FS arrives in London

September 21, 2023

Financial focus:

Financial Secretary Paul Chan delivers a keynote speech at the Hong Kong Dinner in London.

Friendly exchanges:

Mr Chan (second left) mingles with guests attending the dinner.

Constructive conversation:

Mr Chan (right) speaks with Lord David Wilson at the dinner.

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Financial Secretary Paul Chan:

Life in Hong Kong has recovered and our economy is picking up, though the challenging external environment is still a drag on our exports. Tourism, too, is returning. We were at about 80% of pre-pandemic levels in August.

Our air passenger traffic capacity is expected to reach 80% capacity by the end of this year, with full recovery next year. With improving spending, I expect economic growth of 4% to 5% in 2023.

The return of major events to Hong Kong, and the overwhelming response they are getting, is also boosting confidence. More than 6,000 people, many of them are senior ministers and high-profile business leaders, took part in the Belt & Road Summit earlier this month.

If Hong Kong is losing its identity and competitiveness, as some of the media have been reporting, it is certainly not stopping the tens of thousands of business and government leaders returning to Hong Kong.

After all, Hong Kong's singular "one country, two systems" principle remains very much in place.

Maintaining this principle is firmly in our country's interest. Indeed, last July President Xi Jinping said that the central government cherishes Hong Kong's unique roles in connecting the world with the backing of the Mainland.

These "connector" roles require Hong Kong to remain a trusted hub for international investors and businesses.

They require Hong Kong to maintain the salient features of "two systems": the common law (system), a judiciary that exercises powers independently, the free flow of capital, goods, information and talent, and all the other advantages that have made Hong Kong what it is.

Financial Secretary Paul Chan arrived in London yesterday, following his visit to France earlier this week.

Upon arriving, he joined around 400 leaders and professionals from different sectors of the UK economy in attending the Hong Kong Dinner, hosted by the Hong Kong Trade Development Council in London.

Addressing figures from the UK’s political and business communities, Mr Chan said Hong Kong has now fully emerged from the pandemic and reconnected with the Mainland and the world. He added that the Hong Kong economy is steadily recovering and that the city has been staging a succession of large-scale activities, meetings and events.

The Financial Secretary told fellow diners: “Our air passenger traffic capacity is expected to reach 80% capacity by the end of this year, with full recovery next year. With improving spending, I expect economic growth of 4% to 5% in 2023.

“The return of major events to Hong Kong, and the overwhelming response they are getting, is also boosting confidence. More than 6,000 people, many of them are senior ministers and high-profile business leaders, took part in the Belt & Road Summit earlier this month.”

Mr Chan said that as China’s central authorities support the implementation of the “one country, two systems” principle, Hong Kong will continue to perform unique functions in connecting the Mainland and the world over the long run.

He highlighted that the common law system and the rule of law are alive and well in Hong Kong, and that the Hong Kong National Security Law has effectively safeguarded national security, while maintaining social stability in Hong Kong and reinforcing the confidence of international investors and businesses in the city.

Mr Chan said that, looking to the future, Hong Kong will consolidate and enhance its status as an international financial centre, raising the competitiveness and attractiveness of its securities and bond markets, its asset and wealth management services, its strengths as an offshore renminbi hub, and more.

He stressed that Hong Kong will also press ahead in its innovation and technology (I&T) development by strengthening collaboration with sister cities in the Greater Bay Area.

He added that more innovative policies will be taken forward to spur the development of the city’s Northern Metropolis as an I&T hub, as well as the Kau Yi Chan Artificial Islands projects.

The Financial Secretary invited UK enterprises and investors to take part in Hong Kong’s development projects and explore new business opportunities in the city.