Pauline Yeung

Opinion | How Hong Kong’s reboot as a global financial centre can improve lives in the city

Finance can be unleashed as a force for good, to deliver social impact and bring economic windfalls for ordinary citizens, from youth advancement, financial literacy, and promotion of the arts and technology to climate change efforts

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Pedestrians cross a road in Hong Kong on October 15. Hong Kong wants to bolster its status as a global financial hub following the disruptions caused by the pandemic. Photo: Bloomberg

Pauline Yeung

Published: 4:30pm, 15 Nov 2022Updated: 8:31pm, 19 Nov 2022

Earlier this month, an elite group of chairmen and CEOs from some of the largest financial institutions in the world gathered in Hong Kong for the Global Financial Leaders’ Investment Summit, rubbing shoulders, discussing top-of-mind issues and enjoying dinner at M+, Hong Kong’s new museum of visual culture.

While the high-level event showcased the glamorous side of Hong Kong as an international financial centre, there are multiple channels through which finance can be unleashed as a force for good, such that it can deliver social impact and bring economic windfalls for ordinary citizens. Our finance officials would do well to join hands with colleagues responsible for youth, education, culture, innovation and the environment to realise this vision.

First, the financial services sector is an important avenue for employment and career advancement for our young people, providing opportunities for upwards social mobility in a city plagued by wealth inequality. As much as Hong Kong should welcome talents from all over the world, it is important to roll out programmes that strengthen the competitiveness of students at local universities.

A good example is the “Set Sail for GBA – Scheme for Financial Leaders of Tomorrow”, organised by the Greater Bay Area Homeland Youth Community Foundation in partnership with the Financial Services and the Treasury Bureau. The initiative provided a platform for students to interact directly with business leaders through sharing sessions, visits to financial institutions, and job shadowing.

While the inaugural scheme has ended, implementation of subsequent rounds would allow more young people to benefit.

Having said that, to fully realise Hong Kong’s role as a “super connector,” youngsters will need insights not only on mainland China but also on overseas markets covered by banks, securities houses and insurance companies in Hong Kong. In the future, schemes that equip our young people with knowledge of economies such as Japan, South Korea and Southeast Asia would also provide critical training.