FS meets ECB President in Frankfurt

September 27, 2023

Financial Secretary Paul Chan proceeded to Frankfurt from Berlin yesterday to call on European Central Bank President Christine Lagarde and Deutsche Bank President James von Moltke.


Mr Chan briefed Madame Lagarde on the latest economic and financial market developments in Hong Kong, and shared with her his observations from visiting Europe.


Mr Chan also said China is committed to implementing the “one country, two systems” principle in Hong Kong, adding that Hong Kong’s common law system, rule of law, linked exchange rate system and free flows of capital, information, people and goods, have all been maintained.


In addition, he explained, Hong Kong is dedicated to promoting a more vibrant financial market, deepening connectivity with financial markets in the Mainland, attracting more international enterprises to utilise the city’s fundraising platforms and developing its offshore renminbi business.


These policies will continue to enhance Hong Kong’s status and unique function as an international financial centre, he added.


Mr Chan and Madame Lagarde also exchanged views on the economic situation and trends in the Mainland, Asia, Europe and the world.


The Financial Secretary then visited Deutsche Bank and met its President and Chief Financial Officer James von Moltke to discuss co-operation between Hong Kong’s and Germany’s financial markets.


Mr Chan said Hong Kong maintains an open and transparent financial regulatory system that aligns with the best international standards, adding that the Cross-boundary Wealth Management Connect Scheme in the Greater Bay Area continues to expand.


Stressing that the opportunities for international financial institutions to expand their asset and wealth management business in Hong Kong are vast, Mr Chan invited institutions such as Deutsche Bank to hold board meetings in the city. He said this would allow their management and senior executives to understand the actual situation and opportunities in Hong Kong and the bay area.


Concluding his itinerary in Frankfurt, Mr Chan visited a local accelerator company that provides services to fintech startups. He learned about its operations and briefed its co-founder on the startup ecosystem in Hong Kong.


The two also exchanged views on how to foster innovation and technology development by strengthening matching and co-operation between startups and established enterprises.


Mr Chan left the German city last night to return to Hong Kong.

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