SFST meets delegation led by Minister of Finance of Laos
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement (CDTA).
"I am glad to meet Mr Phomvihane again after my visit to Laos at the end of 2023. Mr Phomvihane comes here with over 10 senior officials from different government departments, as well as Deputy Governor of the Bank of the Lao PDR (Laos' central bank) Mr Soulysak Thamnuvong, giving us a great opportunity to receive the latest updates on financial developments in the two places for exploring more collaboration," Mr Hui said.
He told the delegation that Hong Kong has been actively consolidating the strengths of its financial system in recent years and broadening the financial value chain to achieve greater financial diversification. Leveraging its robust financial infrastructure, Hong Kong is pressing ahead to develop into an international gold-trading centre, attracting physical gold storage, clearing and delivery in Hong Kong, thereby driving the development of the entire industry chain, ranging from related financial trading, insurance, warehousing, trade and logistics services. As a unique place bridging the Mainland and global markets, Hong Kong will continue deepening its co-operation with international markets, including the Belt and Road countries.
He added, "Amid the increasingly uncertain global landscape, we will continue to maintain close ties with Belt and Road countries for opening up new areas of co-operation and demonstrate the city's roles as a 'super connector' and a 'super value-adder', with a view to achieving mutual benefits and win-win outcomes."
Today, representatives of the Financial Services and the Treasury Bureau and the delegation also conducted in-depth discussions on gold market co-operation. Mr Hui anticipated that the discussions would expedite the signing of a Memorandum of Understanding between the two places, thus laying a solid foundation for future collaboration in jointly building an international gold trading ecosystem.
At the meeting, Mr Hui expressed gratitude to Mr Phomvihane for his unwavering support for the CDTA negotiations between Hong Kong and Laos, the first round of which has been scheduled to take place in Hong Kong from March 23. He hoped that the CDTA could be signed as soon as practicable to create a more attractive business environment for promoting bilateral trade and investment.
The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, also attended the meeting today.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui (second left), met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane (second right), today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement. Source: HKSAR Government Press Releases
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). Photo shows Mr Hui (right) and Mr Phomvihane (left). Source: HKSAR Government Press Releases
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement. Photo shows (from left) the Consul General of Laos in Hong Kong, Mr Ammala Saenchonghack; Deputy Governor of the Bank of the Lao PDR Mr Soulysak Thamnuvong; Mr Phomvihane; Mr Hui; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; and the Political Assistant to the Secretary for Financial Services and the Treasury, Mr Julian Ip. Source: HKSAR Government Press Releases
Speech by CE at Welcome Dinner for Global Prosperity Summit 2026 (with photos/video)
Following is the speech by the Chief Executive, Mr John Lee, at the Welcome Dinner for the Global Prosperity Summit 2026 today (May 18):
Vice President Han Zhiqiang (Vice President of the China Public Diplomacy Association), Deputy Commissioner Li Yongsheng (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region), Mrs Regina Ip (Chairperson of Savantas Policy Institute and Convenor of the Non-official Members of the Executive Council), distinguished guests, ladies and gentlemen,
Good evening. It's a pleasure to join you, tonight, for the welcome dinner of the third Global Prosperity Summit.
This annual summit is dedicated to fostering cross-cultural dialogue and, in turn, advancing sustainable prosperity worldwide.
China, our country, certainly shares these goals.
The Global Governance Initiative, unveiled last year by President Xi Jinping at the "Shanghai Cooperation Organization Plus" Meeting, highlights the importance of abiding by international rule of law, practising true multilateralism, advocating a people-centred approach, and other principles in line with the United Nations Charter.
It adds to our country's Global Development Initiative, Global Security Initiative and Global Civilization Initiative. Together, they underscore China's commitment to building a community with a shared future for humanity.
As a special administrative region of China, Hong Kong upholds these important values, and endeavours to realise them. A champion of free trade and multilateralism, Hong Kong's doors have long been open – wide and welcoming to all.
In a world riddled with geopolitical and economic ruptures, Hong Kong stands out as an economy, and a society, built on stability, certainty and trust. Call them our natural resources, entrusted to us by the "one country, two systems" principle. And know that they are in great demand, because they instil confidence, encourage co-operation, and the rewarding opportunities co-operation enables.
In its latest assessment on Hong Kong's economic and financial situation, published last week, the International Monetary Fund reaffirms Hong Kong's role as an international financial centre and "super connector", particularly as a leading fundraising hub and premier offshore Renminbi centre. It notes that Hong Kong's economy has continued to recover, supported by robust technology-related exports, improving private demand and a rebound in financial market activity.
Indeed, the Hong Kong economy, I'm pleased to note, has expanded robustly in the first quarter of 2026 – growing 5.9 per cent year-on-year. That's a significant acceleration from the 4.0 per cent growth in the preceding quarter. Last year, Hong Kong became the world's fifth-largest trading entity in merchandise trade, achieving a 17.5 per cent year-on-year increase.
These are all backed by Hong Kong's unique edge under the "one country, two systems" principle, which brings together the China advantage and the global advantage in this world city. It ensures our established tradition of the rule of law, and a common law system that resembles most global financial hubs. It ensures our low and simple tax regime. It ensures the free flow of information, capital, goods and talent.
More than that, it ensures our city continues to thrive as a conduit of cultures, a platform for exchange, and an engine of sustainable innovation.
This Global Prosperity Summit is a compelling illustration of that. Tomorrow morning's opening session puts a bright spotlight on APEC, the Asia-Pacific Economic Cooperation. This year, China, our country, is APEC's host economy, with the APEC Economic Leaders' Meeting taking place in Shenzhen in November and Hong Kong hosting, for the first time, the APEC Finance Ministers' Meeting in October, thanks to the unwavering support of our country.
Finance ministers and senior officials from APEC's 21 member economies are expected to attend the meeting. We anticipate that representatives of international organisations such as the World Bank, the International Monetary Fund and the Asian Development Bank will also be there.
For Hong Kong, it is a precious, and much welcomed, opportunity to deepen international co-operation and exchanges, while showcasing our formidable strengths as a global financial centre and much more.
Of course, APEC and the world at large are well aware of Hong Kong's stature and structure as an international financial centre – ranked third in the world, and topping the Asia-Pacific rankings, in the latest Global Financial Centres Index. But the Finance Ministers' Meeting gives APEC leaders the chance to see, firsthand, why Hong Kong is also the world's leading offshore Renminbi centre, gateway to China's capital markets and magnet for Mainland and international IPOs – with more and more listings coming from rising technology industries.
And that creates another splendid prospect – the opportunity to showcase the Northern Metropolis. We're eager to welcome international financial and business leaders, investors and entrepreneurs, here for the APEC meetings and more, to take a close-up look at Hong Kong's future economic engine and innovation and technology hub.
The National 15th Five-Year Plan, approved in March, supports the fast-track development of the Northern Metropolis. Spanning one-third of Hong Kong's area, the Northern Metropolis borders Hong Kong's boundary with the Mainland city of Shenzhen.
It provides valuable land for innovative development, and will boost our contributions to the country's overall development and our integration with the Guangdong-Hong Kong-Macao Greater Bay Area. In cutting-edge technology, in global finance, and in many more areas.
Take education, for example. Hong Kong is the only city that boasts as many as five universities in the world's top 100. Subjects like dentistry, nursing, and education offered by our institutions are ranked among the global top 10. Our two medical schools are both in the world's top 50.
To build on the strengths of our world-class education sector, the HKSAR (Hong Kong Special Administrative Region) Government will develop the Northern Metropolis University Town. It will provide fresh pieces of land for post-secondary institutions to introduce signature programmes, research collaborations and exchange projects.
Hong Kong's third medical school will admit its first students in two years' time. It will eventually move to a permanent site in the Northern Metropolis, together with an integrated medical education, research and patient-care hospital.
There it will take its place as a pillar of the Northern Metropolis University Town, supporting Hong Kong's rise as an education hub and medical research and innovatin centre, attracting a world of teaching, research and medical talent.
The Greater Bay Area Clinical Trial Collaboration Platform was launched at the end of last year, in the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, a vast area that covers both sides of our boundary with Shenzhen. There, we work together with our Shenzhen counterpart in co-ordinating multi-centre, cross-boundary clinical trials that meet both national and international standards.
Later this year, we will set up the Hong Kong Centre for Medical Products Regulation, focused on its emergence as an internationally recognised regulatory authority for medical products. The Centre, let me add, will emphasise both Western and Chinese medicine and medical devices.
And, in late March, we began implementation of primary evaluation for new drug registration. It will allow for the faster approval of innovative drugs in Hong Kong, while encouraging local R&D (research and development).
In September, we will host the World Cancer Congress, welcoming medical specialists and researchers from all over the world to Hong Kong.
Deepening international exchanges and co-operation through such mega events allows the world to see Hong Kong as the free and open economy, and society, it is – one committed to creating rewarding opportunities for all concerned.
I'm also pleased to add that the 94th INTERPOL General Assembly will be held in Hong Kong in November. That, ladies and gentlemen, speaks of Hong Kong's growing prominence in international law enforcement. Delegates from some 190 law enforcement bodies worldwide will gather here – to see that our law enforcement agencies are highly regarded, that we are home to a globally recognised anti-corruption commission, and that Hong Kong is one of the world's safest cities.
We are among the world's leading sports and entertainment cities, too, let me add. Last month, the Hong Kong Sevens celebrated its 50th anniversary in style, at our world-class Kai Tak Sports Park. The event was said to have generated economic benefits of more than HK$100 million. And the organisers have plans to expand it from a three-day tournament to a week-long festival of sports and entertainment.
In December, Hong Kong will host the Association of National Olympic Committees General Assembly, one of the sports world's major events.
The international gathering is expected to attract over 1 200 sports leaders, dignitaries and representatives from over 200 National Olympic Committees, as well as the International Olympic Committee and the Organising Committees of the Olympic Games.
There's more, much more to tell, ladies and gentlemen. And in so many sectors, industries and areas, each and every one reflecting, in its own inimitable way, Hong Kong's singular status as a multi-level bridge connecting economies, cultures, peoples and opportunities.
My thanks to the organisers – the Savantas Policy Institute, the Shanghai Institutes for International Studies and the European Chamber of Commerce in Hong Kong – for once again bringing the world to us.
Ladies and gentlemen, I wish you all the best of business at the Global Prosperity Summit, and a memorable stay with us in Hong Kong.
Thank you very much.
Speech by CE at Welcome Dinner for Global Prosperity Summit 2026 (with photos/video) Source: HKSAR Government Press Releases
Speech by CE at Welcome Dinner for Global Prosperity Summit 2026 (with photos/video) Source: HKSAR Government Press Releases
