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SCMP Reporters

Chinese Vice-Premier He Lifeng has urged Hong Kong to go big on reforms to foster development while raising its status as an international finance hub, with the state leader speaking at the city’s flagship industry summit amid growing uncertainties over the direction of the world economy and the next phase of Sino-US ties.
The three-day Global Financial Leaders’ Investment Summit, organised by the city’s de facto central bank, the Monetary Authority, opened to a 300-capacity audience on Monday.
The vice-premier delivered his keynote address on Tuesday, marking a rare appearance in the city by a member of the country’s top leadership and one that comes as Hong Kong seeks to overhaul the driving forces of its own economy and boost investor confidence.


Just last week, the government downgraded its forecast for annual growth to 2.5 per cent, after the economy expanded at a weaker-than-expected 1.8 per cent in the third quarter compared with a year ago.
With several top Chinese regulatory officials attending the summit, investors will be watching for any signs of Beijing’s next moves to re-energise its economy following this month’s announcement of a massive stimulus package aimed at tackling local debt and property woes.
Follow our live updates of the summit.
More from our coverage:
- Hong Kong summit kicks off with biggest Beijing team as stimulus, Trump in focus
- Top bankers gather in Hong Kong for summit as regulators promise more reforms
Reporting by Cannix Yau, Kandy Wong, Fiona Sun and Mia Castagnone


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Chinese Vice-Premier He Lifeng. Photo: Dickson Lee

News

Hong Kong

Three-day Global Financial Leaders’ Investment Summit brings together senior Chinese officials and heads of banking giants


Three-day Global Financial Leaders’ Investment Summit brings together senior Chinese officials and heads of banking giants.


Banking & finance

Central banks

Live

Before arriving in Hong Kong, He Lifeng visited Nansha Port in Guangzhou and Shekou Port in Shenzhen on Sunday to better understand how automatisation is changing the industry. He said development of the terminals would be key in supporting the opening-up of the Greater Bay Area.
The bay area refers to Beijing’s plan to link nine cities in Guangdong province with Hong Kong and Macau to create an economic powerhouse.



He visits Guangdong

Chinese finance officials said on Monday that Beijing would soon introduce a new round of reforms to further open up the mainland’s markets and Hong Kong would continue to play an important role in connecting them with international investors.
The vice-chairman of the China Securities Regulatory Commission, Li Ming, said at an event marking the 10th anniversary of the Stock Connect scheme the agency would continue to support Hong Kong by extending the programme.



Key Hong Kong role

The summit comes after Beijing unveiled policies to boost the economy, including half percentage point cuts to the mortgage rate for existing housing and its reserve requirement ratio.
The People’s Bank of China will also study measures to allow policy and commercial banks to grant loans to eligible companies to acquire land held by real estate companies, easing the financial pressure the firms face.


China’s stimulus measures

Vice-Premier He is leading a delegation of top mainland officials and senior bankers, including China Securities Regulatory Commission chief Wu Qing and National Financial Regulatory Administration minister Li Yunze.


Support from Beijing

The summit, centred around the theme of “Sailing Through Changes”, is covering a range of topics, including financial developments in mainland China, ways to navigate the complex and volatile economic landscape, and artificial intelligence and digitalisation in finance.
Speakers are also expected to discuss the opportunities in Asia, as well as trends in private markets.
Hong Kong finance chief Paul Chan Mo-po will deliver a speech, while Alibaba Group chairman Joe Tsai and Fung Investments chairman Victor Fung Kwok-king will hold a fireside chat with Laura Cha Shih May-lung, senior adviser to the board of Hong Kong Exchanges and Clearing.



‘Sailing Through Changes’

The summit at the Grand Hyatt hotel in Wan Chai is packed, with organisers having hit their 300-person capacity, according to Monetary Authority chief executive Eddie Yue Wai-man.
Among the notable speakers are Blackstone president and CEO Jonathan Gray, Morgan Stanley CEO Ted Pick, Goldman Sachs chairman and CEO David Solomon and Citigroup CEO Jane Fraser.
On the Chinese side, National Financial Regulatory Administration minister Li Yunze, China Securities Regulatory Commission chairman Wu Qing and People’s Bank of China deputy governor and administrator Zhu Hexin will also be taking the stage.


Packed house

Hundreds of the world’s leading investment bankers, asset managers and financial advisers have started gathering at the Grand Hyatt in Wan Chai as of 8.15am. Guests mingle and chat over coffee and breakfast in the foyer before the event’s opening address.
Among the event’s attendees are former commerce minister Frederick Ma Si-hang and Victor Li Tzar-kuoi, chairman of CK Hutchison and CK Asset Holdings, as well as former Monetary Authority chiefs Norman Chan Tak-lam and Joseph Yam Chi-kwong.
Many have told the Post they are looking forward to the summit panels and wonder whether more policy changes will come from mainland China.
Media arrived before 7am to set up cameras, while guests have already begun filing into the room by 7.30am. The security presence is tighter than at past events as China’s Vice-Premier He Lifeng is expected to deliver a keynote speech at around 8.50am.



Finance sector leaders mingle before vice-premier’s speech

Financial leaders are already seated, chatting with one another to await the opening of the summit. Hong Kong Monetary Authority chief executive Eddie Yue is due to deliver welcome remarks to the distinguished guests.
Guests start to welcome the appearance of Vice-Premier He. The vice-premier sits with Chief Secretary Eric Chan Kwok-ki and Financial Secretary Paul Chan Mo-po.


Seated and ready

Monetary Authority chief executive Eddie Yue Wai-man gives a welcome speech to summit guests, highlighting the importance of joining the high-level international event.



Monetary Authority chief gives welcome speech

Yue starts his opening remarks by highlighting the theme of the summit is sailing through changes.
“People in this room are no strangers to changes. Some changes are disrupting the way that we live and work, like the technological or geopolitical shift changes [which] demand an immediate response. There are numerous lessons to learn,” he says.
Yue says Hong Kong has been able to build up resilience, creating a strong buffer shelter against turbulence.
He also encourages investors to seize opportunities arising from China’s transformation and the huge potential of the digital age and sustainability developments.


‘No strangers to changes’

Chief Secretary Eric Chan Kwok-ki, Hong Kong’s No 2 official, welcomes the financial leaders to work together to help “see our way to the flourishing future we all want”.
He says the global financial landscape has witnessed a shift in recent years with geopolitical tensions, economic uncertainties and technological changes that have created a complex environment for policymakers, investors and companies.
He adds that election results this year across different parts of the world bring lots of new and uncertain dynamics to the international investment landscape.


Hong Kong’s No 2 official calls for cooperation

Vice-Premier He expresses his best wishes for the success of the summit. He says the next five years for Hong Kong will be for staking new ground and taking off.
“Hong Kong is happy and society is harmonious and prosperous,” he says. The city has moved from stability to prosperity, he adds.



‘Hong Kong is happy’

The vice-premier vows Hong Kong’s status as an international financial centre will become more prominent, pointing out that the city has been the largest source of foreign capital and destination for foreign investment.
“Hong Kong as an international financial centre will be more prominent,” he says.



Hong Kong’s global financial hub status to ‘become more prominent’

Vice-Premier He offers three suggestions for Hong Kong to continue to prosper. His first suggestion is for Hong Kong to deepen financial reforms and engage in innovation.
“We support Hong Kong in its efforts to strengthen the banking sector through reforms,” he says, adding that developing the bond and insurance markets and strengthening its status as an offshore renminbi centre with more products are efforts in the right direction.
Other areas worth developing include wealth management and the development of more family offices.
“We hope that Hong Kong will continue to improve the positive environment for financial development taking into account changes in situation to support for the next day of development,” he says.


Three suggestions for city

Vice-premier He says central authorities are stepping up the work to improve policy in terms of Hong Kong’s development as an international financial centre.
The state leader adds that authorities will support more quality businesses to list and issue bonds in the city, and continue to expand mutual market access between mainland China and Hong Kong in areas of stock, bond, financial management and interest rate swaps.
He says the central authorities will support Chinese financial institutions in Hong Kong to expand their business to further promote the city’s financial development.
He says the government will improve the mechanism for the regular issuance of treasury bonds, steadily upscale the issuance in Hong Kong, and support the city in consolidating its position as a global offshore renminbi business hub.
The state leader adds that the financial cooperation in the Greater Bay Area will be deepened with the interfacing of rules and mechanisms between mainland cities in the area and Hong Kong and Macau.
Such moves will create more room for financial development in Hong Kong.
“The general principle is that so long as it is conducive to the plan of the central authorities, to the financial reform and development of our country, and to the development of Hong Kong as an international financial centre,” the state leader says says.
On the national level, Hong Kong is in full play amid the country’s pivot toward a high-end level of opening up, the vice-premier adds.



Hong Kong has Beijing’s support: He

He highlights the new financial growth and edges of Hong Kong and the country will lend support to the next stage of development. Internationalisation is a distinctive advantage of Hong Kong with the common law system, and it has to attract talent to come.
“We have to draw on the experience of financial reform and the city remains at the forefront of financial development,” He says.
Hong Kong links to the outside world and its strategic position becomes more prominent. The city should leverage the unique advantage for opening up and attracting foreign capital.
“Hong Kong’s financial industry has been growing in an environment that is opening up. Hong Kong has our support in its bid to keep its characteristics, give full play to its strengths, develop more exchanges with the world, expand international financial cooperation, turn into emerging markets, and attract more international capital, first-class organisations and talents to come,” He says.
He adds that Hong Kong has Beijing’s support in its efforts to strengthen exchanges with other international financial centres based on its own needs, as well as the former’s hopes of drawing from other places’ experiences in terms of financial reforms and development to remain at the forefront of global financial development.



Further expand cooperation and opening up

While discussing his third suggestion, He says central authorities will strengthen the foundation of Hong Kong’s financial development as the city links the rest of the country to the outside world, adding that as the country progresses towards high-quality development, the city’s strategic position will become more prominent.
The vice-premier says the government will support Hong Kong in leveraging its unique advantages to take part in the country’s major reforms such as the liberalisation of systems, attracting foreign capital and investment, and the opening up of regions.
He says central authorities have supported Hong Kong’s enhancement of its role as an international investment and financial platform.
He says central authorities will strengthen the foundation of Hong Kong’s financial development as the city links the rest of the country to the outside world, adding that as the country progresses towards high-quality development, the city’s strategic position will become more prominent.
“The country is the rock for Hong Kong’s financial development. As the country progresses towards high-quality development, Hong Kong’s strategic position will become more prominent,” the top official says.
The vice-premier says the government will support Hong Kong in leveraging its unique advantages to take part in the country’s major reforms such as the liberalisation of systems, attracting foreign capital and investment, and the opening up of regions.
He says central authorities have supported Hong Kong’s enhancement of its role as an international investment and financial platform for the Belt and Road Initiative and strengthened the city’s role as a keynote in terms of capital flows.
The state leader calls on Hong Kong to make good use of the Greater Bay Area development strategy and in its work on interface regarding rules and mechanisms, as well as in key areas such as financial services, so as to enhance the quality and development of the bay area.
He also expresses his wish that Hong Kong will continue to safeguard its financial security: “Central authorities will do their utmost to provide support for Hong Kong to take forward financial reform and development and safeguard financial stability and security.
“Over the years, financial regulation in Hong Kong has been effective … With the support of the country, Hong Kong has weathered financial crises and shocks. It has rich experience and a solid foundation in the prevention and handling of risks.”


Hong Kong should dovetail with national developments: vice-premier

He pledges the central authorities will do their utmost to provide support for Hong Kong to take forward financial reforms and development, and back the city’s efforts to restore financial stability and security.
The state leader also notes that Hong Kong’s favourable conditions have not changed.
“Chinese modernisation determination to reform the door of opening up will get wider solid progress. The potential of the Chinese economy will be unleashed and will continue to contribute to the global economy,” he says.



Beijing will continue to provide support for Hong Kong

While laying out his first suggestion, He says the country will deepen financial reforms and innovation to enhance Hong Kong’s financial competitiveness.
“The only way to make further progress is to be steadfast on the path of reform and innovation. Hong Kong is known for being innovative,” the vice-premier says.
He says the government will support Hong Kong in its effort to strengthen its banking sector through reform and innovation, enhance the inclusiveness and attractiveness of the capital market, expand the bond market, and enrich offshore renminbi products and services.
The country will support the city to build an international asset management centre and wealth management centre of a higher level, speed up the development of new industries such as green finance, fintech and mathematical finance, and develop family office business, the state leader adds.
“Hong Kong should create new financial growth points and find new competitive edges,” he says.


Deepen financial reform and be innovative, vice-premier says

Vice-premier He warns that the unprecedented changes in the world are accelerating, noting the global political and economic landscapes are undergoing profound adjustments.
“There are more and more variants and uncertainties. Regardless of how the external environment changes, we will focus on ourselves. We respond to external uncertainties with self-assertiveness,” he says.
“We soldier on towards the goal of building a strong nation through Chinese modernization and the rejuvenation of the nation.”
He says he hopes Hong Kong will make use of this critical period, understand changes accurately, respond to them scientifically, and seek them out proactively.
“Hong Kong should pass on the “Lion Rock” spirit. Be enterprising, work hard for continuous enhancement in financial development,” he adds.


Focus on ourselves amid escalating geopolitics: state leader

He’s speech confirms that Hong Kong is positioned to be an international financial centre in Beijing’s eyes, says Gary Ng, a senior economist at French investment bank Natixis.
“However, the directions offered are well-known facts and easier said than done. It is about implementation,” he says. “Without new confirmation of regulations, such as listing Chinese heavy data-related firms in Hong Kong, the market is probably indifferent to the speech.”
Examples of heavy data-related firms include Huawei, WeChat, Baidu and Tencent.


Economist: reforms easier said than done

Lawmaker Johnny Ng Kit-chong says He’s pledge to provide the utmost support for Hong Kong is a real shot in the arm for the city to strengthen its role as an international financial centre and to restore investors’ confidence.
“His messages are very upbeat and clear, setting the stage for Hong Kong to consolidate its status as an international financial centre. He emphasises the importance of Hong Kong to Beijing which is beneficial to restoring foreign investment and investors’ confidence,” he says.
The lawmaker says that to complement the national financial development and strengthen the city’s competitiveness, Hong Kong should speed up the internationalisation of the yuan by rolling out more related products and expanding its use as a settlement tool in the international market.


He’s words are real shot in arm for Hong Kong: lawmaker

Chan says the upside of the new global landscape for Hong Kong means opportunities for growth in emerging sectors such as fintech and green and sustainable finance.
He says the global push for sustainability is reshaping industries, with green finance and ESG considerations becoming integral to investment strategies. Investors are increasingly seeking opportunities that align with sustainable development goals, driving growth in sustainable infrastructure and green technologies, he adds.
Chan says green finance is a central policy priority of the Hong Kong government, with initiatives such as the launch of “Core Climate”, referring the city’s international carbon market, and the Government Sustainable Bond Programme, strengthening its green agenda.


Opportunities out there for fintech and green finance: Eric Chan

Chan says the government will expand its offerings, provide more diversified, Renminbi-denominated investment products, increase the issuance of Renminbi bonds and support more green and sustainable offshore Renminbi bond issuances in Hong Kong.
The city will also boost the Cross-boundary Wealth Management Connect Scheme, and Southbound Trading under Bond Connect, which will bolster Hong Kong’s status as a prime gateway for investors looking to enter the mainland market, he says.
“China’s financial development continues to be a cornerstone of global economic growth. With the support of our country, Hong Kong continues to be the world’s largest offshore Renminbi business hub,” he says.


Strengthen city as largest offshore Renminbi hub

Dong Jinyue, principal economist at BBVA, says He’s speech has very important implications as Beijing is promoting Hong Kong’s role as both a global international financial centre and a window for the world to understand and invest in China.
“It is for sure Beijing understands the situation of Hong Kong fully, and particularly at the current stage wants to promote Hong Kong’s special role in cross-border capital flows, bilateral investment, financial liberalisation of China, as a yuan internationalisation hub and the buffer amid the changing global geopolitical order,” Dong says.
She adds that it is important to get the confirmation of continuing to promote Hong Kong as the international financial centre.
“The confirmation from Beijing as well as the support from the central government could stimulate the market sentiments in Hong Kong,” Dong says.


Beijing’s confirmation will stimulate market sentiments: economist

Banking sector lawmaker Ronick Chan Chun-ying says that to go with the direction laid down by Beijing, Hong Kong should roll out more tokenisation of financial products to enhance its competitiveness and strengthen offshore yuan trading.
“This is what we call deepening our financial innovation, to take us more ahead of our competitors in the process of consolidating our status as an international financial centre,” he says.


Hong Kong needs to deepen financial innovation: lawmaker

Thanks for joining us. We are now ending our live coverage for the first day of the Global Financial Leaders’ Investment Summit. Stay tuned for more stories and a wrap on the day’s events.
