Speech by CE at Global Financial Leaders' Investment Summit (with photo/video)
Following is the speech by the Chief Executive, Mr John Lee, at the Global Financial Leaders' Investment Summit today (November 4):
Honourable Executive Deputy Director Xu Qifang (Executive Deputy Director of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council), Honourable Director Zhou Ji (Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region), Honourable Deputy Governor Lu Lei (Deputy Governor of the People's Bank of China), Honourable Vice Minister Zhou Liang (Vice Minister of the National Financial Regulatory Administration), Honourable Vice Chairman Li Ming (Vice Chairman of the China Securities Regulatory Commission), Honourable Acting Commissioner Li Yongsheng (Acting Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the HKSAR), Mr Eddie Yue (Chief Executive of the Hong Kong Monetary Authority), distinguished guests, ladies and gentlemen,
Good morning. Welcome to Hong Kong, to the Global Financial Leaders' Investment Summit, now in its fourth annual edition.
I still remember that when I addressed the inaugural Summit in 2022, a time when the world was emerging from the COVID-19 pandemic, I said the event showed that Hong Kong was onstage again.
Three years on, I'm proud to say that Hong Kong now shines on the global stage, radiating prosperity, confidence and much-needed reassurance.
Don't just take my word for it. In September, the Canadian-based Fraser Institute ranked Hong Kong as the freest economy in the world – that's No.1 in economic freedom. Also this September, the Swiss-based International Institute for Management Development (IMD), in its World Talent Ranking, rated us fourth in the world and first in Asia – our highest-ever ranking in the report.
Still with the IMD, Hong Kong finished third in its World Competitiveness Yearbook this year, up two places from 2024. And in the Global Financial Centres Index, we placed third in the world, just one point back of London, and two behind New York.
Ladies and gentlemen, you're here, some 300 global financial leaders from all over the world, including more than 100 group chairpersons and CEOs, to see Hong Kong for yourselves. You're here, too, to get the latest financial and investment insight and intelligence, from the Summit's high-profile speakers, and to network with a world of like-minded aficionados of finance.
I'm sure you enjoyed last night's Welcome Dinner at the Hong Kong Palace Museum, where East meets West in a dazzling integration of modern architecture and traditional Chinese cultural elements. Because more than global rankings, Hong Kong also dazzles with cultural diversity.
The theme of this 2025 Summit, "Trekking through Shifting Terrain", resonates with yet another facet of Hong Kong's inimitable appeal. I'm talking about our remarkable network of prized hiking trails. You can explore them in our 25 country parks, covering about 40 per cent of Hong Kong's total land area. Waiting for you, and your hiking boots.
Trekking through trails, marked and unmarked, shares a good many similarities with what financial leaders – all of you here today – face every day in this time of geopolitical uncertainty, market volatility and headlong technological advance.
I'm here to tell you that there's firm footing in Hong Kong, your steadfast partner. We offer certainty and clarity, together with confidence and opportunity, for global investors and businesses seeking to diversify their assets and minimise risks.
For the next few minutes, allow me to put a spotlight on two elements of compelling interest to all of you here: our financial markets and fintech.
Hong Kong's financial markets remain vibrant, despite the uncertain global outlook. Our stock market has soared over 30 per cent, year-to-date, while average daily turnover has exceeded 32 billion US Dollars, nearly double that of last year.
In the first ten months of the year, Hong Kong recorded 80 initial public offerings, raising over 26 billion US Dollars. And that, I'm pleased to say, puts us No.1 in IPO(initial public offering) fundraising worldwide.
To maintain the momentum, we're pressing ahead with reforms to the listing regime, enabling the financing of overseas companies, enhancing trading and risk management efficiency, and promoting the trading of stocks in Renminbi.
In September, we published a Roadmap for the Development of Fixed Income and Currency Markets. It's designed to attract primary market issuance, boost secondary market liquidity, expand our offshore Renminbi business, and develop next-generation infrastructure.
It will offer global investors more choices, as they seek to re-allocate assets, and help companies raise funds in these mutable times.
Meanwhile, Hong Kong is poised to become the world's largest cross-boundary wealth management centre in the next few years. To fast track that development, we are enhancing the preferential tax regimes for funds, single-family offices and carried interest, to make the sector all the more attractive.
We are also pursuing new growth areas, including building an international gold trading market. That rides on the substantial global demand for gold as a hedging investment product and reserve asset.
Then there's financial technology. Blockchain and artificial intelligence are reshaping financial markets at an unprecedented pace. They can bring tangible benefits to financial markets and the real economy, enhancing efficiency and reducing transaction costs.
Hong Kong is home to more than 1 200 fintech companies. In September's Global Financial Centres Index, we ranked No. 1, globally, in fintech.
No surprise to the 37 000 professionals here from more than 100 economies, for Hong Kong Fintech Week and the StartmeupHK Festival, which opened yesterday. It is, by the way, the 10th anniversary editions of both international gatherings, drawing in fintech and startup enthusiasts to our enterprising city.
In June, we published our second policy statement on digital asset development, a refreshed take on our determination to establish Hong Kong as a global hub for digital assets.
We are working with our regulators on a future-proof regulatory regime, key to enabling the healthy and sustainable development of digital assets in Hong Kong.
Licensing aside, our sandboxes allow promising fintech applications to be tested in controlled environments. Among them, Project Ensemble explores the tokenisation of assets, and the development of common industry standards.
The Monetary Authority will promote live transactions of tokenised assets, exploring tokenisation's potential in digital trade and other areas.
Trekking through shifting terrain is not a recommended solitary behaviour, for companies or for economies. It's why I'm grateful for the continuing support of market leaders – of all of you here today.
Hong Kong was built on reaching out, on seeking international partnerships and mutual opportunities. Our unique "one country, two systems" framework enables that, allowing Hong Kong to reach out to a world of prospects, while maintaining unparalleled access to China, our country.
I've just returned, this Sunday, from Korea for the APEC Economic Leaders' Meeting. There, I had the pleasure of representing Hong Kong, China, a full and separate member of APEC, and meeting and working with leaders from a world of economies, to advance the important cause of open trade and multilateralism.
Later today, I will depart for Shanghai to attend the China International Import Expo. Also joining the Expo will be 380 Hong Kong companies, which will promote their products and services, and put a bright spotlight on the Hong Kong brand.
The Shanghai trip will also mark the first major promotional event by the newly established GoGlobal Task Force. The Task Force will make it easy for Mainland companies to find foreign markets and global capital, as the world looks to our country for its quality products and services.
In finance, the term "leverage" refers to the use of borrowed funds for further investments. Here in Hong Kong, we leverage more than funds. We leverage our financial prowess for the benefit of investors, economies and, importantly, humanity.
I'm pleased to note that the Asian Infrastructure Investment Bank (AIIB) announced, just yesterday, that it will set up an office in Hong Kong. The AIIB is a multilateral development bank that supports developing countries in infrastructure improvements.
As a committed member of the AIIB, Hong Kong will do all we can to support its establishment of an office here. That includes leveraging our vibrant capital markets, world-class professional services, and diversified products. We will also help the AIIB in project financing, bond issuance, investment management, and much more.
These examples, ladies and gentlemen, are more than business missions, meeting dignitaries and commercial operations. They are "one country, two systems" hard at work. They are shining examples of how the principle – how Hong Kong – helps connect the world with the Chinese market.
My thanks to the Hong Kong Monetary Authority, this Summit's main organiser, and to each and every one of you for your invaluable presence.
When you're here, do make the most of all that Hong Kong has to offer. That includes the scenic hiking trails I've mentioned. That also includes this very hotel we're at, which I'm glad to say has just been crowned No.1 in the World's 50 Best Hotels ranking. And our many Michelin-starred restaurants and award-winning bars – one of which came first in the World's 50 Best Bars last month, recognised as the world's best bar.
Asia's best, world's best – all here for you to experience. To eat, drink, sleep, and spend some good time in. Some good money in!
On that note, I wish you a rewarding Summit, an enjoyable stay in Hong Kong, and the best of business and investment in the coming year.
Thank you.
Speech by CE at Global Financial Leaders' Investment Summit Source: HKSAR Government Press Releases
Source: AI-found images
