Financial Secretary Visits Europe to Strengthen China-Europe Ties and Mutual Development

FS begins visit to Europe

The Financial Secretary, Mr Paul Chan, arrived in Paris, France, yesterday (May 18, Paris time) to begin his visit to Europe.

Upon arrival, Mr Chan called on the Chinese Ambassador to France, Mr Deng Li, to exchange views on China-France and China-Europe relations, as well as the latest developments in Hong Kong.

In the afternoon, Mr Chan visited the French Asset Management Association and met with a number of representatives from the industry to exchange views on promoting investment co-operation between the two places. The French Asset Management Association is a major professional association representing the French asset management industry, with about 400 members, including about 330 asset management companies. Together, they manage about 90 per cent of the assets of the French asset management industry, with a total scale of 5 trillion euros.

At the meeting, Mr Chan pointed out that Hong Kong's economy registered steady growth in 2025 and the first quarter of 2026, and that its financial system remained robust. The International Monetary Fund and two major credit rating agencies have recently given positive assessments of Hong Kong's economic and fiscal policies. Hong Kong's stock market rose by 28 per cent in 2025 as a whole, while its initial public offering fundraising ranked first globally, with a number of leading Mainland innovation and technology enterprises listing in Hong Kong one after another. The asset management industry in Hong Kong has reached nearly 3.9 trillion euros in scale, and there are now over 3 300 family offices, most of which manage assets exceeding US$50 million, demonstrating a thriving asset and wealth management ecosystem. Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area has a relatively affluent population of 87 million and a Gross Domestic Product of over 1.7 trillion euros, generating substantive demand for offshore asset allocation.

Mr Chan said, "For French investors seeking both capital security and investment returns, Hong Kong is an ideal destination for asset diversification with its advantages under 'one country, two systems', including the free flow of capital and talent, a vibrant financial ecosystem, and capital markets connected to the Mainland and the world. It is an opportune time for French financial institutions to leverage Hong Kong's advantages to expand their asset and wealth management businesses in Asia."

Mr Chan also visited a think tank, Asia Centre Paris, and met with a number of its board members in the afternoon. The Centre focuses on the study of geopolitical strategy, international relations and governance, and economic and social development dynamics. It is one of the important institutions in France specialising in Asian strategy and geopolitical analysis.

At the meeting, Mr Chan shared the latest economic and social situation of Hong Kong, as well as the directions and priority areas for its future development, and exchanged views with the board members on the international economic and trade landscape and China's development.

Mr Chan pointed out that the "one country, two systems" arrangement in Hong Kong will be upheld in the long run, and that Hong Kong's competitive advantages are built on multiple aspects, including the common law system, free port status, low tax regime, a stable business environment, predictable economic and financial policies, and mutual market access with the Mainland's capital markets, making Hong Kong the best gateway for international capital to connect with China opportunities. In recent years, apart from continuously developing trade and finance, Hong Kong has been actively nurturing the innovation and technology industry, making dedicated efforts to attract enterprises and talent to Hong Kong, and promoting the development of emerging industries such as artificial intelligence and biomedicine. The vast market of the Greater Bay Area and the development of emerging and future industries will create broader application scenarios and development space for European products and enterprises. In addition, under the country's dual circulation strategy, more Mainland enterprises will set up factories and expand their businesses in Southeast Asia and Europe through Hong Kong.

He welcomed more multifaceted exchanges between Asia Centre Paris and Hong Kong, including organising delegations to visit Hong Kong, so as to enhance in-depth mutual understanding between the two places and facilitate the financial and business sectors of both sides in exploring more opportunities for mutually beneficial co-operation.

Mr Chan will continue his visit in Paris today (May 19, Paris time) and attend the "No Money for Terror" Ministerial Conference.

The Financial Secretary, Mr Paul Chan (third right), met with board members of a think tank, Asia Centre Paris, in Paris, France, on May 18 (Paris time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with board members of a think tank, Asia Centre Paris, in Paris, France, on May 18 (Paris time). Photo shows Mr Chan (right) talking to its board members, Mr Evrard Didier (left) and Mr Jean-Yves Colin (centre). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (first right), met with key members of the French Asset Management Association in Paris, France, on May 18 (Paris time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (fourth left), met with key members of the French Asset Management Association in Paris, France, on May 18 (Paris time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (third right), called on the Chinese Ambassador to France, Mr Deng Li (second right), in Paris, France, on May 18 (Paris time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (right), called on the Chinese Ambassador to France, Mr Deng Li (left), in Paris, France, on May 18 (Paris time). Source: HKSAR Government Press Releases

Court of First Instance hands down sentences in incitement to subversion case of "Hong Kong Alliance"

Regarding the case concerning the "Hong Kong Alliance" (the Alliance), Lee Cheuk-yan, Ho Chun-yan and Chow Hang-tung, who were charged with incitement to subversion (contrary to Article 23 of the Hong Kong National Security Law (HKNSL)), following the verdict of conviction delivered by the Court of First Instance of the High Court on August 21, sentences were handed down today (September 11). Chow Hang-tung was sentenced to imprisonment for seven years and three months, and Lee Cheuk-yan was sentenced to imprisonment for seven years. Ho Chun-yan, who had earlier pleaded guilty, was sentenced to imprisonment for five years and two months, and the "Hong Kong Alliance" was sentenced to a fine of $1,500,000.

Prison van arrives at court. Photo by Bastille Post

The court ruled that the present case was of a "serious nature", pointing out that although the HKNSL had been implemented at the material time, some individuals were still unwilling to accept the exercise of sovereignty by the state over the Hong Kong Special Administrative Region, nor were they willing to accept the constitutional order established by the Constitution of the People's Republic of China (the Constitution) and the Basic Law. The defendants engaged in criminal acts of incitement amid a turbulent and unsettled social atmosphere, putting national security and public order at greater risk. The defendants possessed mobilising power and influence in Hong Kong. Their criminal activities persisted for as long as 14 months, and were committed through various activities and online platforms. The relevant activities were city-wide with an extensive reach, influencing people of different age groups, and their potential harm must not be underestimated. Despite the defendants' belief that their agenda might be in breach of the Constitution and the HKNSL, they recalcitrantly pursued their course of conduct after the HKNSL came into effect, vigorously advocating and promoting their agenda, which was premeditated.

The court reiterated in its reasons for sentence that the HKNSL had no retrospective effect and that the defendants were put on trial not because of their political ideology or their conduct before the HKNSL. They were convicted solely on the basis that they had committed acts prohibited under the HKNSL after the HKNSL came into effect.

The Chief Executive, Mr John Lee, Photo source: reference image

The Chief Executive, Mr John Lee, said, "The court has pointed out clearly in its reasons for the verdict of conviction handed down earlier that the very aim of the Alliance's agendas was to overthrow and undermine the leadership by the Communist Party of China (CPC) under the Constitution. The defendants intended to cause others to lose confidence in the CPC by stirring up hostility and causing division, so as to achieve the objective of undermining the fundamental system of the People's Republic of China (PRC). After the implementation of the HKNSL, the defendants refused to pull back from the brink and were bent on acting wilfully, attempting to make use of the Alliance to subvert state power.

"This case shows that anyone who intends to incite subversion and endanger national security will ultimately be punished in accordance with the law and such acts will absolutely not be tolerated. The law never allows anyone to openly harm one's own country and compatriots by employing confounding tactics under the pretext of human rights, democracy and freedom. As pointed out by the court in the reasons for verdict, what the defendants did in this case had already gone beyond the scope of lawful freedom of expression, and constituted acts of inciting others to subvert state power by unlawful means. The sentences today demonstrate the court's confirmation that the offences committed by the defendants were extremely serious and warrant severe punishment to uphold the rule of law."

The case was sentenced at West Kowloon Magistrates’ Courts. Photo by Bastille Post

A spokesman for the Hong Kong Special Administrative Region (HKSAR) Government said, "The Constitution of the PRC is the fundamental law of the state. The Constitution and the Basic Law jointly establish the constitutional order of the HKSAR. The basic and core components of the Constitution, such as those related to constitutional order, national sovereignty, unity and territorial integrity, shall apply to the HKSAR. The core of the constitutional order of the state is the establishment of the CPC's position as the governing party. The leadership by the CPC is the core of the fundamental system of the PRC established by the Constitution. Article 1 of the Constitution expressly prohibits any organisation or individual from damaging the socialist system. Article 22 of the HKNSL explicitly prohibits anyone from organising, planning, committing or participating in acts by force, threat of force or other unlawful means with a view to subverting state power, such as overthrowing or undermining the fundamental system of the PRC established by the Constitution, or overthrowing the body of central power of the PRC. Under the Constitution, overthrowing or undermining the leadership status of the CPC is tantamount to overthrowing or undermining the fundamental system of the PRC established by the Constitution to which Article 22 of the HKNSL refers."

The spokesman also pointed out, "The HKSAR Government has noticed that various western countries, anti-China organisations, politicians and foreign media have recently launched malicious attacks and smears on various cases including this case. The HKSAR Government has reiterated on multiple occasions, just as the court has stated clearly, the defendants of this case were put on trial not because of their political views or beliefs. The court would only consider the laws and evidence relevant to the case to decide whether the prosecution is able to prove the charge beyond reasonable doubt. All defendants received a fair trial strictly in accordance with laws applicable to Hong Kong, as guaranteed by the Basic Law and the Hong Kong Bill of Rights, free from any interference."

The spokesman stressed, "The HKSAR Government has the responsibility to safeguard national security, and will resolutely combat acts and activities endangering national security. In this regard, the HKSAR Government will, in accordance with the principle of the rule of law, ensure that laws are observed and strictly enforced to bring offenders to account, and prevent, suppress and punish acts and activities endangering national security in accordance with the law."

Photo source: reference image