Blog

Sharing Experience, Building Tomorrow

Last week, I attended the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, Italy. There, I exchanged views with fellow representatives from other economies on advancing the global governance system and creating a prosperous future together. I also shared Hong Kong's economic situation and future key development directions, while promoting Hong Kong's new opportunities to the international community.

Faced with the uncertainties brought by unilateralism and tariff wars, many member economies expressed concerns about the global economic prospects, and the challenges of maintaining and enhancing economic growth. We also had in-depth discussions regarding how to better utilise multilateral cooperation mechanisms. Throughout the meetings of the Board of Governors as well as bilateral meetings and exchanges, several common points of concern emerged.

In a group photo with other Governors of the ADB and central banks during the 58th Annual Meeting of the ADB in Milan, Italy last week.

Speaking at the Governors' Plenary of the Annual Meeting.

First, governors were concerned about the global economic outlook, and recognised the pressing need for development. The United States has unilaterally launched a tariff war against the world, casting a huge shadow over the global economic landscape. Amid the dual challenges of a weak external environment and tight public finance, boosting the local economy and improving people's livelihood have become a pressing issue for many economies. The Joint Statement of the 28th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting, held concurrently in Milan, indicated that escalating protectionism weighs on global trade, leading to economic fragmentation. The Asian region needs to promote more intra-regional trade and investment flows to strengthen its resilience against external shocks.

Many ADB members expressed a desire to attract more international investments, and acquire mature technological solutions and talent to assist with their infrastructure development and community projects. They include some Central Asian countries which possess considerable advantages and potential, such as young populations and abundant natural resources. They have good prospects in foreign trade, the minerals industry and renewable energy. It is their common wish to engage in more international cooperation to expedite development and enhance competitiveness. In various meetings, I explained Hong Kong's full spectrum of financial services, particularly our innovative financing solutions such as infrastructure loan securitisation and catastrophe bonds. I elaborated on how we, as a "super connector" and "super value-adder", can bring together investors, professional service providers and companies from different industries worldwide to take part in projects in these countries and meet their development needs.

During the Annual Meeting, I also briefed my counterparts on the latest developments and business opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area. Many representatives noted that, under the prevailing complex and volatile geopolitical situation, diversifying risks is a strategic consideration. With Asia continuing to be a significant source of economic growth in the world, they have planned to increase investments into this region. They generally agree that Hong Kong's steadfast commitment to its free port status; free flow of capital, goods and information; as well as open and friendly business environment, make it highly attractive to them. We can serve as their base to explore the Chinese Mainland and Asian markets.

Speaking at the Business Session of the Annual Meeting.

Meeting with the President of the ADB, Mr Masato Kanda, during the Annual Meeting.

In a group photo with other participants of the Constituency Meeting of the Annual Meeting.

Second, there was a deepening consensus on the importance of multilateral cooperation mechanisms. In the light of a rapidly changing international landscape, it is the collective appeal from the vast majority of member economies that the international community must uphold multilateralism and promote mutually beneficial cooperation. China, our country, has reiterated the principles of extensive consultation, joint contribution and shared benefits, emphasising the spirit of win-win cooperation and its firm support to inclusive development. Many participants expressed their support for the ADB to continue fulfilling its role as a multilateral cooperation platform, through strengthening dialogues among members, and promoting cooperation and experience sharing in response to global challenges.

Third, there was an emphasis on digital development. Indeed, promoting digital transformation is a key theme of the Annual Meeting. In the era of artificial intelligence (AI), many countries and regions have recognised the need to improve the AI readiness of their societies. To achieve this goal, a comprehensive strategy is required to promote digital infrastructure development, broaden application scenarios and enhance the AI literacy of citizens. Besides, many developing member economies agree that innovation and technology are essential to leapfrogging economic development. They are working hard to advance relevant development and regulatory frameworks. In particular, they are highly interested in the fintech sandboxes in Hong Kong, which expedite faster adoption of technologies and enable the early launch of more inclusive financial services.

In recent years, Hong Kong has made significant progress in financial innovation, the digital economy, green finance and other fields. In fintech, for example, by supporting data sharing and the application of technologies, risk assessments can be carried out more quickly and with greater accuracy, thereby helping more small and medium-sized enterprises obtain funding and address their pain points.

Meeting with the Governor of the Bank of Italy, Mr Fabio Panetta, during the Annual Meeting.

Meeting with the First Deputy Minister of Economy and Finance of Uzbekistan, Mr Ilhom Norqulov.

Meeting with Chairman of the State Committee on Investments and State Property Management of Tajikistan, Mr Sulton Rahimzoda (first from right).

As we strengthen exchanges and cooperation with markets in various regions, it is crucial that we understand each other's culture, history, customs and traditions. That said, the love of family and friendship are common values that transcend diverse cultural backgrounds, whether in Asia, the Middle East, Europe or the US. For instance, the movie "The Dumpling Queen", now in cinemas, vividly portrays the story of a woman struggling for a better life in Hong Kong. The narrative evokes touching feelings of love among family members, friends and neighbours while highlighting Hong Kong's development trajectory filled with abundant opportunities. On this Mother's Day, I would like to pay tribute to all mothers, and wish you all a happy holiday with your loved ones.

May 11, 2025