HK Can't Be Eclipsed Despite "bumpy Ride": Paul Chan

Hong Kong is reinforcing its status as a premier international financial hub despite a recent "bumpy ride", Financial Secretary Paul Chan told international investors on Monday, as he promised more measures in this week's Policy Address to strengthen the SAR's comeback from the Covid pandemic.

Speaking on the first day of the SAR's Investment Promotion Week, Chan acknowledged that Hong Kong had seen people go elsewhere and faced challenges to its competitive status during the pandemic, but said Chief Executive John Lee's maiden Policy Address on Wednesday would introduce highly favourable terms and measures to attract enterprises and talent.

He also stressed that the SAR enjoyed strong support from the motherland, including initiatives in the nation's 14th five-year plan.

Chan hit out at a recent article headlined “Which city will be the next Hong Kong?”, which implied that rival destinations were lining up to steal the SAR's crown. He responded: “There is only one Hong Kong. And it is not going anywhere. You can count on that.

"Yes, we've had a bumpy ride the last few years. But our social unrest has given way to stability and business opportunity,” Chan continued.

“Despite the difficulties we encountered due to the Covid-19 pandemic – be they loss of talents or challenges to our competitive status – no city, no financial centre in the world, can eclipse our vaunted strengths and celebrated advantages.”

Chan cited the SAR's world-class infrastructure, welcoming business environment, competitive tax regime, and internationally aligned regulatory regime as key econonomic advantages.

The minister stressed that Hong Kong had been “rationalising” its anti-epidemic measures to prepare for “the world’s return”, lining up events such as next month's global financial summit and the rugby sevens – the "rugby summit", as Chan put it.

“Along with a more modest Covid situation, we have been rationalising our anti-epidemic measures and easing quarantine and travel arrangements, on a science- and evidence-based and targeted approach. The goal is to reduce the inconvenience of cross-boundary travel, and allow us to revive the economy and return to normality as early as possible.”

“The relaxation of quarantine arrangements for arrivals to "0+3" recently is another important step in this direction,” he said.

Looking ahead, Chan said officials wanted to strengthen Hong Kong's position as a centre for asset management, risk management and green finance, while legislation was on its way to set up a licensing regime for providers of virtual assets.

Investment Promotion Week takes place over five days at the Convention and Exhibition Centre in Wan Chai and online. Organiser InvestHK says it will involve 2,500 business leaders from 45 economies.