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Connecting with the World and Making Friends

Delivering a speech at the Global Financial Leaders' Investment Summit.

I departed for the United States last night to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting to be held in San Francisco on November 12 and 13. As directed by the Chief Executive, I will also represent Hong Kong, China to attend the 30th APEC Economic Leaders' Meeting to be held from November 15 to 17.

Under the theme “Creating a Resilient and Sustainable Future for All”, the relevant meetings will focus on building a resilient and interconnected region that advances broad-based economic prosperity; enabling an innovative environment for a sustainable future; and affirming an equitable and inclusive future for all. In the past few years, rising global geopolitical tensions, interest rate hikes and uncertainties in the pace of recovery of some major economies have caused concern for enterprises about the economic prospects. This has led them to reduce risk appetite and adopt a more prudent attitude to investing. In face of the complex and uncertain outlook, major economies should engage in more dialogues and exchanges to enhance mutual understanding, manage differences, promote cooperation, and seek solutions together to address challenges. This is essential to stabilising the situation and promoting economic development.

There are three key areas of work for my attendance at the APEC meetings and visit to the United States.

First, Hong Kong has the advantages of enjoying the strong support of the Motherland and being closely connected to the world. With the staunch support of the country, Hong Kong will diversify and accelerate its development in the future. At the APEC meetings, we hope to introduce Hong Kong's new opportunities in finance as well as innovation and technology to political and business leaders from various economies, while at the same time learn more about their state of development and strategies, as well as the changes to the global economy and its outlook.

Second, through bilateral meetings with different economies, we can expand our circle of friends and strengthen mutual understanding of each other's development directions and priorities, thus laying a better foundation for further cooperation in the future.

Third, I plan to visit local companies and meet with the business community in order to explain to them Hong Kong's favourable business environment, especially our strategies to promote the vibrant development of financial services, innovation and technology and other industries. I will also elaborate on the measures to attract enterprises and talents, as well as the business opportunities and potential in the Guangdong-Hong Kong-Macao Greater Bay Area and the Mainland as a whole. We will encourage companies and talents to come to Hong Kong to develop their businesses and explore new opportunities for collaboration.

Making new friends and engaging in more exchanges will certainly help the outside world better understand Hong Kong's new strengths and potentials as it emerges from stability to prosperity. Taking the Global Financial Leaders' Investment Summit held in Hong Kong last week as an example, global investors and financiers indicated that the market still has ample liquidity, and the challenge is how to identify regions and projects with better investment returns under the current complex and volatile political and economic circumstances. The Summit was well received by the participants, especially the video presentation by Vice Premier He Lifeng, and the in-person speeches and panel discussions by three senior officials from the financial regulators from the Central Government. They truly helped international investors better understand the Mainland's economic situation, clarified their doubts on issues of concern such as the real estate market and local government debts, and explained the Central Government's policy thinking and directions. Overall, participants generally agreed that although the Mainland economy is now undergoing some adjustments, and the process would lay a more solid foundation for its progress towards high-quality, more stable and sustainable development in the future. The Summit has certainly boosted their confidence in the economic prospects of the Mainland and Hong Kong.

The Summit was a success. In two weeks' time we will be welcoming the Bank for International Settlements (BIS) High-Level Conference. Subsequently, Saudi Arabia's Future Investment Initiative (FII) Institute will also host its inaugural PRIORITY Asia Summit in Hong Kong in early December. These events are testimony to Hong Kong's unique role under the “one country, two systems” system as a bridge and platform. Being international is a Hong Kong advantage, and it is deep in Hong Kong's DNA. We must fully leverage this advantage and continuously expand our international circle of friends, which will not only help promote our own development, but also contribute to the country's high-quality development process through the mutual reinforcement of the domestic-international dual circulation.

November 12, 2023