Financial Secretary Paul Chan Mo-po speaks at the Asian Financial Forum keynote luncheon at the Hong Kong Convention and Exhibition Centre on Jan 11, 2023. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR GOVT)
International businesses are actively considering scaling up investments and operations in Hong Kong as the Asian Financial Forum held last week boosted their confidence in the city, Financial Secretary Paul Chan Mo-po said in his Sunday blog.
The two-day forum marks Hong Kong’s first mega financial event of the year. Held both in-person and virtually, it assembled thousands of top entrepreneurs, senior officials and opinion leaders from over 70 countries and regions to share their insights on issues related to global finance and the economy.
Chan said many representatives of international organizations told him they were thrilled to see Hong Kong resuming normal travel with the Chinese mainland and the rest of the world, adding that some have already arranged their next visit to the city this year
Chan said many representatives of international organizations told him they were thrilled to see Hong Kong resuming normal travel with the Chinese mainland and the rest of the world, adding that some have already arranged their next visit to the city this year.
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“They also affirmed Hong Kong’s unique role as a bridge between the Chinese mainland and the world, as well as its function as a convenient hub covering the Asian market from its base,” Chan said.
However, the financial secretary also noted the global economy remains volatile in 2023 given geopolitical tensions, high inflation, rising interest rates as well as shrinking investment.
This is clearly shown by the World Bank’s latest Global Economic Prospects report, which projected the global economy will grow by merely 1.7 percent this year, the slowest pace outside the 2009 and 2020 recessions since 1993.
“It is indeed a challenge to promote better cooperation among countries in the face of geopolitical tensions, so as to make the global economy more sustainable, resilient, and inclusive,” Chan said.
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On Saturday, Chan departed for Davos in Switzerland to attend the World Economic Forum Annual Meeting.
Chan said he will meet political, business and financial leaders from different parts of the world, seeking to update them on the latest situation in Hong Kong’s return to normalcy and its development opportunities.