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Global Financial Leaders’ Investment Summit 2022”
The three-day Global Financial Leaders' Investment Summit (“the Summit”) concluded successfully with over 200 participants from around 120 international financial institutions including banks, securities firms, asset management companies, private equity and venture capital firms, hedge funds, insurers, etc. More than one-third of these institutions were represented by their group chairmen or CEOs.
Speakers at the Summit included representatives of financial regulators from the Mainland and Hong Kong, as well as prominent financial leaders from around the world. They analysed the global economic and financial situation and outlook, technological advances and geopolitical challenges, and shared unique perspectives and ideas on how to seize the opportunities ahead.
Many participants told me that they gained first-hand information regarding the current state and future developments of the global financial market from different sessions during the Summit. Through the Q&A sessions with the top management of the Mainland’s financial regulators, participants were also able to directly understand their perspectives and Mainland’s policy directions, as well as the current situation of Hong Kong’s financial market. Different discussion panels also brought together analyses, insights, and perspectives from the market elites in the securities, asset management, and alternative investments sectors.
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Participants commonly said that the discussions and peer-to-peer exchanges at the Summit gave them a more tangible feeling of the unique advantages of Hong Kong as an international financial centre. On the one hand, our market regulation is institutionalised, with clear and transparent rules, and coherent and consistent policy implementation. This is an environment with which they are familiar and trust. On the other hand, our unique connection with the Mainland markets and the associated diversified investment and risk management tools have facilitated them to deploy and start their businesses and investments in the Hong Kong, Mainland, and Asia Pacific markets. Indeed, many participants had a very tight schedule over the past few days. Apart from participating in the Summit, they also had internal meetings with their team in their regional headquarters in Hong Kong to discuss future development plans; they also took the opportunity to meet with clients and partners.
Some of our friends who attended the Summit had visited Hong Kong several times in the past few years; many were returning for the first time after a number of years. They went on to say that their experience in Hong Kong was different from what they had seen or heard from certain foreign media agencies. They felt that the city was full of vitality and opportunities. New infrastructure such as the M+ Museum and the Palace Museum has enhanced the cultural atmosphere in Hong Kong. Some guests also said they were looking forward to the Hong Kong Sevens that was held over the weekend, making their visit to Hong Kong even more eventful and fruitful. As a prestigious international rugby tournament, the matches of the last two days have been truly exhilarating, and the audience fully enjoyed and engaged in the games. The atmosphere was simply wonderful!
Since we decided to organise the Summit as announced in the Budget earlier this year, the Hong Kong Monetary Authority and the Government had been working industriously to organise the event. Along with the immense support from the financial sector and the concert of many different parties, the event had been a great success. The Summit also achieved another goal: to showcase that Hong Kong’s openness and normalcy. We will continue to hold the Summit next year, bringing together leaders from different sectors, and strengthen the role of this high-end financial networking platform in the global financial community.
In fact, from the financial professionals that I met during the visit to the Middle East, to the senior management from the international financial sector who came to Hong Kong for the Summit, they all have deep thoughts on the changing global economic outlook and the investment opportunities, as well as various needs, especially at a time when the world is facing increased uncertainties and risks, such as interest rate hikes, stagflation, geopolitical situations and changes in the pandemic situation. Balancing long-term and short-term investment needs; navigating the challenges and opportunities; and seeking to enhance potential returns on the premise of controlled cost and risk, are the core issues in making investment decisions.
In the face of various risks, if the world could continue to open up and cooperate to achieve win-win, it would be more resilient to economic ups and downs. This is more crucial than ever at a time when the world is undergoing profound changes unseen in a century, and the global economic recovery is sluggish.
As President Xi Jinping said in his speech at the opening ceremony of the 5th China International Import Expo, “We should commit ourselves to openness to meet development challenges, foster synergy for cooperation, build the momentum of innovation, and deliver benefits to all”. Our country is committed to openness to the world as its fundamental national policy, and it firmly pursues the strategy of mutually beneficial opening-up, and strengthens the links and resources synergies between the domestic and international markets. Our country’s development will provide new opportunities for the world and promote a more open world economy. In this overall context, as long as Hong Kong is proactive, plans well ahead, gives our best shot, and fully and accurately implements the “One Country, Two Systems” principle, we will certainly enjoy a prosperous future. Hong Kong’s advance estimate of GDP growth for the third quarter released last week was -4.5%, the third consecutive quarter of year-on-year contraction, and it is hard to be optimistic about the figure for the full year. While there will be ups and downs in the recovery process, as long as the epidemic remains under control and our external activities resume further, the momentum of economic recovery would gradually pick up. Our most pressing priority now is to increase investments and economic momentum. Attracting enterprises and talents is what we are working on at full steam. At the same time, we need to enhance our infrastructure investment and expand Hong Kong’s development capacity and capability, so that we can better grasp the development opportunities when the economy recovers and take our economic development to a higher level.
November 6, 2022
