Upbeat and hopeful: China Conference panel optimistic about Hong Kong’s future prospects

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The fund is investing in the future of Hong Kong and creating a platform for an innovative ecosystem, says CEO of the government’s investment arm

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(L to R) Tammy Tam, Editor-In-Chief of the South China Morning Post; Dr. Henry Wang Huiyao, Founder and President of the Center for China and Globalization; Clara Chan, Chief Executive Officer of the Hong Kong Investment Corporation Limited, at the 2024 China Conference held at the Hong Kong Ocean Park Marriott Hotel on 4 July 2024. Photo: May Tse

Enoch Yiu

Published: 12:28pm, 4 Jul 2024Updated: 4:24pm, 4 Jul 2024

Overseas start-ups and entrepreneurs believe Hong Kong is an attractive place to develop their ventures because of the depth of the city’s financial market, availability of capital and its status as an international centre, according to the chief of the government’s investment arm.

“The international status of Hong Kong is very important for innovative industries and enterprises” because these start-ups need to have a global mindset, international clientele and supply chain, said Clara Chan Ka-chai, CEO of Hong Kong Investment Corporation (HKIC). “Hong Kong provides a great foothold for that. Hong Kong’s low taxes, free flow of data, capital and [talent] and our robust financial system are helping businesses to grow.”

Chan was speaking at “The China Boardroom”, the opening session of the South China Morning Post’s China Conference on Thursday. The conference has brought in scores of decision makers to the city, while hundreds of participants have registered online to explore opportunities and challenges in investments and technology in the world’s second-largest economy.

The HKIC manages HK$62 billion (US$8 billion) of government funds allocated to boost the city as an innovation and technology hub through investments and partnerships with start-ups.

Clara Chan, Chief Executive Officer of the Hong Kong Investment Corporation Limited, spoke at the South China Morning Post’s 2024 China Conference held at the Hong Kong Ocean Park Marriott Hotel on 4 July 2024. Photo: May Tse.

Last month, the HKIC formed its first partnership with home-grown artificial intelligence (AI) unicorn SmartMore, enlisting the firm to use Hong Kong as its base and to make the city’s stock market its first choice if it goes public.