,Hong Kong

Hong Kong's role as global financial centre highlighted in New York

Hong Kong has a unique role in helping US-based financial services businesses grow in China and the rest of Asia.  This was emphasized by Under Secretary for Financial Services and the Treasury, Ms Julia Leung.

 

Speaking to an audience of more than 200 senior financial services executives at the opening of the New York conference, " Hong Kong: China's Global Financial Centre", Ms Leung outlined the synergies between Hong Kong and New York; including, economic freedom, flow of capital and information, leadership in equities fund raising and preeminent roles as international financial centres. 

Ms Leung noted that, as the largest Foreign Direct Investment provider to China, Hong Kong is playing a constructive role as an incubator and testing ground for new ideas in the opening of China's financial markets

She remarked that the established market discipline in Hong Kong can bring mainland companies the much needed international best practices in corporate governance, accounting, disclosure and management. Hong Kong also offers attractive valuations and a deep international liquidity pool. A manifestation of this role is the listing of four state-owned banks.


"Hong Kong plays a role different from Shanghai and not replaceable by Shanghai. Hong Kong is part of China, yet distinct and separate from the financial market of China under 'One Country, Two Systems'. This allows RMB convertibility to be tested in Hong Kong while providing a natural firewall to protect financial security on the Mainland markets," Ms. Leung stated.

Also speaking at the conference was the Chief Executive Officer of the Securities and Futures Commission, Mr Martin Wheatley. Mr Wheatley explained how the continued development of the Hong Kong's regulatory regime has shielded it from the global financial crisis.

He said, "Hong Kong's robust financial regulatory regime augments its attraction as an international financial centre. The strength of our market was patently evident in the way it overcame the global financial crisis with remarkable resilience and sensible regulatory responses. We are committed to continuing a balanced regulatory approach, maintaining transparency, strengthening investor protection, and keeping abreast of international standards."

The conference focused in particular on the development of Hong Kong as Asia's asset management hub, as it continues to attract new asset managers to the region. Hong Kong's fund management business rebounded strongly in 2009, with a year-on-year increase in combined assets under management of 45.4 percent to US$1,091 billion as at the end of the year. Assets under management specifically for the hedge fund industry reached US$63.2 billion at the end of September 2010.

The Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Eddie Yue, commented, "We are already seeing more and more asset managers looking to set up and expand offices in Hong Kong to capture these investment opportunities in Asia. I believe what we are seeing today is only the beginning of a period of exceptional growth in Hong Kong’s financial services industry."
 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The tourism board attributes this to anti-epidemic measures involving border control. 
About $270m of the aid will be given as one-off cash subsidies to practitioners.
The rules will be implemented on 19 January.
A possible rate hike in March will also positively affect the bank.
Eligible customers who will apply online can get a 20% first-year premium discount.
Chow Tai Fook Jewelry Group from China/HK SAR was amongst the top 10 companies. 
About 76% have expressed their intentions to look for a new job. 
For the quarter ended, there was a $6.6b worth of sales recorded.
HK online sales could grow by 10% in two to three years.
This includes being more lenient in granting leaves for parents of school children.
Non-residents coming from the country to be barred entry.
Wei Mei Tan and Michael Wong will see their roles take effect immediately.
It vowed to align its resources with the Northern Metropolis Development Strategy.