HK to ‘future-proof’ financial system for long-term sustainability

Total banking deposits in Hong Kong have grown by 5%.

Hong Kong is eyeing to future-proof its financial system for long-term sustainability, Financial Secretary Paul Chan said.

During his visit to the United States, where he spoke at the Bloomberg Global Regulatory Forum, Chan highlighted how Hong Kong's robust regulatory regime and international connectivity contribute to this goal.

"Total banking deposits in Hong Kong have grown by 5% or $77b (US$100b), reaching more than $15.5t (US$2t). Our asset-and-wealth-management sector is also growing, handling $31t (US$4t) in assets, with over half sourced from foreign investors," Chan said.

Moreover, under the "one country, two systems", Chan said international investors could be confident in Hong Kong's future, owing to common law traditions, the free flow of capital, a currency pegged to the US dollar, and business practices aligned with international standards.

The financial secretary also shared key development directions for Hong Kong including the Connect Schemes between Hong Kong and Mainland China and innovations enabling the responsible and sustainable development of digital assets.

Chan also attended a luncheon in New York where he said that Hong Kong will continue to link Mainland China’s capital markets and investors to the global community.

Furthermore, he introduced Hong Kong's latest initiatives in finance, attracting businesses and talent, and the collaborative developments with the Guangdong-Hong Kong-Macao Greater Bay Area.

($1=US$0.13)