Forum highlights Hong Kong's advantages as intl financial hub

HONG KONG -- A forum attended by high-ranking Hong Kong officials, mainland regulators, and international financial heavyweights highlighted Hong Kong's advantages as an international financial center on Wednesday.

John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said at the ongoing Global Financial Leaders' Investment Summit that Hong Kong's seamless connection with the mainland affords Hong Kong advantages available to no other economy.

Lee said in his speech at the forum that the unique convergence makes Hong Kong an important connection between the mainland and the rest of the world.

Hong Kong has the talent, infrastructure, and know-how to help mainland enterprises and capital go abroad while attracting international enterprises and capital into the region, he said.

"Opportunity and timing are right here, right now, in Hong Kong," he said.

According to Lee, Hong Kong's insurance sector ranked first in Asia and second in the world last year, with assets under management of more than $4.5 trillion. Two-thirds of that funding was sourced from non-Hong Kong investors.

Hong Kong is also a leading bond hub in Asia. Lee said for the past six years in a row, Hong Kong has been the world's largest center for arranging Asian international bonds.

Yi Gang, China's central bank governor, said Hong Kong is and will continue to be an important international financial center connecting the mainland and international markets.

In recent years, Hong Kong's economy and financial system have shown remarkable resilience despite disruptions. Hong Kong has great potential in deepening connections with the mainland financial market, financing and investing under the Belt and Road Initiative, and green finance, Yi said in a video.

Paul Chan, financial secretary of the HKSAR government, said Hong Kong is already a leader in sustainable finance, and as a world-leading international finance center and part of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong is uniquely positioned to be a leader in fintech.

The three-day summit is hosted by the Hong Kong Monetary Authority and will conclude on Thursday.

It welcomes over 200 international and regional leaders from around 120 global financial institutions including banks, securities firms, asset managers, private equity and venture capital firms, hedge funds, and insurers. More than 40 of these institutions are represented by their group chairmen or chief executive officers.