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Tuesday, January 19, 2021, 18:03
Financial secretary: HK recovery may accelerate in H2
By ​Oswald Chan
Tuesday, January 19, 2021, 18:03 By ​Oswald Chan

Hong Kong Financial Secretary Paul Chan Mo-po delivers a speech via video at the 14th Asian Financial Forum on Jan 19, 2021. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR GOVT)

HONG KONG - Hong Kong’s economy may pick up speed in the second half of this year, depending on whether mass vaccination programs around the world can inject energy into a global economic recovery, Financial Secretary Paul Chan Mo-po said.

Speaking via video on the second day of 14th Asian Financial Forum on Tuesday, the finance chief cautioned that Hong Kong’s economy in the first half of 2021 will still be clouded by the COVID-19 pandemic, but he was optimistic about the city’s long-term economic development.

Hong Kong continues to be the business and investment bridge that links the Chinese mainland and overseas countries, and the city also is the important choice for mainland and overseas companies for listing their shares.

Paul Chan Mo-po, Hong Kong's financial secretary

“Hong Kong continues to be the business and investment bridge that links the Chinese mainland and overseas countries, and the city also is the important choice for mainland and overseas companies for listing their shares,” Chan said.

“As the government reforms its listing regime and enlarges the universe of the two stock connect programs, linkages between Hong Kong and mainland capital markets are further cemented, thus enhancing the liquidity position of those listed companies,” the finance chief reckoned.

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The administration strives to promote the city as Asia’s premier fund management center, particularly focusing on luring more private equity funds coming to Hong Kong for business.

Cross-boundary Wealth Management Connect will be another focus, as this linkage endows an array of investment and asset allocation choices for residents in the Guangdong-Hong Kong-Macao Greater Bay Area when investing in cross-boundary wealth management products.

READ MORE: HK to gain from mutual connect with mainland

The city as a risk management hub was also strengthened when Hong Kong Exchanges and Clearing Limited inked a business deal with MSCI Limited last year, enabling the city’s bourse to launch more financial futures and options products.

“Regarding the development plan of the sustainability finance, the government plans to issue green bonds worth of US$8.5 billion in the coming five years,” Chan said.


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