Financial Secretary Paul Chan said Hong Kong had become a safe haven for capital, as global investors reassess the risks to their asset portfolios and adjust investment strategies amid geopolitical uncertainties.
Writing in his weekly blog on Sunday (Nov. 23), Chan said total deposits in Hong Kong banks had exceeded HK$19 trillion this year, a surge of more than 10 percent.
He said Hong Kong had seen leading IPO fundraising activities, booming wealth management industry and global financial cooperation, demonstrating a growing interest in the SAR as a safe harbour.
The FS added many global financial leaders who attended events in Hong Kong were planning to recruit more staff and expand their businesses in the city.
Addressing shipping and trade development, Chan said Hong Kong's exports were not affected by the tariff war and recorded 19 months of growth.
To seize new opportunities under global uncertainties, the government was promoting the strengths of Hong Kong's shipping sector, he said.
He added that the Hong Kong Maritime Week held over the past week had attracted a record-breaking 18,000 participants.
Meanwhile, Chan said Hong Kong's outstanding international connectivity had attracted global event organisers.
With an increase in tourists this year, the SAR is expected to see a further boost in the performance of convention and exhibition events, he said.
(Source: RTHK)
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