Modern Australian
Men's Weekly

.

Hong Kong: future-proofing the financial system for long-term sustainability

HONG KONG SAR - Media OutReach Newswire - 24 October 2024 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region, is visiting the United States (October 22-24), where he delivered keynote speeches at the Bloomberg Global Regulatory Forum on the topic of financial sustainability (October 22) and at a business luncheon (October 23) in New York.



At the Bloomberg Global Regulatory Forum, Mr Chan highlighted how Hong Kong's robust regulatory regime and international connectivity can play a role in building a future-proof financial system for long-term sustainability.

Hong Kong’s Financial Secretary, Paul Chan, speaks at the Bloomberg Global Regulatory Forum in New York.
Hong Kong’s Financial Secretary, Paul Chan, speaks at the Bloomberg Global Regulatory Forum in New York.

"Our strong fundamentals continue to be internationally recognised. Hong Kong ranks once again among the top three global financial centres, behind only New York and London," Mr Chan said, adding that Canada's Fraser Institute has again ranked Hong Kong the world's freest economy.

These commendations are echoed by the global investor community, said Mr Chan. "Total banking deposits in Hong Kong, for example, have grown 5%, or US$100 billion, this year to date, reaching more than US$2 trillion. Our asset-and-wealth-management sector is also growing. We are managing over US$4 trillion in assets, and over half of that value was sourced from investors outside Hong Kong and the Chinese Mainland."

Under "one country, two systems", Mr Chan said international investors could be confident in Hong Kong's future, thanks to advantages including the common law tradition; a judiciary that exercises powers independently; the free flow of goods, capital, talent and information; a currency pegged to the US dollar and business practices that align with the best international standards.

Hong Kong ranked as the world's freest economy by Fraser Institute.
Hong Kong ranked as the world's freest economy by Fraser Institute.

Elaborating on the dual mandate of Hong Kong's financial regulators as both regulators and market enablers, Mr Chan said: "This requires the regime to respond to market and economic changes, embrace and empower technological innovation, and create the conditions for markets to thrive."

Noting that innovation was reshaping the future of finance, Mr Chan shared two key development directions for Hong Kong: continuing to deepen the Connect Schemes between Hong Kong and Mainland China and strengthen the links and regulatory co-operation with Mainland and global capital markets; and embracing innovation, which includes enabling the responsible and sustainable development of digital assets.

Mr Chan added that Hong Kong was strengthening connections with other markets in ASEAN, the Middle East and the Belt and Road countries.

The Financial Secretary also attended a luncheon co-hosted by the Hong Kong Economic and Trade office in New York and the Hong Kong Association of New York (October 23). He told attendees from businesses, institutions, chambers of commerce and think tanks that Hong Kong would continue to play its unique role as a "super connector" and "super value-adder", linking capital markets and investors of Mainland China and the global community to create value and opportunities for all.

He also introduced Hong Kong's latest development strategies, particularly new initiatives in key areas such as finance and innovation and technology, attracting businesses and talent, and the increasingly close co-operation and collaborative developments with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area.
Hashtag: #hongkong #brandhongkong






The issuer is solely responsible for the content of this announcement.

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet whi...

How to Choose the Right First Aid Kit for Your Workplace

Ever walked past your workplace first aid kit and wondered if that dusty box actually contains what you'd need in a real emergency? We know that fee...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infr...

From White Belt To Warrior: How To Train Your Body For BJJ Endurance

Brazilian Jiu-Jitsu (BJJ) is as much a mental chess match as it is a physical grind. Whether you’re new to the mats or prepping for high-level com...

Driving After Brain Injury: Common Challenges and How To Overcome Them.

Suffering a traumatic brain injury (TBI) can drastically influence a person's ability to drive safely. For many, driving represents independence, bu...

The Psychology of Stepping Up: Why We Avoid Helping—and How to Fix That

Most of us like to think of ourselves as kind, helpful people. We imagine that if someone needed assistance—especially in an emergency—we’d st...

Cross-Continental Collaboration: Nutifood and Viplus Dairy to Create Australian- Standard Premium Dairy Brand

Vietnam’s Nutifood has officially entered a strategic partnership with ViPlus Dairy, a heritage-rich dairy manufacturer with over 130 years of ex...

Commercial Plastering Can Boost Your Business Appeal

In business, appearances matter. The way your space looks sets the tone for how clients, customers, and even your staff perceive your brand. A well-...

How to Transfer Registration When You Buy a Used Car in Brisbane

Purchasing a second-hand car can be a thrilling experience, but there's more to it than simply handing over the cash and driving off. One very impor...

Expert Tips for Comparing Budget Movers and Energy Providers For a Modern Apartment

Starting a new life in a modern apartment can be a challenging yet exciting step. While moving into a modern apartment, people always need reliable ...

Slowing Down in Nature: My Experience on Orchid Classic Cruise in Lan Ha Bay

Why Orchid Classic is a Top Choice for Lan Ha Bay Lan Ha Bay, a hidden gem adjacent to the more famous Ha Long Bay, offers travelers a quieter and ...

Your Next Travel Essential? Why Aussies Love Lightweight Electric Wheelchairs

Planning for a trip or just getting around town? A lightweight electric wheelchair could be your perfect travel mate. Whether it’s a stroll throug...

Australian Study Woes – What is a Confirmation of Enrolment?

Recent changes to Australian study visas are altering the landscape for international students who want to learn and work on our shores.  To secur...

Metal lockers vs. wooden lockers: which is better?

Lockers—the ultimate background hero of the workplace. They might not have the flashiness of that overpriced espresso machine in the break room, b...

Invisalign Treatment: What Your Dentist Wants You to Know

When straightening the teeth, out-of-date metal braces are no longer the only option. Nowadays, Invisalign is among the most highly sought-after alt...

The Best Nail Art for Short Nails

Short nails often get overlooked in the world of nail art, but they’re actually the perfect canvas for stylish, sophisticated designs. Whether you...

How Much Does a Skip Bin Cost? Skip Bin Prices, Sizes & What Influences the Price

Regardless of whether you're renovating a house. You are tidying up your backyard, or running a construction site. Chances are you'll require a skip...

Panoramic Elevators: Combining Functionality with Aesthetic Appeal

In the evolving world of building design, the demand for architectural features that are both practical and visually striking continues to rise. One...