John Lee highlights HK's financial strategy at Asian Financial Forum

The Hong Kong SAR Government and the Hong Kong Trade Development Council are co-hosting the 18th Asian Financial Forum (AFF) today and tomorrow (Jan. 13 and 14) at the Hong Kong Convention and Exhibition Centre.

In his speech, Chief Executive John Lee highlighted that Hong Kong continues to serve as a global offshore renminbi (RMB) business hub, boasting the world's largest offshore RMB liquidity pool. Hong Kong leads RMB settlement, financing, and asset management, offering many popular products and services. Approximately 80% of global offshore RMB payments are processed in Hong Kong, and as of the end of October, the city's RMB deposits reached RMB 1.1 trillion.

John Lee noted that Hong Kong's stock market performed strongly last year, with an 18% increase compared to the previous year. The average daily trading volume grew by 26%. Hong Kong also became the world's fourth-largest IPO market, making solid progress in developing its stock market, particularly in reforms focused on the SME-oriented secondary market. Additionally, Hong Kong enhanced its listing regime for professional technology companies and ensured market operations during severe weather conditions.

John Lee emphasized Hong Kong's position as a leading green and sustainable finance hub. In 2023, the total volume of green and sustainable bonds arranged in Hong Kong reached $30 billion, ranking first in the Asian market and accounting for 37% of the region's total. The Hong Kong government's sustainable bond program targets global institutional investors and local retail investors, covering multiple currencies and maturities, including Asia's largest environmental, social, and governance (ESG) bond issuance.

As of September 2023, Hong Kong had issued approximately 230 ESG funds, managing over HK$175 billion in assets—a 50% increase compared to three years ago. Last month, the government introduced the Hong Kong Sustainable Disclosure Roadmap, providing a clear path for large, publicly accountable entities to adopt these standards fully by 2028.

John Lee also stated that Hong Kong is committed to being among the first jurisdictions to align its local requirements with the International Sustainability Standards Board's (ISSB) global sustainability disclosure standards.

On developing the gold trading center, John Lee mentioned plans to create comprehensive industry training and provide a stable, secure environment for gold storage and other forms of wealth management. Amid rapid global geopolitical changes, Hong Kong's stability offers investors a reliable destination for gold storage and broader financial services.

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