Continuing his visit to Beijing, Financial Secretary Paul Chan today attended the China Development Forum opening ceremony and delivered a keynote speech at the forum’s Symposium on Igniting Growth Momentum through Reform.
In the speech, Mr Chan pointed out three major trends that are profoundly impacting the global political landscape and economic development.
He said the rise of protectionism and unilateralism is bringing uncertainty and instability to the global economy, while the trend of regionalisation is reshaping international economic and trade relations, as well as the global trading system.
At the same time, the emergence of economies in the Global South is becoming a new driving force for economic growth, while technological innovation, particularly artificial intelligence (AI), is triggering changes in production models, business models and consumption patterns.
He emphasised that in the face of a complex and changing global situation, China remains steadfast in embracing true multilateralism, and works with countries to promote inclusive economic globalisation. He also remarked that China has stressed the need to expand high-level opening-up and advance institutional innovation, deepen reforms in the technology sector, and nurture new quality productive forces based on local conditions.
Separately, the Financial Secretary mentioned that Hong Kong, under “one country, two systems”, has unique advantages and can play a special role in deepening international exchanges and co-operation, contributing to the country’s high-level opening-up and quality development while creating greater business opportunities for global economies and enterprises.
First, Hong Kong will leverage its advantage of connecting both the Mainland and the world. While strengthening ties with traditional markets in Europe and the Americas, Hong Kong will explore new markets and develop high-value multinational supply chain management and trade financing services to support Mainland enterprises in going global.
Second, through financial empowerment, Hong Kong is actively supporting the financing needs of enterprises and projects in areas such as tech development and climate change. The city will continue to enhance the breadth, depth and efficiency of its financial markets to promote mutual benefit between finance and the real economy.
Third, Hong Kong will drive technological innovation with a particular focus on AI. Leveraging strengths in innovation and technology, international capital, data and talent, along with the innovative capabilities, depth of industries and wide scope of application scenarios of sister cities in the Greater Bay Area, Hong Kong is committed to becoming a hub for international exchange and co-operation in the AI industry.
Hong Kong also aims to support the growth of technological innovation and future industries by building an ecosystem of “patient capital”, he added.
Mr Chan will return to Hong Kong tomorrow morning.
