same forecast, the IMF projected that growth in emerging and developing Asia would accelerate from 4.4 per cent in 2022 to 4.9 per cent in 2023, bolstered by growth in the Mainland. I am confident that Asia is a bright spot in the global economy, and will be an abundant source of economic opportunities in the years ahead.
Hong Kong is the freest economy in the world. Under the "one country, two systems" principle, we are blessed with the unique advantage of enjoying strong national support while being closely connected with the world. We endeavour to consolidate our traditional strengths and develop budding industries like innovation and technology, as well as arts and culture.
I know that the panels today will look at the global economic outlook in more detail, before moving on to specific opportunities and challenges that have been on everyone's mind recently. Promoting green and sustainable growth is part and parcel of building a better future for the region, as is addressing inequality and achieving common prosperity.
Hong Kong is eager to join hands with other economies in the region in rebuilding confidence in regional economic development, and in delivering a more open, reliable and predictable trade and investment environment.
Ladies and gentlemen, I wish you a fruitful dialogue ahead. Thank you very much.
Ends/Friday, November 18, 2022
Issued at HKT 10:15
Issued at HKT 10:15
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Audio / Video
Speech by CE at AsiaGlobal Dialogue 2022