Global financial governance heavyweights discuss multilateral cooperation and free flow of capital at the International Finance Forum Hong Kong Conference on May 5, 2023. (ANDY CHONG / CHINA DAILY)

HONG KONG – Hong Kong has been serving as a solid supporter of multilateralism and global economic cooperation by proactively reaching out to its international partners on various fronts, officials said at the International Finance Forum Hong Kong Conference on Friday.

“As one of the world’s most open economies, multilateralism and globalization form part of Hong Kong’s DNA,” Chief Executive John Lee Ka-chiu told the forum via a video recording.

“We don’t just talk the talk, we also walk the walk,” Lee said, citing the Hong Kong Special Administrative Region government’s increasing efforts in strengthening international ties and seeking partnerships by sending delegations to the Middle East, Southeast Asia, and Europe over the past several months.

The IFF was founded in 2003 by more than 20 countries, regions and international organizations.

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Featuring “Multilateralism and Globalization in an Era of Strategic Competition and Implications for Asia”, this year’s IFF marks the first time that the high-level finance gathering has hosted its international conference outside the Chinese mainland.

Hong Kong has played its role as the main regional center of global financial institutions for many years.

Han Seung-soo, Ex-PM, South Korea

Amid growing calls during the forum for closer collaboration to reboot the global economy, the role of Hong Kong became a default icebreaker for conversations among political heavyweights and business leaders.

Echoing Lee’s remark, Financial Secretary Paul Chan Mo-po said in his opening speech at the forum that Hong Kong is “firmly committed to free trade, to reducing trade barriers and ensuring the free flow of goods and services, capital and people.”

“As a founding member of the World Trade Organization (WTO), Hong Kong is a staunch supporter of the rules-based multilateral trading system, with the WTO at its core,” Chan said.

In a sign of the Asian financial hub’s steps to promoting regional economic integration gaining pace, Hong Kong is striving for early accession to the Regional Comprehensive Economic Partnership — now the world’s largest free trade agreement.

There is also much Hong Kong can offer in green finance as the world progresses towards carbon neutrality and sets priorities on environmental, social and governance (ESG), Chan added.

According to the finance chief, the green debts issued or arranged in Hong Kong exceeded $80 billion last year. In terms of the amount of international green bonds issued, Hong Kong ranked first in Asia.

Describing multilateralism and globalization as the “backbones of peace and prosperity” during his speech, Han Seung-soo, former prime minister of South Korea, praised Hong Kong’s role in promoting freeflowing dialogue and multilateral cooperation in the field of global finance.

“Hong Kong has played its role as the main regional center of global financial institutions for many years,” Han said, adding that the Guangdong-Hong Kong Macao Greater Bay Area is to emerge as the future financial and digital hub of the region in due course.

As a vast economic zone encompassing Hong Kong, Macao and nine mainland cities in Guangdong province, the Greater Bay Area is considered one of the world’s wealthiest city clusters with its economic output topping 13 trillion yuan ($1.88 trillion) last year.

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“As two critical issues facing humanity today are climate change and digitalization, Hong Kong and the Great Bay Area have much to do in order to help ameliorate the problems that may arise from these two issues,” said Han, who is also the co-chairman of the IFF and chair of the Council of Presidents of the United Nations General Assembly.

The financial event on Friday also witnessed the inauguration of the IFF Hong Kong Center, which is the second IFF Center outside the mainland, following the recent opening of a representative office in Washington DC.

The IFF Hong Kong Center will take responsibility for international affairs on behalf of the forum.

Contact the writer at evanliu@chinadailyhk.com