HK's financial system remains smooth operation despite COVID-19: HKSAR gov't official

HONG KONG -- Hong Kong's financial system has been operating smoothly despite the COVID-19 pandemic and other global uncertainties, an official of the Hong Kong Special Administrative Region (HKSAR) government said Wednesday.

When introducing Hong Kong's financial strengths to Indonesian businesses at an online seminar, Christopher Hui, Secretary for Financial Services and Treasury, said the financial hub has demonstrated resilience and robust performance over the past year, especially in fund-raising through initial public offerings and the stock trading volume.

As an international financial center, Hong Kong's institutional strengths are obvious, Hui said, citing highly open markets, internationally aligned regulatory regimes, the rule of law, a large pool of financial talents, and a free flow of information and capital.

Hong Kong is also an offshore financial center for mainland enterprises and an important conduit for international capital to enter the mainland market, Hui said, encouraging Indonesian businesses to make use of Hong Kong to expand their presence here.

Hui also pointed out the new opportunities arising from the development of the Guangdong-Hong Kong-Macao Greater Bay Area and how Hong Kong can help Indonesian enterprises spur economic development in the post-pandemic era.

The seminar was co-organised by the Financial Services and the Treasury Bureau of the HKSAR government, the Hong Kong Economic and Trade Office in Jakarta and the Financial Services Development Council.