Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui Ching-yu attends a breakfast and dialogue on "Hong Kong as an International Financial Centre – Present and Future" organized by Asia Society Philippines in Manila, the Philippines, on Sept 27, 2022. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)
Hong Kong will offer staunch support to the Asian Development Bank and work together in infrastructure investment to raise productivity in the region, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
He made the remarks during his visit to the Philippines for the 55th annual meeting of the Board of Governors of the Asian Development Bank held in Manila.
The physical meeting this year, after two virtual annual meetings, signaled that members were ready for further cooperation toward a rapid post-pandemic recovery, Hui said on Tuesday during a meeting with Jesus Domingo, the undersecretary of foreign affairs of the Philippines.
The same day, he met with Felipe Medalla, the governor of Bangko Sentral ng Pilipinas, and Mark Joven, the undersecretary of finance of the Philippines.
On Monday, Hui met with Masatsugu Asakawa, the president of the ADB, and Tony McDonald, executive director of the ADB and who represents Hong Kong’s constituency on the ADB Board of Directors.
Secretary for Financial Services and the Treasury Christopher Hui (right) meets with Undersecretary of Foreign Affairs of the Philippines, Jesus Domingo, in Manila. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)
Secretary for Financial Services and the Treasury Christopher Hui (second right) meets with Undersecretary of Finance of the Philippines Mark Joven (second left). (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)
During the meetings, he encouraged the ADB to make use of the broad availability of financiers in Hong Kong for fundraising, and the city’s favorable market environment for the “dim-sum” bonds in particular, considering the interest rate disparities among Hong Kong, the Chinese mainland and international economies.
Hong Kong has been a popular destination for the ADB to raise funds. The financial institution raised over $928 million through bond issuances in Hong Kong in 2021. The volume of green and sustainable bonds arranged in Hong Kong amounted to US$31.3 billion last year, accounting for one-third of the Asian green and sustainable bond market.
Contact the writer at grace@chinadailyhk.com