Speech by Acting CE at Global Financial Leaders' Investment Summit (English only) (with photos/video)
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The Honourable Vice Premier He Lifeng (Vice-premier of the State Council of the People's Republic of China), Deputy Secretary General Xu Shouben (Deputy Secretary-General of the State Council of the People's Republic of China), Deputy Director Zhou Ji (Executive Deputy Director of Hong Kong and Macao Work Office of the Communist Party of China Central Committee), Director Zheng Yanxiong (Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (HKSAR)), Minister Li Yunze (Minister of the National Financial Regulatory Administration), Chairman Wu Qing (Chairman of the China Securities Regulatory Commission), Deputy Governor Zhu Hexin (Deputy Governor of the People's Bank of China), Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the HKSAR), Mr Eddie Yue (Chief Executive of the Hong Kong Monetary Authority), distinguished guests from around the world, ladies and gentlemen,
Good morning. I am delighted to welcome you, financial leaders and innovators all, to Hong Kong, where East meets West, and tradition marries innovation.
I hope you enjoyed last night's welcome dinner, with its breathtaking views. From that rooftop, on a fine day, you can almost see the future. Of course, there are days and nights when you wish for a little more clarity, for a better understanding of where that future precisely lies.
It is much the same, these days and nights, with the global economy. Which is why we are here today. To work together, to help see our way to the flourishing future we all want.
The global financial landscape has witnessed unprecedented shifts in recent years. Geopolitical tensions, economic uncertainties and technological change have created a complex environment for policymakers, investors and companies, large and small, global and local.
And if things were not complicated enough, the election results this year across different parts of the world bring lots of new and uncertain dynamics to the international investment picture.
For Hong Kong, the upside could mean opportunities for growth in emerging sectors such as fintech and green and sustainable finance.
The global push for sustainability is reshaping industries, with green finance and ESG (environmental, social, and governance) considerations becoming integral to investment strategies. Investors are increasingly seeking opportunities that align with sustainable development goals, driving growth in sustainable infrastructure and green technologies.
Green finance is a central policy priority of the Hong Kong Government. Initiatives like the launch of "Core Climate" – our international carbon market – and the Government Sustainable Bond Programme, have strengthened our green agenda.
And the volume of green and sustainable bonds arranged last year in Hong Kong topped the Asian market, accounting for 37 per cent of the total.
China's financial development continues to be a cornerstone of global economic growth. With the support of our country, Hong Kong continues to be the world's largest offshore Renminbi business hub.
As we are working to expand our offerings, providing more diversified, Renminbi-denominated investment products, increasing the issuance of Renminbi bonds and supporting more green and sustainable offshore Renminbi bond issuances in Hong Kong.
We will also boost the Cross-boundary Wealth Management Connect Scheme, and Southbound Trading under Bond Connect. These, and other initiatives, will bolster Hong Kong's status as the premier gateway for investors looking to enter the Mainland market.
Technology is no less central to Hong Kong's future. Artificial intelligence, blockchain and data analytics are enhancing market efficiency and driving financial innovation.
Hong Kong counts about 1 000 fintech companies and start-ups, making financial services more accessible, efficient and user-friendly.
We are also working with financial regulators to provide an enabling regulatory environment.
In August, the HKMA (Hong Kong Monetary Authority) launched a sandbox project to test interbank settlements using tokenised money. And our Securities and Futures Commission will develop a regulatory framework on asset tokenisation to ensure that the assets are traded in a safe and transparent manner.
By capitalising on these and other emerging trends, while navigating their complexities, we are working to build a brighter, more prosperous and sustainable future for all of us.
I know we will make the most of our time here. And while we can only accomplish so much in a few days, I am confident that the insights and experiences we are sharing, the connections we are making, will lead to collective growth, and mutual rewards, long down the road.
My thanks to each and every one of you for your inspiring presence and invaluable involvement.
I wish you all a rewarding Summit and the best of business, and investment, in the coming year. Thank you so much.
Ends/Tuesday, November 19, 2024
Issued at HKT 9:53
Issued at HKT 9:53
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