Hong Kong Strengthens Financial System for Long-Term Sustainability

Hong Kong's Financial Secretary, Paul Chan, recently addressed key industry gatherings in the United States, emphasizing Hong Kong's pivotal role in establishing a future-proof financial system. Speaking at the Bloomberg Global Regulatory Forum, Chan underscored the city's strong regulatory framework and international ties as foundational to financial sustainability. Hong Kong is ranked among the top global financial centers, trailing only New York and London, and is recognized as the world's freest economy by the Fraser Institute.

Chan highlighted growth metrics, noting a 5% increase in banking deposits, amounting to over US$2 trillion. The asset management sector is also expanding, with more than US$4 trillion in assets, half of which are sourced from international investors. He stressed Hong Kong's reliance on the "one country, two systems" model, which supports the city's openness and adherence to international standards.

Chan's presentation also addressed innovation in finance, promoting connectivity with Mainland China and focusing on digital assets. Hong Kong aims to enhance relations with ASEAN, Middle Eastern, and Belt and Road countries. This vision positions Hong Kong as a "super connector" globally, fostering unique opportunities.