Hong Kong is not 'over', says Paul Chan - RTHK
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Hong Kong is not 'over', says Paul Chan

2024-03-27 HKT 13:06
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  • Hong Kong is not 'over', says Paul Chan
Financial Secretary Paul Chan on Wednesday rejected the idea that Hong Kong is finished as a finance hub, pointing to the city's edge in various sectors.

At the Fortune Innovation Forum, Chan said the city's stock market is growing and is diversifying its sources to bring in new companies for listing.

Asked about a claim by economist Stephen Roach in the Financial Times last month that Hong Kong is "now over", Chan said this is "not at all" the case.

"In terms of hedge funds, we are Asia's number one. In terms of private equity, we are next just to the mainland in Asia... Total banking assets are about US$2 trillion, and our banking sector has a lot of buffer, is very resilient," he said.

"Our financial market is still very strong... The total capitalisation of the Hong Kong stock market is US$4 trillion and it is growing. We are diversifying our sources of new companies coming from listing, new capital coming to use our platform. So I'm optimistic."

Chan also said the administration is expecting tourist arrivals this year to reach at least 46 million, up from about 34 million last year.

On Hong Kong's new domestic security law, the financial chief said the legislation helps ensure the SAR remains a safe city for businesses.

"We want to, on the one hand, ensure political stability and safety in this city, and at the same time, so that we can concentrate our efforts to develop our economy. That is the idea," Chan said.

"I'm sure Hong Kong will remain one of the safest cities in the world. And for the business sector, political stability is important."

Hong Kong is not 'over', says Paul Chan