In this undated file photo, Hong Kong Financial Secretary Paul Chan Mo-po gives an interview. (ZOU HONG / CHINA DAILY)
HONG KONG - "Hong Kong dollar selling" amid US interest rate hikes does not mean capital outflow, and will not affect the financial and monetary stability of Hong Kong, said Paul Chan Mo-po, financial secretary of the Hong Kong Special Administrative Region government.
In the first half of 2022, the total deposits of authorized institutions in Hong Kong still rose slightly by 0.4 percent, reflecting that "the selling of the Hong Kong dollar" is not equivalent to "an outflow of capital," and will not affect the financial and monetary stability of Hong Kong, Chan said in a blog post on Sunday.
In the first half of 2022, the total deposits of authorized institutions in Hong Kong still rose slightly by 0.4 percent, reflecting that "the selling of the Hong Kong dollar" is not equivalent to "an outflow of capital," said Financial Secretary Paul Chan Mo-po
He said that in the face of the changing international political situation, efforts are needed to be made to further strengthen economic and trade cooperation with emerging economies and more actively attract talents and enterprises from different regions to Hong Kong.
As an international fund-raising center, Hong Kong should strive to attract more enterprises from different places and with diverse backgrounds to list in Hong Kong and expand their businesses here, the finance chief said.
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Chan said enterprises and capital from the Association of Southeast Asian Nations and from Middle Eastern countries will be the key focus in the future when promoting cooperation under the Regional Comprehensive Economic Partnership agreement and China’s Belt and Road Initiative.
ASEAN is Hong Kong’s second-largest trading partner, accounting for 12 percent of the city’s merchandise trade.
According to representatives of different industries, the Hong Kong Special Administrative Region will remain an important gateway for foreign businesses to enter the Chinese mainland, and a base for domestic enterprises to access overseas markets, Chan said.
Noting that the Health Bureau of the HKSAR government had recently announced four new epidemic prevention measures, Chan also urged the unvaccinated residents in Hong Kong to receive vaccine doses as soon as possible, contributing to keeping normal social and economic activities to the greatest extent while effectively preventing and controlling COVID-19.
READ MORE: Chan: HK needs expansionary fiscal stance to sustain economy
With Xinhua inputs
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