Hong Kong's Financial Secretary Highlights Resilience and Future in Global Finance at New York Forum

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video)

The Financial Secretary, Mr Paul Chan, began his visit to New York, the United States, yesterday (October 22, New York time).

In the afternoon, Mr Chan attended the Global Regulatory Forum hosted by Bloomberg, delivering a keynote speech on how to build a future-proof financial system. He stated that despite facing various challenges in recent years, Hong Kong's economic and financial fundamentals remain strong and resilient. Data, as well as international rankings and assessments, have shown that Hong Kong continues to play an important role in the global financial market and serve as a leading international financial centre in Asia, with a degree of economic freedom and competitiveness among the best in the world. Recent inflows of investment from United States and European investors have also reflected their confidence in Hong Kong. Mr Chan also noted that with the long-term adherence to the "one country, two systems" arrangement, and the country’s pursuit of high-level opening-up, Hong Kong's unique advantages will only be more evident, and the city will better fulfil its role as a "super connector."

In his speech, Mr Chan also elaborated on Hong Kong's robust financial regulation. He pointed out that as a small and fully open economy, Hong Kong has learned from past experience to respond to potential or even unpredictable external shocks and market volatility. This has been achieved through identifying and addressing systemic weaknesses, establishing a cross-sector, co-ordinated and round-the-clock risk detection and monitoring system, and building strong buffers to respond to various risks and challenges.

Mr Chan emphasised that the ultimate goal of financial regulation is to promote healthy and sustainable market development. Therefore, Hong Kong's financial regulators take on dual roles as both regulators and market enablers. This requires them to establish an agile and forward-looking regulatory regime, respond swiftly to market changes, and embrace technological innovation, with a view to creating the conditions for a thriving market and promote the long-term development of the financial system.

Finally, Mr Chan shared two key future development directions for Hong Kong: continuing to deepen the Connect Schemes and strengthen the links and regulatory co-operation with Mainland and global capital markets; and embracing innovation, which includes enabling the responsible and sustainable development of digital assets.

Before attending the forum, Mr Chan met with the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg, to exchange views on issues of mutual concern.

Mr Chan will continue his visit in New York today (October 23, New York time).

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

Notice on appointments to advisory and statutory bodies

A Government spokesman said today (January 12) that Mr Chan Kin-por recently sought approval from the Chief Executive to suspend his three public positions as appointed by the Chief Executive, until the completion of the work of the Independent Committee in relation to the fire at Wang Fuk Court in Tai Po (Independent Committee). Mr Chan made this request to allow himself more time to dedicate to the work of the Independent Committee. After due consideration, the Chief Executive has agreed to and approved this request. The three public positions are: (1) Chairman of Independent Commission Against Corruption Advisory Committee on Corruption; (2) Non-executive Director of Urban Renewal Authority Board; and (3) Member of Honours and Non-official Justices of the Peace Selection Committee.

On December 12, 2025, the Government established the Independent Committee to examine the causes of the incident and related issues, ascertain the facts, and make recommendations on preventing similar tragedies and on improvement measures. The Independent Committee is chaired by Mr Justice David Lok, with Mr Chan Kin-por and Dr Rex Auyeung Pak-kuen serving as members. The Independent Committee held its first meeting on December 19 last year and aims to complete its work within nine months of commencing operations.

Mr Chan Kin-por wrote earlier to the Chief Executive, expressing his wish to suspend the aforementioned three public positions until the Independent Committee completes its work, in order to dedicate more time and focus to the Independent Committee's tasks. The Chief Executive has agreed to and approved the request.

A Government spokesperson said that since the fire at Wang Fuk Court in Tai Po, both the Government and the wider community have been highly concerned about the causes of the incident and the follow-up work. The scope of the Independent Committee's work is extensive, particularly concerning systemic issues related to bid-rigging and connected interests. Given the numerous issues involved and their complex nature, the Government will fully co-operate with the Independent Committee to ensure that it can complete its work and compile its report within nine months. The Government extends its gratitude to Mr Chan for accepting the appointment as a member of the Independent Committee and for his professional and conscientious approach to the Committee's work. When the Independent Committee's work is completed, the Government looks forward to Mr Chan's continuous contribution through his aforementioned public positions.

Source: AI-found images