Financial Secretary Paul Chan today began his visit to Seoul, Korea, by meeting Bank of Korea Governor Rhee Chang-yong and Korea Investment Corporation President & Chief Executive Officer Park Il-young.
Upon arrival in the afternoon, Mr Chan visited the Bank of Korea, the country’s central bank, and met Governor Rhee Chang-yong to discuss the developments in finance, trade and economic landscapes of the two places, in the region and around the globe.
They also exchanged views on monetary and interest rate policies and investment trends.
During the meeting, Mr Chan shared the latest developments in Hong Kong, particularly the continuous capital inflow to Hong Kong’s financial system, reflecting international investors’ confidence in Hong Kong in the current international environment.
Mr Chan said that Hong Kong maintains a free and open economic and financial system as well as the Linked Exchange Rate System under the “one country, two systems” principle. He also highlighted that Hong Kong’s unique advantage of being connected to the Mainland and the world, as well as its highly internationalised characteristics, is further attracting more international participants and capital to enjoy opportunities brought by developments in China.
Hong Kong’s international ties are continuously deepening, Mr Chan added.
Thereafter, the finance chief visited the Korea Investment Corporation (KIC) and met its President & Chief Executive Officer Park Il-young to have an in-depth exchange of opinions on various issues of mutual concern, such as trends of investment markets, asset allocation strategies and digital asset developments.
The KIC was established by the Korean government in 2005, responsible for managing part of Korea’s foreign exchange reserves and other public funds for overseas investments. Currently, over US$200 billion of assets are under its management.
Mr Chan shared the recent developments in Hong Kong’s economic and financial markets, and its important role in connecting capital and investors from China and around the globe.
He pointed out that Hong Kong’s capital market is closely connected to the Mainland’s innovation and technology (I&T) ecosystem. The recent stock market is vibrant, with many leading Mainland I&T enterprises having listed or planning to list in Hong Kong. To international investors, Hong Kong serves as a highly effective gateway to tap into I&T opportunities in Greater China.
Mr Chan welcomed Korean capital to better use the Hong Kong market to allocate international investments and jointly seize the vast business opportunities of I&T developments.
In the evening, Mr Chan had dinner with leaders in Korea’s digital asset industry, where he shared Hong Kong’s developments and opportunities in digital assets.
He also encouraged the local industry to actively participate in the Hong Kong market and jointly explore and expand more applications and developments in digital assets.
