Financial Secretary Paul Chan on Monday said that Hong Kong is growing in significance as countries around the world reassess economic relationships and seek diversified partnerships.

Chan, who attended the World Economic Forum in Davos earlier this month, said there was a “striking convergence” among global leaders that the world is becoming increasingly unfamiliar.

“Long-standing 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,” he told the Asian Financial Forum.

“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.”

Chan said amid global volatility, China offers a high degree of stability and predictability.

He added that Hong Kong, as a gateway for the world to access the mainland market, stands out as a reliable, trustworthy, resourceful and well-positioned partner.

"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 and independent judiciary, free flow of goods, people, capital and information, a low and simple tax regime, a currency pegged to the US dollar, and more," he said.

"As a free port, Hong Kong remains steadfastly committed to free trade and supportive of a rules-based multilateral trading system."

The finance chief also said the Hong Kong stock market had a strong performance over the past two years and there are currently more than 400 companies in the IPO pipeline.