Welcome to Hong Kong, and the Global Mediation Summit of the IOMed – the International Organization for Mediation. Today's global gathering comes on the first anniversary of the signing ceremony for the Convention on the Establishment of the IOMed.

The inauguration of IOMed followed, last October, here in Hong Kong. That cheering event has placed much expectation and hope, worldwide, on the new institution and its promise of contributing to the peaceful settlement of international disputes through mediation – and doing so in line with the United Nations Charter.

I am pleased to note that, since last October's inauguration ceremony, the number of signatory states has climbed from 37 to 41, while the number of contracting states has gone from eight to 13.

In these perilous times, when global affairs have become increasingly complex and volatile, the pursuit of peace – and peaceful resolutions – is imperative. Which makes today's summit especially timely.

And it is a great pleasure to see more than 400 leaders, policymakers and distinguished professionals from 48 countries and regions gathered, here in Hong Kong, to share their invaluable experience and insights on international mediation.

Hong Kong has long supported mediation. Mediation echoes concord and co-existence, creating co-operation where there was conflict. Concord and co-existence are values deeply rooted in Chinese culture. They are indispensable for resolving disputes and restoring trust. They preserve relationships, encouraging meaningful co-operation between disputing parties.

Hong Kong is committed to becoming a global mediation capital, and we are well-positioned to do so.

Under “one country, two systems”, Hong Kong is a thriving hub for international finance, shipping and trade. We benefit from our country's strong support and the opportunities it gives us, while maintaining extensive international connectivity as a world city.

Indeed, the recent Global Financial Centres Index ranked Hong Kong third, globally, and first in fintech offerings, banking, finance and insurance, while claiming second place in investment management. And we topped the entire Asia-Pacific region.

Our status as a leading financial centre and global investment hub is reinforced by our robust rule of law and legal system, the cornerstone of our longstanding success.

Hong Kong is the only common law jurisdiction in China, our country. And our legal professionals are internationally acknowledged for their professionalism and integrity.

And now, as IOMed's headquarters, Hong Kong is at the very heart of global dispute resolution and its promising future.

The National 15th Five-Year Plan, I am pleased to note, has expressed support to IOMed. That ensures that Hong Kong will play a key role in the peaceful resolution of disputes by mediation, long down the road.

And I can assure you that Hong Kong will continue to build on our partnership with the International Organization for Mediation. Together, we will work to develop Hong Kong as a global mediation centre, and we invite governments, companies, investors and others to make optimal use of the mediation services provided by IOMed, right here in Hong Kong.

Our commitment to mediation, locally and globally, is clear in the five-day Mediation Week programme that ends today with this summit. Mediation Week events spotlighted disputes related to schools, sports, neighbourhoods and the elderly. The goal in each case was to apply mediation structure and skills to achieve peaceful and rational solutions to our problems.

And that, ladies and gentlemen, is exactly what today's world, fraught with geopolitical tensions and disorder, is desperately in need of.

I wish you all a rewarding Global Mediation Summit and a memorable stay in Hong Kong, Asia's world city. And soon enough, the world's mediation city.

Chief Executive John Lee gave these remarks at the Global Mediation Summit on May 8.

It is a pleasure to join you once again at the LME Asia Metals Seminar. My thanks go to HKEX (Hong Kong Exchanges & Clearing Limited) and the LME (London Metal Exchange) for hosting this annual event. To international visitors who have travelled from around the world, a very warm welcome. Your presence testifies to Hong Kong's pivotal role as a global financial and trading hub, and increasingly, as an important member of the global metals community.

A changing landscape of metals

When we met here last year, I spoke about the strong momentum in global non-ferrous metals trade. Over the past year, that momentum has not only continued, but strengthened. In 2025, global LME trading volumes averaged around 760,000 lots a day, an 8% increase over the record set in 2024. In 2026, the figure so far has further risen to close to 900,000 lots per day.

Driving the structural demand are forces we all know well: the global push for AI (artificial intelligence) and data infrastructure, electric vehicles, renewable energy systems and advanced manufacturing, for which non-ferrous metals are essential input materials. Indeed, as technological innovation accelerates across applications, so will the demand for the metals that make them possible.

But the world we face today has grown more complex and, sadly, more uncertain and volatile.

Over the past few years, tariffs, conflicts and supply chain shocks have fundamentally reshaped global trade patterns. Trade flows are being rerouted. The geography of metals trade is being reconfigured in ways that are likely to endure.

The ongoing war in the Middle East has added further pressure to the metals trade. Many base metals, such as aluminium, copper and zinc, are seeing heightened volatility as shipping routes are disrupted and market participants price in geopolitical risk.

The implications of these developments are clear: reliable, stable supply chains for non-ferrous metals have become a strategic imperative.

Hong Kong's strategic position

It is against this backdrop that Hong Kong's role as a trading hub for these metals takes on an even greater significance and a deeper strategic purpose.

Global trade is becoming more regionalised. Buyers increasingly value resilience over efficiency alone. At the same time, China and ASEAN (Association of Southeast Asian Nations) countries are deepening industrial integration and supply chain collaboration. In this environment, the region needs a platform it can trust: for trading, for price discovery and for getting deals done.

Our country's 15th Five-Year Plan, for the first time, explicitly supports Hong Kong to build a commodity trading ecosystem. This is a mandate that Hong Kong can – and should – become: a commodity trading hub that connects the Chinese Mainland and regional supply chains with the international market.

Hong Kong's unique business proposition rests on two important foundations under the “one country, two systems” framework.

First, Hong Kong is a free port – with zero tariffs, super efficient customs, unrestricted movement of goods and capital, as well as world-class logistics and maritime connectivity. As geopolitical tensions rise and global supply chains are being reconfigured, our role as a regional re-export hub is becoming even more important. Last year, despite the tariff war, Hong Kong's total goods exports went up by more than 15% year on year.

Particularly noteworthy is the performance of non-ferrous metals exports, which rose by nearly 35% last year. That strong momentum has continued. In the first quarter of this year, such exports grew by 170% year on year.

Second, Hong Kong has exceptional institutional strengths and deep capabilities in financial and professional services. We maintain full alignment with international standards, the common law system and independent dispute resolution mechanisms. And we offer a full range of services, from trade finance and marine insurance to derivatives and risk management tools. The depth of this ecosystem is what can elevate a trading and logistics hub into a trading, logistics and pricing centre for metals.

What we are building

Indeed, over the past year, we have moved decisively to realise our strategic vision. We are building tangible infrastructure and offering attractive incentives.

We have established a Strategic Committee on Commodities, which I chair. The committee is developing a long-term strategy covering physical trade, financial transactions, logistics and connectivity with the Chinese Mainland. It takes a whole-of-ecosystem approach that goes well beyond any single initiative. 

Our warehousing collaboration with the LME is an important part of this effort. A strong physical market, supported by ample delivery points, is what anchors credible benchmark prices. Since the LME approved Hong Kong as a delivery point last year, our network has rapidly grown to 15 warehouses. More than 24,000 tonnes of LME metals are already on warrant.

We know this network must continue to expand, given the sheer and growing scale of trading activities in this region.

A strong physical delivery network does more than improve supply reliability for regional buyers. It also strengthens the price discovery process by bringing regional demand more directly into the LME pricing and settlement infrastructure. In addition, it helps reduce the premium that regional buyers have historically paid because of longer delivery distances from other Asian delivery points.

On the legal and tax front, we will introduce legislation in the first half of this year to provide a 50% profits tax concession for eligible commodity trading activities. This will make Hong Kong more cost competitive when compared with other leading global commodity hubs.

Gold deserves some mention here, because it goes hand in hand with our broader strategy to develop commodity trading. The centre of gravity in gold trading is shifting eastward, as Asia accounts for around 60% of the world's annual gold demand.

To better capture these opportunities, we are building a central clearing system for gold, with trial operations scheduled for this year. Meanwhile, the Hong Kong Airport Authority is fast expanding the gold storage capacity, with a target of exceeding 2,000 tonnes within three years. Last month, Hong Kong also listed a new gold ETF (exchange-traded fund) with physical redemption options.

As the global commodities market continues to grow in both scale and complexity, the need for efficient and specialised dispute resolution mechanisms is becoming ever more pressing. We believe Hong Kong, as an international dispute resolution centre, can make a meaningful contribution in this regard.

I am pleased to let you know that the HKSAR (Hong Kong Special Administrative Region) Government and the International Organization for Mediation, or the IOMed, are exploring the possibility of establishing a special panel of mediators for commodities market disputes under the IOMed. This will provide a neutral, expert-led mediation mechanism for disputes arising across the commodities value chain, covering upstream mining and production, midstream trading and clearing, as well as downstream warehousing and delivery.

This initiative complements our strategy to develop Hong Kong into a leading gold and commodities trading hub, and helps facilitate cross-border transactions, mitigate risks and strengthen market confidence among global market participants.

Future directions

Looking ahead, the prospect for Hong Kong's metals business is highly promising. In this year's Budget, I set out the Finance+ strategy to foster greater synergy between our financial services sector and other key industries. Metals is one of the most compelling areas for this application. There are several directions with particularly strong potential.

First, building a full financial lifecycle for metals. Our ambition is for Hong Kong to be a place where every major financial need of a commodity business can be satisfied: from commodity-backed finance and derivatives, to marine and trade insurance, as well as sustainability-linked instruments.

We are also pleased to see more metals and minerals companies establishing in Hong Kong. We welcome them to list on our stock exchange to access both international and Mainland capital. They are also welcome to manage their global operations and corporate treasury activities from this city.

Last year, a mining company operating Kazakhstan's largest tungsten mine did a concurrent listing on both our stock exchange and the Astana International Exchange. It was the first of its kind. We are sure more will follow.

Second, promoting the use of RMB (renminbi) in commodity pricing. China now accounts for over half of global base metal consumption. Its continued investments in new energy, AI and the tech sector will certainly sustain this demand for years to come.

Looking ahead, there is clear room for more RMB-denominated commodity products in Hong Kong for both Mainland and international participants. This will help them manage their currency risks, and give China a more proportionate voice in global commodity benchmark pricing.

Third, enhancing market connectivity. For metals users across the region, deeper connectivity means greater liquidity, sharper price discovery and lower hedging costs. We will actively explore mutual market access in metals between Hong Kong and key markets around the world. This could include the cross listing or mutual listing of products such as metals ETFs and other exchange-traded instruments.

Just as Stock Connect and Bond Connect have transformed Hong Kong's equity and fixed income markets, there is clear potential to explore similar “Connect” arrangements in commodities. This is a longer-term project, but one that we are working towards with our partners on the Chinese Mainland.

Concluding remarks

Ladies and gentlemen, let me conclude with a thought about purpose.

If one word sums up the changes driving the world today, it is innovation. The AI era is reshaping economies and industries through advances in technology, products, business models and applications. In that process, metals are coming back into sharper focus as the building blocks of the real economy. They are no longer seen only as industrial inputs, but increasingly as part of the technologies, products and investment themes that people can readily relate to.

Developing a more vibrant metals ecosystem here in China and Asia, where production and supply chains are closely interlinked, will be vital not only to supporting more stable economic growth across our region and the world, but also to creating new opportunities for industrial development, investment and financial market development.

Hong Kong has the infrastructure, the institutions, the connections, the capital, the talent and now the national mandate to serve that purpose well. We are committed to doing so, in partnership with the LME, HKEX and all of you here today.

Financial Secretary Paul Chan gave these remarks at the LME Asia Metals Seminar 2026 on May 7.

I am delighted to witness with you today's MOU (Memorandum of Understanding) signing.

This is a real milestone: the Hong Kong Special Administrative Region Government and the Dongguan Government leading EcoCeres to build in Dongguan a sustainable aviation fuel value chain right here in the Greater Bay Area.

Traditional aviation fuel carries a heavy carbon footprint. Sustainable Aviation Fuel, SAF, cuts lifecycle emissions by more than 80%. That is a substantial step toward greener aviation.

The collaboration between Hong Kong and Dongguan is the realisation of the executive-led governance of Hong Kong and also the joint working of effective government and an efficient market. It is also an excellent example of synergy of the two places.

Hong Kong brings global finance, professional services and research capabilities. Dongguan brings mature chemical industry parks, logistics, and a steady supply of used cooking oil – the essential raw material for SAF. Together, we form a powerful combination.

The company at the heart of this project is EcoCeres. Incubated in Hong Kong, it has developed proprietary technology to turn waste cooking oil into internationally certified sustainable aviation fuel, SAF. That is why it holds a leading position in the global market.

Ladies and gentlemen, the world faces energy disruptions. But Hong Kong, under “one country, two systems”, enjoys a unique advantage: strong support from the motherland and close connections to the world. We can turn green challenges into green opportunities.

Today's MOU means policy alignment, co-ordinated resource mobilisation, and joint action between Hong Kong and Dongguan. We are linking the entire supply chain, from raw materials to production. That will drive investment and support our country's carbon reduction goals.

Looking ahead, we will continue to deepen Hong Kong-Guangdong collaboration. More policy connectivity. More resource sharing. More green projects.

Together, we will build a cleaner, greener future – for Hong Kong, for Dongguan, for the Greater Bay Area, for our country and for the world.

Chief Executive John Lee gave these remarks at the Signing Ceremony of Memorandum of Understanding - Establishment of Hong Kong's Sustainable Aviation Fuel Base in Dongguan on May 5.

It is a great pleasure to be here today for the groundbreaking of the Hong Kong University of Science & Technology (HKUST) Medical Education & Research Complex. I am delighted to witness this milestone with you – Hong Kong's third medical school is now taking shape.

The National 15th Five-Year Plan supports Hong Kong in becoming an international hub for high-calibre talent. A new medical school will help turn that vision into reality, attracting and training top talent in healthcare and higher education. It will also contribute to a Healthy China, one of the Five-Year Plan's key goals, by deepening collaboration with the Chinese Mainland.

Equally important, the new medical school will ensure better quality, greater efficiency, and higher capacity in our healthcare and medical services. It will increase local doctor training, easing manpower shortages. It will help us meet the challenges of an ageing population.

Beyond these, HKUST's medical school will develop differently from our two existing ones. That will create synergy, drive innovation, generate multiplier effects, and raise our medical-education capabilities. Hong Kong is fast emerging as an international centre for medical training, research and innovation. Building a third medical school will get us there that much faster.

We are moving decisively to bring these benefits to Hong Kong. Last November, I approved HKUST's proposal, agreeing in principle to launch a four-year, graduate-entry medical programme. It offers a combined bachelor of medicine and bachelor of surgery degree. About 50 students will make up the first cohort, starting in the 2028-29 academic year.

HKUST's winning bid followed a rigorous assessment process by the Task Group on New Medical School and its expert advisors. They fully recognised HKUST's innovative strategy, its financial commitment and its ability to deliver.

To turn this decision into reality, the Government has set up three working groups under the Task Group. The members include relevant government departments and outside experts, such as the Chairman of the Medical Council of Hong Kong.

These groups will now work with HKUST on every stage of implementation, advising on curriculum, finances and more. I am sure HKUST will also work closely with the Medical Council to complete course accreditation and advance all fronts.

Our goal is clear: to ensure that the new medical school and its teaching hospital become a key pillar of Hong Kong's medical teaching and service system. The Government is backing this commitment with substantial resources. We have set aside funding, on a matching basis, to support HKUST.

We have also reserved land at Ngau Tam Mei in the Northern Metropolis. That land is for the medical school's permanent campus and an integrated hospital of medical education, research and patient care. We will also work with HKUST on the development and operational model for the new hospital.

Today's groundbreaking ceremony, here at the Clear Water Bay campus, is a tangible step forward. The eight-storey complex will rise as one of the core facilities of the medical school. It is scheduled for completion in mid‑2028, just in time to welcome the first cohort of students. It will support the school's phased development, and its technology-enabled teaching, for years to come.

Ladies and gentlemen, I have every confidence in HKUST. It enjoys an outstanding international reputation in science and life sciences, as well as engineering and business. The new medical school will take full advantage of these formidable strengths to create its own medical education and research foundations.

It will nurture a new generation of doctors with professional expertise, technological command, a global perspective, and a patient-centred philosophy. It will raise Hong Kong's research and medical-education capabilities.

This is the future we are building – for Hong Kong, and for every patient who will one day be healed by the doctors trained here. Let's build it together.

Chief Executive John Lee gave these remarks at the Groundbreaking Ceremony for the HKUST Medical Education & Research Complex on April 28.

It gives me great pleasure to welcome you to Hong Kong for Global Talent Summit Week, the second edition.

This year, we welcome some 7,000 of you from around the world. You are here because Hong Kong is fast rising as an international talent hub. This week, you will see exactly why.

Global Talent Summit Week features the International Talent Forum and the CareerConnect Expo. The forum, under the theme “Connecting Global Minds”, puts a welcome spotlight on education, technology and talent, and their essential integration.

CareerConnect Expo offers five thematic zones and participation from about 70 companies, education and technology institutions and government departments. Companies engage directly with professionals seeking fresh opportunities and partnerships, here in Hong Kong and in the Greater Bay Area.

New this year are nine satellite events, focused on talent and human resources. They include conferences, recruitment fairs and corporate award ceremonies.

The collective result, I am confident, will be a week, and more, of high-powered insight and intelligence covering careers, talent development and wide-ranging possibilities.

Ladies and gentlemen, we are in a time of profound global transformation, with artificial intelligence, digital innovation and accelerated technological advancements reshaping industries and redefining skills. Equally unsettling is the impact of demographic change on global talent.

Finding and retaining talent have become central to economic strategy and public policy worldwide. Governments and companies alike recognise that competitiveness no longer depends solely on capital or physical infrastructure, but above all, on people, their knowledge, creativity and adaptability.

Hong Kong, I am here to tell you, approaches this global challenge with clarity, commitment and determination.

Thanks to the “one country, two systems” principle, Hong Kong benefits from the strong support of our country, China, while maintaining extensive international connectivity.

This unique advantage allows us to remain a highly open, globally engaged economy, firmly anchored within the high-quality development of our country.

We serve as a "super connector” and “super value-adder”, connecting the Chinese Mainland and global markets, enabling the free flow of capital, information, technology and people. International companies and investors access opportunities in our country through Hong Kong, while Chinese Mainland enterprises engage confidently with the world here.

And guided by the national strategy, we are strengthening our roles and focus, enhancing Hong Kong’s status as an international financial, shipping and trade centre and an international aviation hub, and, among others, building an international hub for high-calibre talent. These policy priorities offer high-quality and high-value opportunities for global talent across a wide range of disciplines.

Our strategy is comprehensive and forward-looking. We integrate talent development with economic transformation, technological advancement and regional co-operation.

We are expanding partnerships among universities, research institutions and industries to accelerate innovation, research commercialisation and entrepreneurship.

Hong Kong is the only city in the world with five universities ranked among the global top 100. (I) remind you, Hong Kong is a small city: we only have 1,100 square kilometres. Building on this international recognition, we are increasing pathways for graduates and researchers to translate knowledge into practical solutions and enterprises.

We are fast-tracking development of the Northern Metropolis - an area bordering Shenzhen and covering one third of Hong Kong’s landmass - as an international innovation and technology centre.

We are developing co-operation within the Greater Bay Area, which is an area with a combined population of over 87 million and a strong manufacturing and innovation base across 11 cities. The Greater Bay Area offers immense opportunities for cross-boundary collaboration and talent mobility.

No less important, Hong Kong remains firmly committed to openness and internationalisation. Our rule of law, independent judiciary and dependable institutions provide stability and confidence.

Our simple and competitive tax regime, and open and internationalised business environment, attract companies and investors from around the world.

Quality of life is another Hong Kong strength. We offer world-class public services and transport, together with a bountiful, East-meets-West cultural scene.

Our efforts, I am pleased to say, have been widely recognised. In the International Institute for Management Development’s World Talent Ranking 2025, Hong Kong rose to fourth, globally, from ninth position the year before, while ranking first in Asia.

This achievement reflects the strength of our education system, the openness of our economy and the vitality of our institutions. It reflects a telling vote of confidence from global talent.

As of the end of February, we have approved over 410,000 applications under our various talent admission schemes. And more than 270,000 professionals have arrived in Hong Kong.

Building a global talent hub requires constant renewal, active engagement and sustained collaboration. Global Talent Summit Week fully embodies this commitment, turning the entire week into a dynamic exchange of ideas and opportunities.

In connecting policymakers, industry leaders, scholars and professionals, it creates networks and partnerships that will endure long beyond this week.

But even as global competition for talent intensifies, our objective should not be to outcompete one another. Rather, our goal must be to expand opportunities through co-operation and shared progress.

Hong Kong has long embodied that ideal. And we will continue to uphold openness, deepen international engagement and align closely with our national development strategies.

We will further refine our policies in education, innovation and infrastructure, ensuring that our city remains a fertile ground for ideas and enterprises, (so) that talent from around the world feels welcomed, valued and supported here.

Above all, we will continue to place people at the centre of our vision for the future. Economic indicators and technological achievements are important, but human development remains our ultimate goal.

When individuals are free to realise their potential, innovation flourishes, economies develop and advance and societies thrive.

Ladies and gentlemen, Global Talent Summit Week reflects our shared belief that talent transcends borders and connects the world.

I wish you all a productive and inspiring summit week. And find time to enjoy the art, culture and entertainment that Hong Kong, Asia’s world city, has long been celebrated for.

Chief Executive John Lee gave these remarks at the Global Talent Summit Week on March 18.

Tonight's spectacular fireworks show, bursting with symbolic Chinese New Year images, will light up Victoria Harbour for 23 thrilling minutes.

The fireworks' thundering sound will also echo the spirit of the Year of the Horse, now in its second auspicious day. 

It is a sound that captures the essence of what we say in Chinese: 萬馬奔騰 – literally, "ten thousand horses galloping forward" – a powerful image of energy, momentum, and shared progress.

My thanks to the Hong Kong Jockey Club for sponsoring tonight's fireworks extravaganza. The Jockey Club, let me add, has launched the Year of the Horse campaign, featuring international equestrian shows and wide-ranging cultural, sports and family events, all year long, offering yet more reasons to visit and explore Hong Kong.

Tonight, as that spirit of galloping forward fills the sky, we see why Hong Kong is where East meets West – where ancient traditions and modern celebrations light up the night together.

To everyone here, I wish you all vitality, prosperity and happiness in the Year of the Horse. Let's enjoy the show! Thank you. 多謝大家！

Chief Executive John Lee gave these remarks at the "Prosperity Gallops Across Hong Kong" Year of the Horse Fireworks Display on February 18.

It is wonderful to have you in Hong Kong for the annual International Chinese New Year Night Parade, celebrating with us the first fantastic day of the Year of the Horse.

This year's parade, themed “Best Fortune · World Party”, features nearly 60 floats and performing groups. They are here to sing, dance and revel in the festive joy of this magnificent Hong Kong street party – your world party.

You can enjoy the floats at Kai Tak Sports Park and other landmarks after tonight. The parade is just the beginning of our Chinese New Year celebrations.

Tomorrow night, a dazzling fireworks display will illuminate both sides of Victoria Harbour, filling the sky with shimmering colour, explosive sound and the surging symbols of renewal, joy and abundance.

There is no better way to celebrate the Year of the Horse than by taking in the “Year of the Horse Raceday” on Thursday. And on Saturday, do not miss the Chinese New Year Cup – a long standing football tradition.

These are just a few highlights. You will discover Chinese New Year festivities throughout Hong Kong – Asia's capital for culture, entertainment, sports and mega-events.

In Chinese culture, horses symbolise vitality, courage and progress. In this Year of the Horse, I wish you and your families health, happiness and prosperity.

Chief Executive John Lee gave these remarks at the 2026 International Chinese New Year Night Parade on February 17.

Evolving global trends
Globally, the application of Web3 technologies in finance continues to broaden in both scope and sophistication. A few trends are more prominent. The first is tokenisation of RWAs (real-world assets). In a growing number of markets, tokenisation initiatives are moving from “proof of concept” to real-word deployment, supported by more institutional adoption. Government bonds, money market funds and other more traditional financial instruments are increasingly being issued or mirrored on-chain, using digital ledgers to enhance settlement efficiency, enable fractional ownership and unlock liquidity in assets that have traditionally been less liquid.

Hong Kong is one of the pioneers in this space. The Hong Kong Special Administrative Region Government was the first in the world to issue tokenised government green bonds. Last year, we built on this foundation and issued the world's largest digital green bond, with a multi-currency offering of $10 billion. Meanwhile, financial institutions are becoming more receptive to digital assets. By the end of last year, banks in Hong Kong held over $14 billion in digital assets under custody, a year-on-year increase of about 180%. Banks have also begun offering tokenised deposit services, with the total value of such deposits reaching $29 billion by the end of last year.

The second trend is a related and evolving one: that is, the interaction between “TradFi” (traditional finance) and “DeFi” (decentralised finance). Traditional institutions are now importing DeFi mechanisms into their own architectures – such as automated market-making, programmable liquidity pools and the use of on-chain collateral – to support more efficient trading, funding and settlement. At the same time, DeFi is coming under growing regulatory and supervisory pressure in multiple jurisdictions, particularly in relation to anti-money laundering, investor protection and broader financial stability. There have been growing calls for DeFi to be brought under existing or emerging digital-asset regulatory frameworks.

The third trend is the growing intersection between artificial intelligence (AI) and digital assets. AI systems are being designed to interact with tokenised money and smart contracts, enabling the autonomous execution of certain transactions and settlements. At the same time, AI tools are making digital asset markets more intelligent, efficient and data-driven. As AI agents become capable of making and executing decisions independently, we may begin to see the early forms of what some call the “machine economy”: where AI agents can hold and transfer digital assets, pay for services and transact with one another on chain. While this shift could deliver substantial efficiency gains, it also raises important questions around AI governance, accountability and cybersecurity.

Hong Kong's approach
Against this backdrop of rapid global experimentation, what are we doing in Hong Kong? We are charting our course, leveraging our unique strengths as an international financial centre to stay at the forefront of innovation and keep pace with emerging developments. A few principles are guiding our strategy.

First, under the “one country, two systems” framework, Hong Kong is free to explore financial innovation, including in digital assets. We stand out as a market with consistent, predictable, forward-looking policies and a balanced and trusted regulatory framework. We welcome Web3 innovators and institutions from around the world to develop and scale their businesses here.

At the same time, we recognise that innovation often moves faster than regulation, potentially creating gaps and new risks. We are therefore carefully balancing the promotion of innovation with the need for sound risk management. Our objective is to embrace new technologies while safeguarding investors, consumers and the overall financial stability. The principle of “same activity, same risk, same regulation” continues to underpin the design of our regulatory framework.

Second, we see Web3, blockchain technology and AI as powerful enablers of the real economy, rather than ends in themselves. Our policy focus is therefore on how these technologies can be applied to enhance efficiency, lower costs and support concrete, real-world use cases. Ultimately, our aim is to make financial services more inclusive and accessible, while addressing long-standing pain points in transactions and market operations.

Third, we are committed to pro-innovation regulation. Our regulators operate with a dual mandate: they not only exercise prudent supervision, but also actively facilitate market and product development. Through mechanisms such as regulatory sandboxes, we support experimentation and, in some cases, co-create solutions in close collaboration with innovators and industry participants.

Some latest initiatives

Ladies and gentlemen, with these guiding principles in mind, we are pressing ahead to advance Web3 development in Hong Kong. Let me highlight some of our latest initiatives.

First, on regulation. We continue to enhance Hong Kong's regulatory framework for digital assets, including the launch of a regulatory regime for stablecoin issuers in August last year. We see stablecoins as a practical tool for addressing the pain points in the real economy, particularly in payments and settlements. In giving out licences, we ensure that licensees have real-world use cases, a credible and sustainable business model, as well as strong regulatory compliance capabilities. Our strategy is moving forward fast, step by step. Therefore, we plan to issue only a small number of stablecoin issuer licences in the first batch in March this year.

Meanwhile, we are also finalising the details of a new licensing regime for digital asset dealers and custodian service providers, with the aim of introducing the relevant legislation this summer. Together with the frameworks already in place, this will ensure that our overall regulatory regime comprehensively covers the key nodes of the digital asset ecosystem.

Second, on product innovation and development. We will regularise the issuance of tokenised green bonds. At the same time, we encourage market innovation and nurture the broader ecosystem. For example, building on the Project Ensemble sandbox, Ensemble TX was launched by the HKMA (Hong Kong Monetary Authority) in November last year. It is a new pilot phase that enables faster, more transparent and more efficient settlement of real-value tokenised transactions.

Looking ahead, as the convergence of AI and blockchain continues to accelerate, the Government and our regulators will work with the industry to foster concrete, high-impact use cases, while ensuring that emerging risks are properly identified, monitored and managed.

Concluding remarks
Ladies and gentlemen, before I close, let me leave you with this message: the Hong Kong SAR Government and our financial regulators fully recognise the need of and are committed to keeping pace with rapid technological change, and building a vibrant digital asset ecosystem here in Hong Kong. We welcome global innovators like you to join us on this journey.

Financial Secretary Paul Chan gave these remarks at Consensus Hong Kong 2026 on February 11.

Reflections from Davos

Ladies and gentlemen, we are living through an era of profound complexity and transformation. Having just returned from the World Economic Forum in Davos, I can attest to the deep sense of reflection shared among global leaders. While opinions may diverge on many fronts, there is a striking convergence on one point: the world is becoming increasingly unfamiliar. Longstanding allies stand at the risk of becoming adversaries. The very principles that underpin the international order for eight decades – sovereignty, territorial integrity, and the authority of the United Nations – are being openly denounced.

Some speak of the end of the rules-based international order. Others push for Europe's independence. Yet the underlying message is clear: countries are reassessing their economic and security relationships, seeking to build strategic resilience, and adapting to a more fragmented global environment.

A key theme emerging from Davos was diversification – across trade, supply chains and finance. Faced with growing uncertainty, economies are striving to forge new partnerships and gain access to alternative markets.

China's opportunities

It is against this backdrop that China's role becomes particularly relevant.

In a world marked by volatility and unilateralism, China offers a high degree of stability and predictability. At the World Economic Forum, Vice Premier He Lifeng reaffirmed China's unwavering commitment to openness and co-operation, emphasising that reform and opening-up remain fundamental pillars of national policy. He also reiterated China's support for free trade, multilateralism, and mutual respect.

These are not aspirational statements. They signal policy continuity and consistency, qualities that are vital for global investors and businesses.

Looking ahead, China's development will continue to create substantial opportunities for the world. Two areas are particularly notable.

First, China's medium-to-long-term growth trajectory remains solid and resilient. Its economy met its 5% growth target last year, averaging 5.4% during the 14th Five-Year Plan period, and accounted for around 30% of global gross domestic product (GDP) growth.

The central authorities' focus is now on stimulating domestic demand as a key driver of sustained growth. As the middle-income population expands, so too does the appetite for high-quality goods and services. It has made clear that foreign products and services are welcome. And in fact, China has been organising the China International Import Expo since 2018. This is creating considerable opportunities for international businesses.

Second, China is placing strategic emphasis on technological advancement. In the recommendations for the upcoming 15th Five-Year Plan, science and technological self-reliance are at the forefront of national development. China's growing capabilities in articial intelligence (AI), robotics and biotechnology have already captured global attention – and this momentum will only accelerate. With a strong focus on integrating technological and industrial innovation, China is determined to lead in critical technologies that will define the future global economy.

Together with a growing Southeast Asia, this part of the world is becoming a vital source of growth, innovation, as well as business and investment opportunities.

Hong Kong's value proposition

This naturally brings us to Hong Kong. What is our role in this evolving landscape? And what is our value proposition?

We believe Hong Kong's significance will only grow. Hong Kong is very much the gateway for the world to access China's and Asia's opportunities, and vice versa. We have convenient and often priority access to the Mainland market, while maintaining all the characteristics that define us as an international metropolitan city: the common law system; a judiciary exercising powers independently; free flow of capital, goods, people and information; a low and simple tax system; a currency pegged to the US dollar; and more. As a free port, Hong Kong remains steadfastly committed to free trade and supportive of a rules-based multilateral trading system.

In a world where economies are reconfiguring value chains and seeking more resilient, diversified partnerships, Hong Kong stands out as a reliable, trusted, resourceful and well-positioned partner, bridging the Mainland and the world.

In the realms of finance, allow me to highlight two key specific areas that may be of interest to you.

Two-way funding platform

First, our role as the premier two-way international fundraising platform. Our stock market had a strong performance in the past two years, and in fact topped the initial public offering (IPO) league table last year. It continues to attract significant international interest, with more than 400 companies currently in the IPO pipeline. Many of them are Mainland enterprises engaged in frontier technologies and advanced manufacturing. These companies are choosing Hong Kong to fund and support their global expansion and supply chain diversification. A notable example is CATL, which launched the world's then largest IPO in Hong Kong last year to fund its expansion into Hungary.

In other words, Hong Kong serves as a gateway for global investors to access China's innovation-driven opportunities.

At the same time, we are working to bring more global companies to the Hong Kong market. For those exploring listing venues beyond the US, Hong Kong offers a compelling choice. Our secondary market is deep, liquid and international. Statistics show that approximately 50% of capital in our stock market comes from global institutional investors, 25% from Mainland Southbound flows, and another 25% from local institutional and retail investors. That is to say, by listing in Hong Kong, companies can gain access to both international and Mainland capital.

Hong Kong is indeed emerging as a listing hub for companies from across the globe. To drive this forward, the Hong Kong Stock Exchange has since 2023 expanded its list of recognised exchanges for dual primary or secondary listings – now covering 20 markets, including those in the Middle East and the Association of Southeast Asian Nations (ASEAN). In fact, recently, issuers from Thailand, Indonesia, Kazakhstan, Singapore, and the United Arab Emirates (UAE), have chosen Hong Kong as their platform to access global capital.

We are also strengthening connectivity with other markets through mutual listing of exchange-traded funds (ETFs) that invest in each other's market, providing investors with more choices. For example, Hong Kong and Saudi Arabia each have listed two ETFs tracking each other's markets. We are also working with Korea on similar arrangements.

Offshore RMB business hub

The second area is our position as the world's leading offshore renminbi (RMB) business hub. This is particularly relevant today, as the use of RMB continues to grow globally – driven by two key forces.

First, the reconfiguration of global supply chains. As more Chinese enterprises expand overseas and deepen co-operation with international partners, the cross-border use of the RMB is naturally increasing.

Second, the growing demand for diversification. RMB assets tend to have a lower correlation with traditional global markets, making them an appealing option for investors seeking to manage risk.

Besides, China currently accounts for around 13% of global trade, but the RMB currently represents just 3 to 4% of global payments via SWIFT. The potential for further expansion is significant, especially at a time when the US dollar is being weaponised.

Hong Kong is expanding its offerings in RMB-denominated investment and risk management products, strengthening the related infrastructure, and enhancing its market liquidity. These efforts are creating more investment channels for international holders of the currency, and supporting the prudent internationlisation of the RMB.

Concluding remarks

Ladies and gentlemen, let me conclude by reflecting on Hong Kong's enduring role in a rapidly changing world.

Hong Kong has always thrived as an open, transparent and outward-looking financial and commercial hub. We believe that prosperity is built not by erecting barriers, but by building bridges – bridges that connect capital with innovation, East with West, and ideas with impact.

At a time of global fragmentation, Hong Kong will continue to remain open for business, welcome partners from around the world to join us in shaping the future of Asia – and the world at large.

Financial Secretary Paul Chan gave these remarks at the Asian Financial Forum Keynote Luncheon on January 26.

It is a great pleasure to be with you today – and so many of you, I am delighted to see. Over these next two days, more than 3,600 are expected – high-profile finance and business leaders, visionary investors and entrepreneurs, senior policymakers, academics, economists and many other respected decision-makers, from more than 60 countries and regions.

The inaugural Global Business Summit is among the many highlights of this year’s forum. Designed to encourage deeper financial and industrial co-operation, it will be held throughout tomorrow, day two of the AFF (Asian Financial Forum).

Both days, with their panel discussions, plenaries, thematic workshops, fireside chats and other sessions, are organised under the tagline “Finance Empowering Business” and overall theme, “Co-creating New Horizons amid an Evolving Landscape”. Featuring more than 150 prominent speakers, from Hong Kong, throughout the Asian region, and around the world, the forum will inspire insight and innovation, create partnerships and explore fresh business opportunities.

I can’t think of a better way to ring in this New Year, with its daunting issues and, yes, its boundless opportunities.

Speaking of “boundless opportunities”, allow me a few minutes to update you on Hong Kong, what we are doing and what we are planning to realise our far-reaching financial and business promise.

It begins with “one country, two systems”, the unique principle that assures us of the unwavering support of China, our country, while continuing to expand our global markets and reach. This unparalleled positioning solidifies our institutional strengths: the rule of law, a judiciary that exercises its power independently, an open and transparent market, the free flow of capital and a low and simple tax regime.

These have ensured Hong Kong thrives as a top destination for enterprises that seek to grow and develop, in an environment that is safe and convenient to do business. You don’t just have to take my word for it.

Ladies and gentlemen, as we welcome the New Year, I am pleased to announce to you all, a truly international audience, that Hong Kong has made unprecedented achievements in the past year in attracting quality businesses to our city.

According to our annual survey, the number of foreign- and Mainland-affiliated companies in Hong Kong was 11,070 in 2025, which is up 11% from the year before. That is a record-high number of firms with their parent companies located outside Hong Kong.

We have seen a robust growth of companies coming from a wide range of places. For example, those from Singapore, France, Australia, the US and Switzerland have all risen by over 11%. Companies from countries in ASEAN (the Association of Southeast Asian Nations) and the Middle East have also grown by some 10% and 5%, respectively. Meanwhile, Mainland Chinese companies here have grown a whopping 17%. Together, these enterprises from around the world hired nearly 510,000 people – more than half a million – in Hong Kong, up 3% from 2024.

We do more than bringing in companies – we are also good at nurturing them. Last year, the number of startups in Hong Kong grew to over 5,200, again a record-breaking high, and up 11% from 2024. Our startups hired nearly 20,000 people in Hong Kong; that is a 12% growth year on year. And like our companies, our non-local entrepreneurs come from a large variety of places, with half of them coming mainly from the UK, the US, France and different Asian countries, and the other half from the Mainland.

The encouraging results represent more than a vote of confidence in Hong Kong by these businesses and entrepreneurs. They also mean our solid efforts in facilitating business establishment and operation, and in creating an enabling ecosystem for startups, are bearing fruit. 

As you would know, companies turn to Hong Kong for many reasons – but our prowess as a financial hub is certainly a key factor. Hong Kong’s financial regulatory system is robust, and our financial market stands out for its deep liquidity, innovative products and world-class investor protection. We also boast a highly educated workforce, a welcoming environment for global talent and transparent financial regulations aligned with international standards. 

These strengths are widely recognised. We ranked third, globally, and first in Asia, in the most recent Global Financial Centres Index. And we placed third in the 2025 World Competitiveness Yearbook, up two places over the previous year.

Over the past year, we introduced a series of measures to enhance Hong Kong’s listing mechanism and stock market. The results are clearly encouraging: the Hang Seng Index surged about 30% last year, while average daily turnover rose to over US$32 billion. 

And Hong Kong ranked No.1 in the world last year in initial public offerings, raising some US$36 billion.

Hong Kong has long been recognised as a hub for asset owners and family offices. At the end of 2024, we managed more than US$4.5 trillion in assets, 11 times our GDP – a year-on-year growth of 13%.

More than 200 family offices had set up operations or expanded their business here by the end of 2025. And we are working to welcome at least 220 more family offices to establish operations or expand their business in Hong Kong by 2028.

As the world’s largest offshore renminbi business hub, Hong Kong processes about three quarters of global offshore renminbi payments and has the largest offshore renminbi liquidity pool. 

Last year, the Hong Kong Monetary Authority introduced a Renminbi Trade Finance Liquidity Facility. It was upgraded, last October, into a Renminbi Business Facility, allowing banks to expand the use of renminbi by their corporate customers. 

The launch, also last year, of offshore renminbi repurchase and cross-boundary repurchase businesses has boosted renminbi liquidity channels. These arrangements provide investors with greater convenience, and more stable support, in obtaining liquidity and accessing the onshore repurchase business. 

In international bond issuance by Asian institutions, the volume arranged by Hong Kong in 2024 totalled more than US$130 billion, accounting for about 30% of the market.

Hong Kong has an active dim sum bond market as well, with issuance volume breaking the RMB1 trillion mark in 2024 and expected to reach a similar level in 2025. 

Hong Kong is also a leading green and sustainable finance hub. In 2024, the volume of green and sustainable bonds arranged in Hong Kong amounted to about US$43 billion, capturing 45% of the regional total and topping the Asian market for seven consecutive years.

To date, we have issued government green bonds totalling US$32 billion, including retail, institutional and tokenised bonds of multiple currencies and tenors, raising funds for many local green projects.

As of last September, we had issued over 200 ESG (environmental, social and governance) funds, with assets under management of more than US$141 billion. The number of ESG funds and assets under management increased 32% and 23%, respectively, from three years ago.

To boost our status as an international financial centre, we are focused on three main areas.

First, we are working to reinforce Hong Kong’s strengths. That includes deepening our equity market, expanding our bond market and advancing the asset management and wealth management sector.

To boost our stock market, we introduced the Technology Enterprises Channel. It helps Mainland and international technology companies raise funds in Hong Kong. 

To elevate our status as one of the world’s leading fundraising and investment hubs, we will optimise the Main Board’s regimes for listing and issuing products. 

The HKEX (Hong Kong Exchanges & Clearing Limited) is working to enable electronic securities holding and trading and will put forward a proposal, in the coming months, to shorten the settlement cycle for Hong Kong's cash equities market. That, ladies and gentlemen, will create a solid foundation for the sustained growth of our capital markets.

Rising global investor interest in renminbi-denominated bonds highlights Hong Kong’s pivotal role as a gateway for cross-boundary capital flow. And we will continue to explore measures that deepen mutual access between Mainland and Hong Kong financial markets. That includes introducing offshore treasury bond futures in Hong Kong and expanding interest rate derivatives under Swap Connect. 

Second, we are expediting the development of new growth areas. That very much includes building an international gold trading market and commodities trading ecosystem in Hong Kong.

In a moment, you will witness a bright illustration of our gold ambitions – the signing of a co-operation agreement between the Shanghai Gold Exchange and the Hong Kong Special Administrative Region Government. The co-operation agreement will set in motion a cross-boundary, trade-clearing system for the precious metal.

The Hong Kong SAR Government is also committed to expanding Hong Kong’s gold storage, targeting a storing capacity of more than 2,000 tonnes in three years. That, ladies and gentlemen, will see Hong Kong’s rise as a regional gold reserve hub. 

A central clearing system for gold will be established here, to provide efficient and reliable clearing services for gold transactions, in compliance with international standards. 

We will also diversify gold investment and work with the trade to form an industry organisation in Hong Kong. 

In commodities trading, we joined the London Metal Exchange’s global warehousing network last January.

To date, 15 Hong Kong warehouses have begun operations, with more than 20,000 tonnes of metals on warrant to support the exchange’s contract delivery.

Turning to fintech, last June we issued a second policy statement on digital assets, reinforcing the Government’s commitment to establishing Hong Kong as a global hub for digital asset innovation.

And last August, our Stablecoins Ordinance came into effect, providing a licensing regime for issuers of fiat-referenced stablecoins in Hong Kong. 

Last month, we published the consultation conclusions on proposed licensing regimes for digital asset dealing and custodian service providers. We plan to introduce a bill into the legislature later this year.

Last November, we expanded the products and services that can be offered by licensed, virtual asset trading platforms, and we will also promote artificial intelligence business applications.

In the carbon market, the HKEX signed an MoU last year with the Guangzhou Emissions Exchange, the Shenzhen Green Exchange and the Macao International Carbon Emission Exchange, pledging to accelerate the Greater Bay Area’s carbon markets and green finance development.

Because there is so much more that Hong Kong, a leading financial hub, could do to promote sustainability in the capital market. That, I am glad to add, has been recognised by the International Financial Reporting Standards Foundation, which confirmed, last June, that Hong Kong is one of the first jurisdictions to have set a target for fully adopting the Sustainability Disclosure Standards of the International Financial Reporting Standards.

Third, international exchanges and co-operation remain a priority. We will assist companies interested in re-domiciling to Hong Kong, a world city that makes it much easier to connect with the globe and excel. Our company re-domiciliation regime, in effect since last May, has been positively received. 

To date, 14 non-Hong Kong corporations have re-domiciled to Hong Kong. 

And we are working on measures to attract more Mainland enterprises to establish Corporate Treasury Centres here.

Ladies and gentlemen, that is just a taste of what we are doing to boost Hong Kong’s status as an international business and financial centre, while ensuring a safe and stable environment for companies and investors.

I am grateful to the organisers of the Asian Financial Forum, the Hong Kong Trade Development Council and the Government’s Financial Services and the Treasury Bureau, for once again bringing us together for finance and business – and, I trust, the many pleasures that Hong Kong, Asia’s world city, offers.

In just over three weeks, we will celebrate the Lunar New Year – the Year of the Horse. 

The horse symbolises vitality, perseverance and progress, qualities I am sure we all look forward to realising, despite the hurdles and obstacles we face in today’s non-stop geopolitical steeplechase.

Chief Executive John Lee gave these remarks at the Asian Financial Forum on January 26.

Today marks a major step forward in Hong Kong's determination to rise as Asia's first aircraft recycling and parts-trading centre.

We will do so, I am delighted to say, in partnership with Elior Group SA. Elior is a leading European aeronautic services company with international expertise in aircraft engineering, dismantling, high-value parts management and more. Together, we have what we need to build a flourishing regional service supply chain, one that captures the full aviation life cycle.

Hong Kong is a global city located at the heart of Asia. As a "super connector" and "super value-adder", we add value to markets, capital, corporations and opportunities across borders and regions.

This role is supported by an internationally recognised legal system, a simple tax regime, and a favourable business environment, making Hong Kong an ideal two-way investment centre - for Chinese Mainland companies expanding globally and for international firms accessing the fast-growing markets of our country and the larger Asian region.

Our vital aviation industry embodies these compelling advantages. As a global aviation hub with a world-class airport and an extensive air-services network, Hong Kong has achieved remarkable success, particularly in air cargo - Hong Kong International Airport has been ranked the world's number one air cargo volume airport 14 times since 2010.

We are strengthening our position through airport infrastructure developments, like the Three-runway System, and by enhancing professional services such as aircraft leasing.

Building on this robust aviation foundation, ladies and gentlemen, we are now focusing on making Hong Kong a leading aircraft recycling and parts-trading hub in the region. This will create jobs. They will be high-value jobs, better-paid and high-skill jobs.

In achieving that goal, we will drive the development of related industries as well, including trade, insurance, finance, leasing and more, creating new job opportunities and long-term economic benefits for Hong Kong.

And in securing the supply stability of aircraft parts for maintenance, we will ensure the long-term growth of the aviation industry in Hong Kong, our country and beyond.

Realising these ambitions demands a steady supply of skilled aircraft maintenance mechanics and engineers. We entrust that to the Hong Kong International Aviation Academy, in collaboration with Elior.

A world-leading civil aviation training institution, the academy has trained nearly 400,000 trainees from Hong Kong, the Chinese Mainland and overseas since its establishment in 2016.

As for Elior, it now has a team of expert professionals here in Hong Kong, involved in setting up the Aircraft Engineering Training Centre, which will offer programmes in aircraft engineering, maintenance and airworthiness management.

The first course will be launched in the first quarter of next year, with more courses planned for later in the year. These specialised programmes will meet international benchmarks and industry needs.

With Elior's expertise and the academy's commitment to expanding aviation talent, I am confident that the training centre we inaugurate today will inspire a world-class talent pool, propelling Hong Kong's emergence as Asia's aircraft recycling and parts-trading centre.

The training centre's opening is only the beginning. We will work closely with Elior to identify other promising opportunities in the aviation industry. Together, we will soar.

Chief Executive John Lee gave these remarks at the Launch Ceremony of Aircraft Engineering Training Centre on December 18.

I still remember that when I addressed the inaugural Summit in 2022, a time when the world was emerging from the COVID-19 pandemic, I said the event showed that Hong Kong was onstage again.

Three years on, I am proud to say that Hong Kong now shines on the global stage, radiating prosperity, confidence and much-needed reassurance.

Do not just take my word for it. In September, the Canadian-based Fraser Institute ranked Hong Kong as the freest economy in the world – that is number one in economic freedom. Also this September, the Swiss-based International Institute for Management Development (IMD), in its World Talent Ranking, rated us fourth in the world and first in Asia – our highest-ever ranking in the report.

Still with the IMD, Hong Kong finished third in its World Competitiveness Yearbook this year, up two places from 2024. And in the Global Financial Centres Index, we placed third in the world, just one point back of London, and two behind New York.

Ladies and gentlemen, you are here, some 300 global financial leaders from all over the world, including more than 100 group chairpersons and CEOs, to see Hong Kong for yourselves. You are here, too, to get the latest financial and investment insight and intelligence, from the summit's high-profile speakers, and to network with a world of like-minded aficionados of finance.

I am sure you enjoyed last night's Welcome Dinner at the Hong Kong Palace Museum, where East meets West in a dazzling integration of modern architecture and traditional Chinese cultural elements. Because more than global rankings, Hong Kong also dazzles with cultural diversity.

The theme of this 2025 Summit, "Trekking through Shifting Terrain", resonates with yet another facet of Hong Kong's inimitable appeal. I am talking about our remarkable network of prized hiking trails. You can explore them in our 25 country parks, covering about 40% of Hong Kong's total land area. Waiting for you, and your hiking boots.

Trekking through trails, marked and unmarked, shares a good many similarities with what financial leaders – all of you here today –  face every day in this time of geopolitical uncertainty, market volatility and headlong technological advance.

I am here to tell you that there's firm footing in Hong Kong, your steadfast partner. We offer certainty and clarity, together with confidence and opportunity, for global investors and businesses seeking to diversify their assets and minimise risks.

For the next few minutes, allow me to put a spotlight on two elements of compelling interest to all of you here: our financial markets and fintech.

Hong Kong's financial markets remain vibrant, despite the uncertain global outlook. Our stock market has soared over 30%, year-to-date, while average daily turnover has exceeded US$32 billion, nearly double that of last year.

In the first ten months of the year, Hong Kong recorded 80 initial public offerings (IPOs), raising over US$26 billion – and that, I am pleased to say, puts us number one in IPO fundraising worldwide.

To maintain the momentum, we are pressing ahead with reforms to the listing regime, enabling the financing of overseas companies, enhancing trading and risk management efficiency, and promoting the trading of stocks in renminbi.

In September, we published a Roadmap for the Development of Fixed Income & Currency Markets. It is designed to attract primary market issuance, boost secondary market liquidity, expand our offshore renminbi business, and develop next-generation infrastructure.

It will offer global investors more choices, as they seek to re-allocate assets, and help companies raise funds in these mutable times.

Meanwhile, Hong Kong is poised to become the world's largest cross-boundary wealth management centre in the next few years. To fast track that development, we are enhancing the preferential tax regimes for funds, single-family offices and carried interest, to make the sector all the more attractive.

We are also pursuing new growth areas, including building an international gold trading market. That rides on the substantial global demand for gold as a hedging investment product and reserve asset.

Then there is financial technology. Blockchain and artificial intelligence are reshaping financial markets at an unprecedented pace. They can bring tangible benefits to financial markets and the real economy, enhancing efficiency and reducing transaction costs.

Hong Kong is home to more than 1,200 fintech companies. In September's Global Financial Centres Index, we ranked number one, globally, in fintech.

No surprise to the 37,000 professionals here from more than 100 economies, for Hong Kong Fintech Week and the StartmeupHK Festival, which opened yesterday. It is, by the way, the 10th anniversary editions of both international gatherings, drawing in fintech and startup enthusiasts to our enterprising city.

In June, we published our second policy statement on digital asset development, a refreshed take on our determination to establish Hong Kong as a global hub for digital assets.

We are working with our regulators on a future-proof regulatory regime, key to enabling the healthy and sustainable development of digital assets in Hong Kong.

Licensing aside, our sandboxes allow promising fintech applications to be tested in controlled environments. Among them, Project Ensemble explores the tokenisation of assets, and the development of common industry standards.

The Monetary Authority will promote live transactions of tokenised assets, exploring tokenisation's potential in digital trade and other areas.

Trekking through shifting terrain is not a recommended solitary behaviour, for companies or for economies. It is why I am grateful for the continuing support of market leaders – of all of you here today.

Hong Kong was built on reaching out, on seeking international partnerships and mutual opportunities. Our unique "one country, two systems" framework enables that, allowing Hong Kong to reach out to a world of prospects, while maintaining unparalleled access to China, our country.

I have just returned, this Sunday, from Korea for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting. There, I had the pleasure of representing Hong Kong, China, a full and separate member of APEC, and meeting and working with leaders from a world of economies, to advance the important cause of open trade and multilateralism.

Later today, I will depart for Shanghai to attend the China International Import Expo. Also joining the expo will be 380 Hong Kong companies, which will promote their products and services, and put a bright spotlight on the Hong Kong brand.

The Shanghai trip will also mark the first major promotional event by the newly established GoGlobal Task Force. The task force will make it easy for Mainland companies to find foreign markets and global capital, as the world looks to our country for its quality products and services.

In finance, the term "leverage" refers to the use of borrowed funds for further investments. Here in Hong Kong, we leverage more than funds. We leverage our financial prowess for the benefit of investors, economies and, importantly, humanity.

I am pleased to note that the Asian Infrastructure Investment Bank (AIIB) announced, just yesterday, that it will set up an office in Hong Kong. The AIIB is a multilateral development bank that supports developing countries in infrastructure improvements.

As a committed member of the AIIB, Hong Kong will do all we can to support its establishment of an office here. That includes leveraging our vibrant capital markets, world-class professional services, and diversified products. We will also help the AIIB in project financing, bond issuance, investment management, and much more.

These examples, ladies and gentlemen, are more than business missions, meeting dignitaries and commercial operations. They are "one country, two systems" hard at work. They are shining examples of how the principle – how Hong Kong – helps connect the world with the Chinese market.

My thanks to the Hong Kong Monetary Authority, this summit's main organiser, and to each and every one of you for your invaluable presence.

When you are here, do make the most of all that Hong Kong has to offer. That includes the scenic hiking trails I have mentioned. That also includes this very hotel we are at, which I am glad to say has just been crowned number one in the World's 50 Best Hotels ranking. And our many Michelin-starred restaurants and award-winning bars – one of which came first in the World's 50 Best Bars last month, recognised as the world's best bar.

Asia's best, world's best – all here for you to experience. To eat, drink, sleep, and spend some good time in. Some good money in!

Chief Executive John Lee gave these remarks at the Global Financial Leaders' Investment Summit on November 4.