Star-studded financial summit lineup casts vote of confidence in Hong Kong, mainland

Wang Jianjun, vice chairman of the China Securities Regulatory Commission, speaks at the main session of the Global Financial Leaders’ Investment Summit in Hong Kong

Global financial heavyweights joined regulators this week at the main session of the Global Financial Leaders’ Investment Summit in Hong Kong, casting a vote of confidence in the economic prospects of the financial center and the Chinese mainland.

The event brought together around 300 international and regional leaders from 160 global financial institutions, with more than 90 institutions represented by their group chairmen or CEOs.

Under the theme of “Living with Complexity,” the main summit discussed the trends and changes that are reshaping the global financial industry. Mainland policymakers shared insights into the conditions and future direction of the Chinese economy.

John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said in his speech at the event that Hong Kong is at the center of the world stage, creating opportunities for a world of business, finance and investment, and the global financial community believes in Hong Kong and the long-term promise of Hong Kong.

“That is what this summit is all about, and that is why you can see the flourishing future of Hong Kong, one that is made possible, thanks to the city’s own strengths, and to the fact that it connects the world with the Chinese mainland,” he said. “Because, simply put, Hong Kong means prosperity.”

The Hong Kong Monetary Authority (HKMA), the organizer of the event, told Xinhua that last year’s summit signaled Hong Kong’s return to normalcy and the international stage. They further mentioned that this year’s summit has seen an increased number of international financial leaders, indicating positive industry feedback on last year’s event.

Wang Hanfeng, managing director of CICC, said the central financial work conference has further strengthened people’s expectations of Hong Kong’s status as an international financial center.

The fact that the summit has attracted the participation of a large number of international financial leaders demonstrates that the international financial industry is closely watching and showing confidence in Hong Kong’s and the mainland’s economic development and business expansion, Wang said.

In the “China: The Way Forward” session, officials of mainland financial regulators provided their perspectives on China’s economic prospects and the opening-up in financial sector.

Zhang Qingsong, deputy governor of the People’s Bank of China, said that China’s economy keeps pursuing progress while ensuring stability, while long-term high-quality development is built on a solid foundation.

   Looking back upon China’s economic and social development over the past 40 years, the fact is that all the important goals China set for itself have been achieved, despite complex internal and external environment, he said.

Wang Jianjun, vice chairman of the China Securities Regulatory Commission, said that the mainland capital market will inevitably become more open in the future.

He said China’s domestic market is full of opportunities, and it is never too late to seize the opportunities in China. The top securities watchdog will spare no effort in getting things done to benefit the Hong Kong capital market and strengthen Hong Kong’s status as an international financial center.

Commenting on the event’s turnout, Liang Haiming, president of China Silk Road iValley Research Institute, said the summit not only provides a platform for the international financial community to invest in the Chinese mainland but also brings more diversified international capital to Hong Kong, consolidating and enhancing Hong Kong’s position as an international financial center.

Luo Zhiheng, chief economist of Yuekai Securities, said Hong Kong can further promote the opening up and liberalization of the financial market in the future and attract more international financial institutions and multinational corporations to set up their headquarters or branches in Hong Kong.

During a panel discussion on opportunities in the Guangdong Hong Kong-Macao Greater Bay Area (GBA), HSBC Group Chief Executive Officer Noel Quinn said that GBA has three principal pillars: the financial community in Hong Kong, the manufacturing community in Guangdong, and R&D and University community in both areas, and particularly here in Hong Kong, which make a powerful combination.

The three-day summit will conclude Wednesday with the “Conversations with Global Investors” investment forum.   Xinhua