A helicopter flies over the Victoria Habour, Hong Kong on Jan 2, 2023. (PHOTO / CHINADAILYHK.COM)
HONG KONG – Hong Kong keeps a competitive edge as an international financial center, chairman of PwC Asia Pacific and China Raymund Chao has said.
Hong Kong has distinctive advantages in the global economy, as the city enjoys a mature financial system and advantages under the "one country, two systems" principle, Chao told Xinhua in an interview on Wednesday on the sidelines of the ongoing Asian Financial Forum held in the Hong Kong Special Administrative Region from Wednesday to Thursday.
Highlighting the importance of the motherland in strengthening Hong Kong's position as an international financial center, chairman of PwC Asia Pacific and China Raymund Chao said that "Hong Kong's continuing success relies on the motherland's support, which is a big part of why Hong Kong is successful"
"Another part of why Hong Kong is important is we've got the largest offshore Renminbi center here, and nobody else can do that," Chao said, adding that Hong Kong has assembled the best professionals in the city to support and deliver the financial services that are needed.
Highlighting the importance of the motherland in strengthening Hong Kong's position as an international financial center, Chao said that "Hong Kong's continuing success relies on the motherland's support, which is a big part of why Hong Kong is successful."
"I flew to Shanghai on Sunday, and I came back on Tuesday night, which was very smooth," he said, as normal travel between the Chinese mainland and Hong Kong resumed from Jan 8.
"I think it's excellent. We've been looking for this day for a long time," he added.
ALSO READ: HK consolidates global financial hub status with innovation
In terms of Hong Kong's transformation in the future, Chao said that ESG (Environmental, Social, and Governance) is an important topic for sustainable development, with a growing focus on organizations here, which is a positive move.
"Going forward, the good news is two-thirds of organizations have made a commitment to us to reach net-zero targets by 2030."
The HKSAR government recently announced the successful offering of $5.75 billion worth of green bonds, denominated in dollars, euro, and Renminbi, under the Government Green Bond Programme. The triple-currency offering is the largest ESG bond issuance in Asia, according to an official press release.
A woman sits in front of Exchange Square (left) which houses the Hong Kong Stock Exchange in Hong Kong on April 27, 2022.
(DALE DE LA REY / AFP)
Hong Kong has very strong financial resources, and Shenzhen has got a very strong investment in technology and AI, so by driving the synergy and creation, 1+1 is 2 … We are going to make the pie a lot bigger, and we are gonna bring prosperity to a lot more people.
Raymund Chao, chairman of PwC Asia Pacific and China
Besides, more education is needed to build talent in the city, which is also a big topic in Hong Kong's transformation, he added.
Chao also pointed out that the Guangdong-Hong Kong-Macao Greater Bay Area, as an important economic regional hub, has great potential with many opportunities for shared resources.
"Hong Kong has very strong financial resources, and Shenzhen has got a very strong investment in technology and AI, so by driving the synergy and creation, 1+1 is 2."
"We are going to make the pie a lot bigger, and we are gonna bring prosperity to a lot more people," he said.
READ MORE: Chan: 2023 budget to highlight economic revival, public services
As to the nation's economic outlook in 2023, Chao said it's still in strong growth. "I think we are going to see a significant rebound in activities in a number of sectors."
The nation will always play a very important role, not just in Asia but also on the world stage, he noted. "China is the second largest economy and it did very well, and the Chinese government has been very focused on driving economic activities as we've all seen, so we've got a strong and big engine."
And the Asia Pacific region is expected to be the biggest growth engine for the world going forward with a lot of opportunities. "I think we are going to get more investors as we continue to mature and have a bigger voice on the global stage," Chao said.