HK Sees No Major Capital Outflow

(To watch the full media session with sign language interpretation, click here.)

Hong Kong is performing well in finance and banking and has not witnessed any significant outflow of capital as a result of the implementation of the National Security Law.

Chief Executive Carrie Lam made the statement before attending this morning’s Executive Council meeting.

“We have 9,000 Mainland and overseas companies based in Hong Kong, including many of them which are using Hong Kong as a regional headquarters or regional office.

“We have not seen any significant outflow of capital. The securities market is doing very well. The banking sector is very stable. And generally, life goes on.

“I had meetings with business chambers, both based in Hong Kong and also overseas, through webinars in the past two months. Generally, the initial concerns and anxieties about the national security legislation have subsided.”

Mrs Lam also pointed out that the business community’s current focus is on capitalising on the opportunities brought about by the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

“The first and foremost topic raised by the business community was the Guangdong-Hong Kong-Macao Greater Bay Area. How could we go into the Greater Bay Area? How could we make use of the support measures for Hong Kong under the 14th Five-Year Plan in order to grow our business?

“What more favourable policies would there be from the central government in order to facilitate the free flow of goods, capital, people and data between Hong Kong and the Greater Bay Area’s Mainland cities?

“So these are the general sentiments that we have received from the business community at large.”