September 28, 2022
HONG KONG – Hong Kong will remain a unique and leading financial center because it plays an indispensable role in connecting the Chinese mainland with the rest of the world, Financial Secretary Paul Chan Mo-po said on Tuesday at the Hong Kong Institute of Bankers Annual Banking Conference.
In the latest Global Financial Centres Index, published last week, Hong Kong slipped to fourth place this year, behind New York City, London and Singapore.
Chan said the government will further promote reform and innovation to achieve better development of Hong Kong’s financial markets.
With the internationalization of the renminbi, Hong Kong will play a bigger role as an offshore renminbi business hub, Chan said, adding that the government will launch more RMB-denominated investment and risk-management products.
The finance chief said Hong Kong’s banking and financial systems can remain stable, but he also acknowledged that the city’s economy is facing contraction risks this year as the US Federal Reserve’s interest-rate hikes have sapped the city’s trade and consumption.
But Chan added that he believes professionals will return to Hong Kong as the city is lifting anti-pandemic measures and is expected to soon reconnect with the world.
On Monday, Hong Kong scrapped its COVID-19 hotel quarantine policy, replacing it with the “0+3” arrangement. Under the new system, incoming visitors from overseas and Taiwan will need only to undergo three days of self-monitoring from their home or hotel.