The Global Financial Leaders’ Investment Summit caps a momentous fortnight for Hong Kong’s affairs. After the city’s status as an international finance centre and innovation and tech hub was reaffirmed in China’s proposed 15th five-year plan, Beijing publicly backed Hong Kong as a global hub at the summit organised by the Hong Kong Monetary Authority. Chinese Vice-Premier He Lifeng praised the city’s attractions to the global financial market and urged Hong Kong to grasp the opportunities created in the five-year plan, both in finance and global financial governance. In that regard, the “one country, two systems” principle gives the city a unique advantage.

Advertisement

He also expressed confidence in Hong Kong’s prosperity. The proposed five-year plan included important arrangements to support Hong Kong’s development, He said in an opening keynote speech via video link. He highlighted the significance of reform under President Xi Jinping’s Global Governance Initiative , saying he hoped the city could act as a bridge and window in related research and practice. It is also important for Hong Kong to play a role in international financial governance. In another keynote speech , Hong Kong Chief Executive John Lee Ka-chiu said the one country, two systems principle had enabled businesses in the city to reach out to the world while maintaining “unparalleled” access to China. The city offered “certainty and clarity” to “global investors and businesses seeking to diversify their assets and minimise risks” amid geopolitical uncertainty and market volatility, he added.

The summit attracted about 300 global financial heads to the city, including more than 100 group chairmen and CEOs. If anyone had doubts about its significance, Beijing erased them by dispatching top securities and finance regulators to address attendees. They said Beijing would bolster Hong Kong’s position as a global financial hub by enhancing openness and cooperation in key sectors. “We will continue to deepen financial collaboration between the mainland and Hong Kong, promote Hong Kong’s full integration into the nation’s overall development, and further consolidate and enhance its status as an international financial centre,” said Zhou Liang, vice-minister of the National Financial Regulatory Administration.

Li Ming, vice-chairman of the China Securities Regulatory Commission, said it would streamline filing procedures for Chinese companies seeking to list overseas and expand the scope of stocks in the mainland-Hong Kong Stock Connect programmes.

Given the uncertain geopolitical times, Hong Kong is fortunate, as a regional and global superconnector, to be facing the challenges with so much potential and so many opportunities. It must seize them with its renowned capacity for adaptation and resilience.