​Following is the speech by the Financial Secretary, Mr Paul Chan, at the welcome dinner of Asia-Pacific Financial Forum (APFF) 2026 today (October 21):

Mr Furusawa (Chair of APEC Business Advisory Council (ABAC) Finance and Economics Task Force, Mr Mitsuhiro Furusawa), Ms Marjorie Yang (Hong Kong, China's representative to ABAC), Madam Tian (Division Director of the Ministry of Finance, Ms Tian Xueyun), distinguished guests, ladies and gentlemen,

     Good evening, and welcome to Hong Kong. It is a pleasure to join you at the welcome dinner of the 2026 APFF Conference. My sincere thanks to ABAC and the APFF for organising the Conference and bringing us together this evening.

     The APEC Finance Ministers' Meeting has brought finance ministers, senior officials and representatives of international organisations to Hong Kong. We are honoured to host it for the first time, and grateful to the Central Government for its trust and support. To our friends from fellow economies, thank you for your participation and friendship.

     Over the past two days, we have discussed the shared challenges and priorities facing the Asia-Pacific. One common goal was clear: to strengthen social and economic development through better fiscal and financial policies and closer regional co-operation.

     The task now is to turn discussion into action.

     The global economy has shown resilience, but that resilience is uneven. AI is driving growth, yet concentrated exposure to AI-related assets, particularly where leverage is involved, could amplify market corrections. However, holding back investments is not an option. We cannot secure a better future by standing still.

     Our task is to manage risk without closing the door to opportunity, and to direct capital towards productive investment with sound commercial prospects. That is what an international financial centre should do, and what Hong Kong is determined to deliver.

Building the confidence to invest

     My view is simple: globally there is no shortage of capital. We need the trust that gives investors confidence to commit. That trust cannot rest only on promises, it needs sound institutions and clear rules.

     Hong Kong is putting these foundations in place. Take financial innovation for example. We embrace its potential while establishing clear rules and safeguards.

     Our licensing regime for stablecoin issuers took effect in August last year. We have also issued tokenised government bonds and are advancing trials involving wholesale central bank digital currency. Payment links with the Chinese Mainland and Thailand are already serving everyday needs.

     Beyond sound institutional frameworks, we also need capital at scale. This is where Hong Kong is strong at. Last year, Hong Kong tops the global IPO league table. In the first nine months this year, the IPO market in Hong Kong raised some US$50 billion, more than double the amount in the same period last year. Companies across the AI value chain account for about two-thirds of those proceeds.
      
     Our private equity and venture capital sector manages around US$250 billion in assets, second only to the Chinese Mainland in Asia.

     The patient capital ecosystem is also expanding fast. The Hong Kong Investment Corporation has backed more than 250 companies. Every Hong Kong dollar invested has attracted over eight Hong Kong dollars in international long-term market capital.

Making investment count

     Ladies and gentlemen, sound institutions and investment help businesses grow. But innovation also needs opportunities for practical application, so that ideas can become products and services that people can use. Our collaboration with the cities in the Greater Bay Area helps make that happen.

     In the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, we are working to facilitate cross-boundary flows of people, goods, capital and data. This helps connect our strengths in frontier research, international finance and professional services with the manufacturing capabilities and comprehensive supply chains of our sister cities.

     Together, we can help research move faster from the laboratory to production, and from ideas to markets. For businesses across the Asia-Pacific, Hong Kong is a gateway into the Greater Bay Area, and from the Greater Bay Area to the world.

     The Government has a clear responsibility here: provide direction, remove unnecessary obstacles and create conditions in which businesses can invest. Businesses then bring the enterprise, expertise and willingness to take risks.

     The First Five-Year Plan of Hong Kong (First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)) provides greater clarity about our long-term development. It gives businesses a stronger basis for planning, while preserving the role of the market in allocating resources. 

Delivering benefits people can see

     Ladies and gentlemen, for all the investment and growth, they need to serve a wider purpose: that is, more people must share in the gains from growth. 

     Spending that strengthens health, skills and economic participation is not simply welfare expenditure. It is an investment in human capital and future prosperity. 
      
     Infrastructure investment can also deliver both public benefits and commercial returns. We can make projects viable and connect them with suitable sources of capital. 

     For example, the securitisation of infrastructure loans by the Hong Kong Mortgage Corporation broaden the investor base and help recycle capital from existing projects into new developments. There is scope to work with multilateral development banks, drawing on their expertise in project assessment, financing structures, revenue models and risk management.

     Meanwhile, fintech can also widen access to finance and create opportunities for more people. It can help small businesses secure funding, bring affordable financial services to underserved communities, and make cross-border payments faster and cheaper. 

     That is where this Conference can make a difference. The discussions tomorrow on digital finance, connectivity, financing innovation and insurance protection should help us move from common interests to practical collaboration.

     Different economies will need different approaches. By sharing experience and adapting successful models, we can expand the range of solutions available across the region.

     Tonight, we can begin with the people around us. Emails and video calls can keep us connected, but it is face-to-face conversations over dinner and during a conference that really deepen understanding and build lasting relationships.

     I hope you will leave with fresh ideas, new friendships and partners you can call when it is time to act.

     My thanks once again to ABAC and the APFF. I wish the Conference every success, and look forward to stronger partnerships across our region. To everyone visiting Hong Kong, I wish you a rewarding and enjoyable stay. Thank you very much.

Ends/Wednesday, October 21, 2026
Issued at HKT 21:42

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