'Summit Is A Sign Of HK Reconnecting, Reopening'

An executive director of the Hong Kong Monetary Authority, Darryl Chan, says the SAR’s Global Financial Leaders Investment Summit, which starts on Tuesday, is a sign to the rest of the world that Hong Kong is reconnecting and reopening.

Speaking on an RTHK programme, Chan said the major themes of the event would be China’s economic development after the 20th Communist Party Congress, global stagflation risks, tightening monetary conditions and long-term investment strategies.

He added: “For Hong Kong as a global business and financial hub, global connectivity is so important and underpins the success of Hong Kong. Unfortunately because of Covid in the past three years many of these financial leaders have not been able to set foot in Hong Kong.

“With what we are organising, the presence of so many heavyweights from the world of finance will be a strong testament to the rest of the world that we are reopening.”

Asked if Hong Kong was well-positioned to cope with the global financial headwinds which will be a backdrop to the summit, Chan said the SAR’s stability was well-established.

“Hong Kong’s financial system is robust and resilient,” he said. “That has to do with all the buffer that we have built up over the years, post-Asian financial crisis. There are a lot of reforms which were undertaken, in terms of legislation and regulation. But we also put in place very robust monitoring across the markets. So far all the indicators are telling us that it’s still a very resilient system with lots of buffers.”