Mr. Paul Chan: The Attendees of the World Economic Forum 2026 Generally Hold a Positive Outlook on Hong Kong's Economic Development

Mr. Paul Chan, the Financial Secretary, recently attended the World Economic Forum 2026 in Davos, Switzerland. He stated that the attendees generally held a positive outlook on the economic development of both the Mainland and Hong Kong, a significant shift in attitude compared to the past few years.

Mr. Paul Chan attended the World Economic Forum 2026, Photo source: blog of Mr. Paul Chan

In his blog post, Mr. Paul Chan stated that he and other Hong Kong representatives from sectors including public organizations, finance, and innovation and technology, etc., all actively briefed leaders from around the world on Hong Kong's latest developments and distinctive advantages. He said that the leaders have shown great interest in Hong Kong's steady and positive development prospects. The attendees generally held a very positive view of the economic development and prospects of both the Mainland and Hong Kong, believing that Hong Kong, as a “Super Connector” and “Super Value-Adder” connecting China and the world, will benefit from such unique roles and create new opportunities in the future.

Mr. Paul Chan met with Mr. Mark Carney, the Prime Minister of Canada, Photo source: blog of Mr. Paul Chan

Mr. Paul Chan pointed out that over the past year, everyone has witnessed the escalation of unilateralism and hegemonism. Multiple political and business leaders he met at the Forum unanimously expressed the need for concerted efforts to uphold multilateralism and resolve issues through dialogue and cooperation. He also mentioned that a consensus was made for the other issue at the Forum, namely, the direction of technological revolution. The attendees regarded the mastering and development of innovative technologies as a "life-or-death factor" for maintaining economic dynamism and competitiveness. For instance, how to utilize artificial intelligence to support economic development and how to address the employment challenges brought about by AI development were key points of the Forum's discussions.

Mr. Paul Chan met with Mr. Jensen Huang, the CEO of Nvidia, Photo source: blog of Mr. Paul Chan

Mr. Paul Chan believes that it is essential to remain highly vigilant about geopolitical risks and strengthen awareness of potential crises. Moreover, the new opportunities brought about by the country's expansion of high-level two-way opening-up and promotion of high-quality development amidst global major changes should be seized, as well as actively utilizing Hong Kong's unique advantages of "connecting with the Mainland and the world", creating a broader space for its own development, and contributing to promoting international dialogue and cooperation.

The Asian Infrastructure Investment Bank (AIIB) plans to establish a branch office in Hong Kong. Ms. Zou Jiayi, the President of AIIB, stated that the AIIB will support Hong Kong in further consolidating its position as a hub of international finance, innovation, and technology, as well as other industries. She pointed out that there is significant potential for cooperation between the AIIB and Hong Kong. Given the current geopolitical tensions and other challenges that have led to more cautious private investment, while the demand for infrastructure development and climate change response is urgent, the AIIB's role as a multilateral development bank (MDB) is therefore particularly significant.

Ms. Zou Jiayi, Photo source: reference image

Attending the Asian Financial Forum, she suggested that multilateral development banks can promote the development of financing cooperation in the following aspects: enhancing credit, unifying standards, and reducing risk through multilateral platforms; maintaining market predictability; strengthening market confidence in long-term development and investment; and promoting the interaction between public and private capital to jointly create greater development space. She believed the increased private investment could generate tax revenue for the government, enabling it to invest more in infrastructure. Furthermore, financing can also drive technological, institutional, and managerial innovation and transformation, particularly in addressing climate change and digital infrastructure.

The Asian Financial Forum, Photo source: HKSAR Government Press Releases

Mr. Scott Morris, the Vice-President (East and Southeast Asia, and the Pacific) of the Asian Development Bank (ADB), who also attended the Forum, pointed out that Hong Kong is an important partner and market for the ADB, serving not only as a crucial platform for bond issuance, but also as an important channel for policy dialogue. He said that the ADB and Hong Kong can build cooperation based on bond issuance to further explore the development space for bonds with different themes and expand the scale of financing in the region in the future.