Secretary for Monetary Services and the Treasury Christopher Hui on Sunday mentioned Hong Kong mild has an edge as a financial hub without reference to the extinct performance of its stock market.
He made the comment in accordance with an article by economist and ancient Morgan Stanley Asia boss Stephen Roach, who proclaimed that Hong Kong changed into as soon as “now over” since the Hang Seng Index had lagged within the lend a hand of its peers.
Talking on Industrial Radio, Hui pointed to spice up in areas equivalent to asset management and possibility management, and noted that over US$500 billion rate of bonds had been issued within the town over the past nine months, 7 percent more than the identical duration the one year sooner than.
“Section of the reason for the amplify changed into as soon as the enchancment of the renminbi, as it has lower hobby rates when put next with the US. But one other motive changed into as soon as that many organisations chose to strategy to Hong Kong to enviornment bonds as now we have gotten a community of worldwide investors. These advantages are evident.”
Hui also noted that even supposing the town’s put up-Covid financial recovery had now not been as fast as anticipated, and strain persists this one year resulting from the excessive hobby rates as properly as geopolitics, authorities will build rolling out an growth of measures to toughen the town’s financial competitiveness.
“This one year marked the Tenth anniversary of the Inventory Connect programme and the fifth anniversary of the Bigger Bay Residence Vogue Thought. We’ll peep lend a hand on the development revamped the past years whereas forging forward with contemporary measures to reinforce the equity market connections between Hong Kong and the Bigger Bay Residence,” he mentioned.
Diversified agendas under the pipeline including a roadmap of climate disclosures for enterprises to velocity up green finance, as properly as more education and supervision to build watch over and promote the virtual asset markets.
