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World Economic Forum Annual Meeting 2025

Last week, I attended the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland. Over the course of a week, political and business leaders from around the world gathered in this Swiss town to discuss emerging global trends, the evolving international political and economic landscape, and critical issues shaping the future of humanity.

Participating in a thematic discussion session titled "Stemming Financial Fragmentation" at the WEF Annual Meeting.

Meeting with Founder and Executive Chairman of the WEF, Professor Klaus Schwab.

During the Annual Meeting, I had the opportunity to share Hong Kong's experiences and viewpoints on combating climate change, advancing green finance and financial innovation, and more, during official thematic sessions, seminars, luncheons and dinners. I also held bilateral meetings with a number of political and business leaders, where we exchanged views on various economic and financial issues. Through these interactions, I articulated Hong Kong's strengths and latest development directions from multiple angles; we also explored ways to strengthen cooperation and create mutually beneficial opportunities. Below are some key takeaways from the event.

First, participants expressed great interest in the global development landscape, particularly the economic conditions of China and the United States (US), as well as the future trajectory of Sino-US relations.

This year, Vice Premier of the State Council, Mr Ding Xuexiang, attended the meeting in person and delivered a special address. Using solid facts and data, he outlined the trends and characteristics of our country's economy, providing foreign businesses and investors with a deeper understanding of its development directions and paths, as well as its economic momentum. This has reinforced their confidence in China's growth.

Vice Premier Ding also articulated China's stance on global governance, emphasising our country's commitment to jointly promoting inclusive economic globalisation, upholding and practising true multilateralism, strengthening international cooperation in technological innovation to foster new drivers and strengths for economic development, and tackling major global challenges such as climate change and energy security. These proposals provide more stability and certainty for the world, demonstrating the responsibility of a major country.

Attending and speaking at the "2025 Davos Caixin CEO Luncheon".

Meeting with the Secretary-General of the Gulf Cooperation Council, Mr Jasem Mohamed Albudaiwi.

Meeting with the Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih.

Another focus of the Annual Meeting was the economic and foreign policies of the new US administration, particularly its stance on global trade, international relations and climate change. Notably, two distinct approaches to global governance were evident at this year's meeting, which, to some extent, have foreshadowed the future of the international landscape. Amid rising unilateralism and protectionism, the international economic system is facing increased risks of fragmentation, and the uncertainties confronting global development are likely to grow.

However, if cooperation is no longer a given norm, we will have to work together to make it the best choice for all. In an increasingly multipolar and fragmented global economy, it is crucial to partner with economies which still believe in the benefits of multilateral cooperation, and this will allow us to achieve better and faster development. Bilateral, multilateral and regional cooperation will become increasingly important in the years ahead.

Second, the opportunities and challenges brought by technological innovation are a critical issue of global concern. The theme of this year's Annual Meeting, "Collaboration for the Intelligent Age", underscored how cutting-edge technologies, particularly artificial intelligence (AI), are profoundly transforming and empowering industries; it also highlighted the acceleration of the evolution of related technologies. Establishing a global governance framework for AI to ensure that its development would be safe, orderly and beneficial to humanity, and addressing associated risks and ethical issues, require cross-border collaboration.

Meeting with the Minister of Finance of Qatar, Mr Ali bin Ahmed Al-Kuwari.

Meeting with the Minister of Finance of Egypt, Mr Ahmed Kouchouk.

Meeting with the Minister of State for Foreign Trade of the United Arab Emirates, Dr Thani bin Ahmed Al Zeyoudi.

Third, while the international landscape evolves, humanity is facing imminent threats such as climate change. In combating climate change, there is a significant funding gap. Many participants agreed on the need for Public-Private-Philanthropic Partnerships (4Ps) to leverage and gather funds for impact investing, thus providing greater support for climate, transition and sustainable development projects.

Fourth, active participation was observed from Japan and countries of the Global South, including India as well as economies from the Middle East and the Association of Southeast Asian Nations. Some economies sent their largest delegations ever, underscoring the Global South's growing role in shaping the international agenda and influencing reforms in global governance. It is fair to say that profound changes are underway in the landscape of global governance.

Meeting with President and CEO of Franklin Templeton, Ms Jenny Johnson.

Meeting with Chief Policy Officer of Coinbase, a US cryptocurrency exchange platform, Mr Faryar Shirzad.

Attending a luncheon in Davos with leaders from the financial, commercial and industrial sectors joining the Annual Meeting.

Leveraging the institutional advantages of the "one country, two systems" framework, Hong Kong continues to play a pivotal role in connecting the Mainland with the rest of the world. By contributing to the country's high-level opening-up and creating new growth areas for itself, Hong Kong also adds value for global enterprises and investors. In such fields as technology development and green finance, Hong Kong can facilitate connections among the Mainland, developed economies and emerging markets in the Global South, and drive collaborative development.

For technological transformation, Hong Kong is committed to developing its AI sector and accelerating the expansion of its digital infrastructure. The first phase of the Artificial Intelligence Supercomputing Centre began operations at the end of last year. By leveraging its unique advantage in gathering data from both the Mainland and the world, Hong Kong provides a fertile environment for the work of global research institutions and companies engaged in AI and biotechnology. Coupled with its comprehensive financial services and efforts to attract global tech talent, this will drive the rapid growth of the related industry ecosystem.

Hong Kong is also a leading green finance hub in Asia, with experienced financial institutions, a concentration of professional talent, and a key role in developing green standard frameworks. The thriving ecosystem of family offices, private equity funds, and asset and wealth management businesses helps match global wealth with green and transition projects worldwide, contributing to sustainable development at both regional and global levels.

This year's Annual Meeting also provided a valuable opportunity for us to share the good stories of our country and Hong Kong, and expand our circle of friends. In addition to engaging in discussion about deeper cooperation with senior financial officials, business leaders and corporate executives from various regions, I also invited them to lead business delegations to Hong Kong to explore opportunities in the city, the Guangdong-Hong Kong-Macao Greater Bay Area and the Mainland.

Receiving an interview from an overseas media agency in Davos.

Hong Kong's institutional advantages, geographical location and international competitiveness are widely recognised. Over the past few years, the Hong Kong SAR Government and various sectors in Hong Kong have actively engaged in inviting guests and reaching out, with a view to strengthening the understanding of Hong Kong's actual situation, new advantages and emerging opportunities. These efforts have yielded remarkable results in attracting investment and talent. At this year's Annual Meeting, a leading European fintech company revealed plans to establish operations in Hong Kong as a base for expanding into Asia. We will enhance our efforts to promote Hong Kong and invite more friends from around the world to explore the city, leverage its opportunities and contribute to its growth.

In just two days, we will welcome the Chinese New Year, the Year of the Snake. As this time of the year, the Hong Kong SAR Government team has been visiting districts across Hong Kong to share joy with our residents. Yesterday, I visited the Yau Tsim Mong District, and had good conversations with residents about their daily lives, their children's education and the environment of the community. I conveyed Chinese New Year greetings and blessings to them.

I would like to take this opportunity to wish everyone a Happy Chinese New Year. May you and your families enjoy good health and happiness, and may Hong Kong prosper in the Year of the Snake!

January 26, 2025