Secretary for Financial Services and the Treasury Christopher Hui said on Friday the Apec finance ministers' meeting that concluded in Hong Kong on Wednesday was the "perfect prelude" to the leaders' summit in Shenzhen next month.

He told RTHK's Backchat programme that Hong Kong and Shenzhen have plenty of room to work together – making it a great opportunity to showcase both China's stabilising role and Hong Kong's part in driving regional cooperation.

"Even though this is really a China Apec year this year, but at the same time, Hong Kong plays a critical role as an accelerator of regionalisation," Hui said.

He pointed out the foreign ministers' meeting was the last in a series of ministerial meetings before the leaders' summit and that a joint statement had been reached among delegates – a breakthrough in an increasingly divided geopolitical landscape.

"So, it's indeed a very good occasion for us to showcase not just the China voice as a stabiliser but also Hong Kong's element as an accelerator of regionalisation in this increasingly divided world," Hui said.

"Hong Kong, being part of Asia and at the same time a financial centre of Asia, needs to have a stable Asia."

Delegates, Hui said, agreed to work more closely on fiscal and monetary policy coordination, digital infrastructure, green finance and talent cultivation.

He also highlighted the need for inclusive policies to address income and wealth distribution risks arising from artificial intelligence and geopolitics.

There is a "wide consensus" that AI is a double-edged sword, Hui pointed out, in its presenting opportunities alongside risks including cyber threats.

He said Hong Kong has practical experiences to share, as many financial institutions in the city are already adopting AI across their value chains.

"Hong Kong has a lot to share and offer in terms of how we do that and also find a fine line between regulation and also AI application," Hui said, adding the city has developed its own ecosystem for AI deployment in financial infrastructure.

On gold trading, he said the subject came up in his bilateral meeting with Brunei's finance minister.

Hong Kong, Hui stressed, aims to serve as an Asia hub linking international gold standards with regional liquidity.

"Gold, as it is, is a global product, yet at the same time there is ever-stronger demand for such precious metals here in the region," he said.

Reflecting on the organisation of the event, Hui credited his colleagues across government for their hard work, saying the effort had paid off.

"I heard that some of the delegates are going to get married here in Hong Kong because they see Hong Kong as a very decent place, and they're going to spend their honeymoon here," he said, adding that the city's "charisma" had helped deliver a pleasing result for the country and the world.


Edited by Aaron Tam