Hong Kong leader John Lee on Wednesday pitched the city's connection with China in an address to some of the world's top financial executives, as he strives to rebuild the Chinese territory's COVID-hit image as a major financial hub.
For foreign financial firms operating in China and Hong Kong, the summit comes as they navigate tensions between the United States and China. A depleting pool of talent in Hong Kong, often described as "Asia's world city" is also"Hong Kong remains the only place in the world where the global advantage and the China advantage come together in a single city," Lee told roughly 250 summit participants, mostly comprising of local financial executives.
Besides stringent COVID restrictions, Hong Kong's outlook as a premier financial centre has also been clouded by anti-government protests in 2019 and the imposition of a sweeping national security law a year later. Foreign banks including Goldman, Morgan Stanley, HSBC and Standard Chartered also have significant onshore presence in China.
Hong Kong's new share listings are worth $10.77 billion so far in 2022, the lowest level since 2017, compared with $37.7 billion at the same time last year, according to Refinitiv figures. "There's still a significant amount of uncertainty as we get into 2023," he said. "My expectation is that equilibrium will come more into balance in the coming quarters."chief financial officer, said that the geopolitical situation playing out between major economies was a growing risk facing the world.
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