On November 4, Hong Kong Special Administrative Region Chief Executive John Lee stated in his speech at the International Financial Leaders Investment Summit that Hong Kong will become one of the world's largest wealth management centers in the coming years. He pointed out that the preferential policies introduced by Hong Kong regarding capital and single-family offices will make it more attractive as a wealth management hub.
Beyond wealth management, Hong Kong is also expanding its market advantages in other asset classes. Lee added that Hong Kong is establishing a global gold trading market. Against the backdrop of increasing global demand for gold, this move will enhance the efficiency of gold trading and gold as a reserve asset.
Facing the current complex international environment, Lee emphasized Hong Kong's stability. He noted that today, with intensified geopolitical uncertainties, frequent market fluctuations, and rapid technological advancements, Hong Kong, with its solid foundation, is a reliable partner. Hong Kong provides a stable development environment, clear policy direction, as well as confidence and opportunities for global investors and enterprises seeking asset diversification and risk reduction.
Lee also introduced several positive developments in Hong Kong's financial market. He mentioned that Hong Kong's financial market continues to improve. In terms of initial public offerings (IPOs), Hong Kong has raised over USD 26 billion in IPO funds this year, ranking first globally, with 80 companies having completed main board listings. To this end, the Hong Kong SAR Government is advancing reforms of the listing system, optimizing the financing environment for overseas companies, and promoting stock trading denominated in Renminbi. Furthermore, in the field of digital assets, Hong Kong will also explore promoting the sustainable development of the tokenization market in a safe and controlled environment.
Lee pointed out that in September this year, Hong Kong released a roadmap for the development of its fixed income and currency markets. This roadmap aims to attract primary market issuance, enhance secondary market liquidity, expand offshore Renminbi business, and build a new generation of financial infrastructure, providing global investors with more asset allocation choices and helping enterprises raise funds in a complex environment.
The Asian Infrastructure Investment Bank (AIIB) recently announced that it will set up an office in Hong Kong. Lee stated that Hong Kong will leverage its financial diversity to provide comprehensive services for AIIB, including financing and investment management. This serves as another example of synergy between Hong Kong and the mainland market under "one country, two systems."
At the meeting, Hong Kong Monetary Authority Chief Executive Eddie Yue mentioned that the financial environment over the past year has been quite challenging, with the macroeconomic backdrop continuously changing, economic growth slowing, government debt rising, and long-term uncertainties in trade and geo-economics.
Yue further analyzed that artificial intelligence and cryptocurrencies have brought new dimensions and challenges to traditional financial intermediation services, the role of non-bank institutions continues to expand, and the interconnections between them are becoming increasingly close. He believes these development trends are worth watching but also seem difficult to predict under the current uncertain outlook. Therefore, financial leaders must closely monitor market dynamics and plan ahead. "This is precisely the principle we uphold as guardians of Hong Kong's monetary and financial stability."
