Conference Presentation, Keynote, Panel
Paul Chan, Financial Secretary, Government of the Hong Kong SAR | Global Investors’ Symposium 2024
- The Milken Institute anticipates active participation and cross-Pacific collaboration at its inaugural Global Investors Symposium in Hong Kong to address challenges, unlock opportunities, and foster sustainable growth through in-depth dialogue.
- Hong Kong's Office for Attracting Strategic Enterprises, established in December 2022, is projected to facilitate investments exceeding US$5 billion and generate over 13,000 jobs through nearly 50 strategic enterprises, with an additional US$7-8 billion expected from 380 other companies attracted by Invest Hong Kong.
- The Hong Kong economy is forecast to grow between 2.5% and 3.5% in 2024, driven by improvements in merchandise exports, the recovery of inbound tourism, and the inflow of strategic enterprises and talent.
- Immediate policy initiatives include the removal of all demand-side measures on the residential property market, the implementation of recommendations to enhance stock market liquidity, and strategies to boost private consumption through mega events and tourism stimulation.
- Medium to long-term strategies focus on supporting green development and the digital economy in alignment with national five-year plans, while providing liquidity, business development, and digital transformation support to small and medium-sized enterprises.
- Hong Kong aims to serve as a testing ground for China's financial market opening and RMB internationalization, utilizing its listing platform to attract quality international issuers and new capital.
- The Hong Kong Stock Exchange plans to improve trading mechanisms, reduce costs, and enhance investor services, while the government intends to expand the Stock Connect scope to include international companies for access to both international and mainland capital.
- The asset and wealth management sector is expected to expand with an affluent customer base of 87 million following enhancements to the Greater Bay Area Wealth Management Connect approved in February.
- New regulatory and incentive frameworks have been introduced, including tax concessions and capital investment entrance schemes designed to attract family offices, wealthy families, and entrepreneurial individuals.
- Demand for offshore RMB is projected to increase significantly as mainland economic ties expand, prompting efforts to enhance liquidity, infrastructure, and the ecosystem for offshore RMB businesses.
- Financial innovation includes the rollout of tokenized green bonds and securitized green projects, alongside plans to introduce a regulatory regime for stablecoins.
- Hong Kong strives to align local sustainability disclosure standards with the ISSB's global standards and continues to strengthen its role as a bridge between global markets.