The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (October 20) attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) in Bangkok, Thailand. He joined various sessions to discuss major issues such as the global economic and financial outlook, sustainable finance and cross-border payments and remittances.
Hong Kong has lifted its relevant quarantine arrangement since September 26 this year and has witnessed a considerable increase in the total number of incoming passengers, Mr Hui said, adding that business in Hong Kong has been normal.
While the FMM is meeting at a time when the global economy is facing immense headwinds such as monetary policy tightening and soaring inflation, Mr Hui shared the importance of decarbonisation, diversification and digitalisation as the pathway to a sustainable and resilient recovery. He introduced to the meeting the Hong Kong Special Administrative Region's efforts in combating climate change and achieving carbon neutrality, its status as a global offshore Renminbi business hub for diversifying risks and assets, and the city's fintech developments to boost the competitiveness of the financial services sector.
Mr Hui stressed that Hong Kong will continue to work with partners in APEC to deliver a free, open, fair, and transparent trade and investment environment.
On sustainable finance, a key to decarbonisation is to make use of financing, Mr Hui said. Capitalising on its role as an international financial centre, Hong Kong strives to become a regional hub for green and sustainable finance, serving as a premier platform for international green enterprises and projects in raising funds through issuing bonds and initial public offerings, etc. Moreover, he mentioned the progress of the Multiple Central Bank Digital Currency Bridge project, which has the potential to offer benefits such as accelerating cross-border transfers and reducing costs to participating central banks.
Mr Hui had a bilateral meeting with the Minister of Finance of Thailand, Mr Arkhom Termpittayapaisith. Mr Hui noted that the trade ties between Hong Kong and Thailand have been growing closer in the past few years, and that he looks forward to exploring financial co-operation with the country. He also briefed Mr Termpittayapaisith on the key initiatives of the financial services in "The Chief Executive's 2022 Policy Address" that include supporting asset and wealth management business and attracting quality enterprises to list in Hong Kong.
Mr Hui also met with the Vice Minister of Finance of Indonesia, Mr Suahasil Nazara, for exchanges on issues bringing long-term benefits to Hong Kong and Indonesian businesses.
Tomorrow (October 21), Mr Hui will deliver speeches at an executive roundtable luncheon and the Thai-Hong Kong Trade Association's anniversary dinner, meet with Thailand's venture capital and fintech associations as well as representatives of enterprises to promote opportunities in setting up family offices and venture capital investments in Hong Kong.
Ends/Thursday, October 20, 2022
Issued at HKT 18:32