Financial Secretary Promotes Hong Kong Investment Opportunities During Zurich Visit

FS visits Zurich, Switzerland

The Financial Secretary, Mr Paul Chan, arrived in Zurich, Switzerland, yesterday (May 21, Zurich time) and began his visit.

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The Financial Secretary, Mr Paul Chan (second left), called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun (second right), and the Deputy Consul General, Mr Yu Xiong (first right), in Zurich, Switzerland, on May 21 (Zurich time). The Director of Hong Kong Economic and Trade Office in Berlin, Mr Indiana Wong (first left), also attended. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (fourth left), called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun (third left), and the Deputy Consul General, Mr Yu Xiong (second left), in Zurich, Switzerland, on May 21 (Zurich time). The Director of Hong Kong Economic and Trade Office in Berlin, Mr Indiana Wong (second right), also attended. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (second left), called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun (second right), and the Deputy Consul General, Mr Yu Xiong (first right), in Zurich, Switzerland, on May 21 (Zurich time). The Director of Hong Kong Economic and Trade Office in Berlin, Mr Indiana Wong (first left), also attended. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (fourth left), called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun (third left), and the Deputy Consul General, Mr Yu Xiong (second left), in Zurich, Switzerland, on May 21 (Zurich time). The Director of Hong Kong Economic and Trade Office in Berlin, Mr Indiana Wong (second right), also attended. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (first left), attended a roundtable meeting with representatives of various banks, asset and wealth management institutions and family offices in Zurich, Switzerland, on May 21 (Zurich time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (first left), attended a roundtable meeting with representatives of various banks, asset and wealth management institutions and family offices in Zurich, Switzerland, on May 21 (Zurich time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (third right), attended a roundtable meeting with representatives of various banks, asset and wealth management institutions and family offices in Zurich, Switzerland, on May 21 (Zurich time). Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

After arrival in Zurich, Mr Chan held a roundtable meeting with representatives of a number of banks, asset management institutions and family offices. He introduced the advantages and new development opportunities of Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area in areas including finance, innovation, trade and advanced manufacturing, and had in-depth exchanges on issues of concern to the participants. In addition, he also met with representatives of a major Swiss bank.

At the roundtable meeting, Mr Chan elaborated on Hong Kong’s economic and financial situation and latest developments. He pointed out that Hong Kong’s economy had maintained steady growth over the past two years or so, while its financial markets had remained active. Against the backdrop of the country’s strong support for Mainland enterprises to go global, more enterprises have raised funds in Hong Kong’s stock market to develop their overseas businesses. Hong Kong ranked first globally in terms of funds raised through initial public offerings both last year and so far this year, attracting many investors from the Mainland and overseas. At the same time, amid the current geopolitical landscape, many international investors regard Hong Kong as a safe harbour for capital and a springboard for diversified investment into the Mainland market, contributing to the strong performance of Hong Kong’s stock market. The Hong Kong Special Administrative Region (HKSAR) Government is actively promoting continuous reform of the stock market, expanding connectivity with capital markets around the world, enhancing market liquidity and providing investors with more diversified investment choices. In various areas such as fixed-income and currency markets, asset and wealth management, and green finance, Hong Kong continues to promote product innovation and expand market scale. In addition, Hong Kong is actively developing gold and commodities trading markets to enrich the offerings of its international financial centre.

He also said that the substantial demand from high-net-worth individuals in the Guangdong-Hong Kong-Macao Greater Bay Area and Southeast Asia for cross-border asset allocation has prompted many overseas asset and wealth management institutions to expand their businesses in Hong Kong. On financial innovation, Hong Kong adopts a proactive and open attitude, promoting the application and development of digital assets under the principle of placing equal emphasis on prudent regulation and market development.

Mr Chan pointed out that China’s 15th Five-Year Plan clearly sets out the promotion of the development of a modernised industrial system, high-level opening up and co-ordinated regional development. The Guangdong-Hong Kong-Macao Greater Bay Area enjoys strong advantages in frontier technology, advanced manufacturing, investment ecosystem and the pooling of high-end talent, and represents an important opportunity that international investors should not miss. The HKSAR Government is making every effort to promote Hong Kong’s innovation and technology development, accelerate the development of the Northern Metropolis and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and actively attract enterprises and high-end talent to establish a presence in Hong Kong, injecting stronger impetus into the city’s future economic development.

He welcomed Swiss financial institutions and family offices to expand their investment and business scale in Hong Kong, allocate more assets to the Hong Kong and Mainland markets, and seize these vibrant investment opportunities.

Yesterday, Mr Chan also called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun. He introduced Hong Kong’s latest economic and social situation, and exchanged views with her on China-Europe relations and the global political and economic landscape.

Mr Chan will hold a roundtable meeting with representatives of local venture capital and private equity funds this morning (May 22, Zurich time). He will depart Zurichin the afternoon and arrive back in Hong Kong tomorrow morning (May 23, Hong Kong time).

SCED calls on APEC member economies to join hands in promoting regional economic integration

The Secretary for Commerce and Economic Development, Mr Algernon Yau, called on the Asia-Pacific Economic Cooperation (APEC) member economies’ continued support for the multilateral trading system to deepen regional economic integration at the APEC Ministers Responsible for Trade (MRT) Meeting in Suzhou today (May 22).

Speaking at the session entitled “Build an Open and Predictable Regional and Multilateral Trade and Economic Order”, Mr Yau said that against the backdrop of uncertainty and rising protectionism, the multilateral trading system with the World Trade Organization (WTO) at its core provides the much-needed stability, transparency and predictability to international trade.

Mr Yau called on fellow trade ministers to build upon the progress achieved at the WTO 14th Ministerial Conference and expedite follow-up work on those important outstanding issues, such as WTO reform, the extension of the moratorium on customs duties on electronic transmissions and the continuation of the Work Programme on Electronic Commerce. He also encouraged all APEC member economies to join the Agreement on Electronic Commerce so as to build the momentum for its eventual incorporation into the WTO legal framework.

Mr Yau noted that APEC member economies have been pursuing trade liberalisation through various means, and the Free Trade Area of the Asia-Pacific (FTAAP) is one of the long-term visions for deepening economic integration in the region. As the global trade landscape has undergone unprecedented changes since the idea of the FTAAP was first discussed some 20 years ago, Hong Kong fully supports the country’s efforts this year to develop an FTAAP document to inject new impetus into the initiative and to demonstrate APEC’s ability to lead by example.

Mr Yau stressed that as part of its efforts to contribute to the FTAAP agenda, Hong Kong is actively seeking early accession to the Regional Comprehensive Economic Partnership (RCEP).

He said he looks forward to RCEP’s next major milestone in setting up the Accession Working Group for Hong Kong as soon as possible within 2026, and to the continued support in Hong Kong’s accession bid. Hong Kong’s accession to RCEP would add concrete impetus to regional economic integration and help advance the FTAAP agenda.

On the sidelines of the MRT meeting, Mr Yau met with the China International Trade Representative and Vice Minister of Commerce, Mr Li Chenggan, and the Deputy Minister of Trade of Indonesia, Ms Dyah Roro Esti Widya Putri, separately to exchange views on issues of mutual concern. He also met with the Mayor of Suzhou, Mr Wang Wei, and briefed him on Hong Kong’s latest initiatives to drive economic development.

Mr Yau will continue to join the MRT Meeting tomorrow (May 23).