John Lee: HK can add value to ASEAN member countries under 'one country, two systems'

John Lee, the chief executive of Hong Kong, spoke at the "Hong Kong-ASEAN Summit 2023" today (October 9). Lee secured support from ASEAN members for Hong Kong's involvement in the Regional Comprehensive Economic cooperation (RCEP), a comprehensive regional economic cooperation deal, after recent discussions with leaders from ASEAN states. In addition, the Secretary-General of ASEAN welcomed Hong Kong's participation in the RCEP during the Belt and Road Forum last month.

Lee claimed that because of Hong Kong's distinct advantages under the "One Country, Two Systems" framework, which may benefit ASEAN member countries, it has long played a significant role in the regional economy.

Around USD 79 billion worth of commodities were traded through Hong Kong in the previous year between ASEAN and Mainland China. Even in the face of geopolitical unrest, a volatile economy, and the challenges brought on by the pandemic, Hong Kong still provides enterprises and investors with a business-friendly environment, strong financial regulatory institutions, and a straightforward, low-tax regime. The financial system in Hong Kong is still robust.

John Lee emphasized that as an international financial center, Hong Kong will continue to be Asia's largest hedge fund center, cross-border private wealth management hub, and offshore RMB center. The city welcomes global family offices and asset owners from Asia and other regions to contribute to Hong Kong's prosperity.

Lee also mentioned that Hong Kong has provided capital gains tax exemptions for family offices and is streamlining the process of establishing a presence in the city.