Future Opportunities For The Financial Sector In Hong Kong Are Huge: Financial Secretary

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Future Opportunities For The Financial Sector In Hong Kong Are Huge: Financial Secretary
11 Oct 2022
min read

News Synopsis

Paul Chan, the financial secretary of the government of China's Hong Kong Special Administrative Region (HKSAR), claimed that Hong Kong has a tonne of potential for future growth as an international financial hub.

Chan claimed in a blog post on Sunday that Hong Kong had advantages in both "quality" and "quantity" due to its status as a pioneering and established market.

Hong Kong's biggest and most important advantage over other international financial centers is that it is the nation's leading international financial center acting as the "super-connector" under the "one country, two systems" policy, he said.

As the Basic Law of the HKSAR safeguards the free movement of capital into and out of Hong Kong and the legal standing of the Hong Kong dollar, he claimed that the institutional strength of the "one country, two systems" offers Hong Kong a special position and advantage.

The monetary and financial stability of Hong Kong has been supported by a clear, reliable, and effective linked exchange rate mechanism, he stated.

Chan said that the current HKSAR administration is pursuing a more proactive growth approach, which will give Hong Kong new development benefits and space, and that Hong Kong's financial market is still excellent in many aspects and has obvious competitive advantages.

The monetary and financial stability of Hong Kong has been supported by a clear, reliable, and effective linked exchange rate mechanism, he claimed.

According to Chan, the Chinese economy is showing signs of improvement, and the country's steady and prosperous growth is the strongest support for Hong Kong's future growth.

TWN In-Focus