Hong Kong Chief Executive John Lee Ka-chiu delivers a keynote speech at the CIC Forum 2023 and Cross-Border Investment and International Industrial Cooperation Conference organized by CIC in Hong Kong, Sept 20, 2023. (PHOTO / OSWALD CHAN)

Government officials and business leaders said that Hong Kong can play a greater role in promoting sustainable development in the Belt and Road Initiative countries and in Asia amid major changes in the global macroeconomic environment.

Their remarks were made at the China Investment Corporation Forum 2023 and Cross-Border Investment and International Industrial Cooperation Conference organized by CIC on Wednesday in Hong Kong.

Lee said under the ‘one country, two systems’ principle, Hong Kong is proud to be a multi-level bridge, enabling the two-way flow of capital between the Chinese mainland and the rest of the world

“For many years, Hong Kong's economic freedom index has ranked first in the world, and its global competitiveness ranking in 2022 (was) fifth,” said Zhou Xiaochuan, member of CIC’s International Advisory Council and former governor of the People's Bank of China.

Zhou noted that “Hong Kong can further leverage its advantages in geographical location, government efficiency, financial markets and human resources to become an important collaboration hub for capital, technology and talent in promoting sustainable development in the BRI countries and in Asia.”

Hong Kong Chief Executive John Lee Ka-chiu, also attending the forum, added: “Under the ‘one country, two systems’ principle, Hong Kong is proud to be a multi-level bridge, enabling the two-way flow of capital between the Chinese mainland and the rest of the world. The city has strengths as a center for allocating assets from investors around the world.”

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Zhou Xiaochuan, member of China Investment Corporation’s International Advisory Council and former governor of the People's Bank of China, delivers a keynote speech at the CIC Forum 2023 and Cross-Border Investment and International Industrial Cooperation Conference organized by CIC in Hong Kong, Sept 20, 2023. (PHOTO / OSWALD CHAN)

Assets under management by the financial services industry in Hong Kong reached close to $4 trillion in 2022, while about two-thirds of the assets were sourced from investors outside Hong Kong, the chief executive noted.

Lee also highlighted how Hong Kong can be the investment platform for the Chinese mainland as the city is Asia’s largest hedge fund hub and cross-border wealth management center, as well as the world’s largest offshore renminbi service hub.

“Hong Kong is a global financial center, shipping and trade center, and is actively building a global science and technology innovation center. It has a superior business environment, mature financial market, sound service system, and rich talent resources,” CIC Chairman and Chief Executive Officer Peng Chun said.

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CIC is one of the world's largest sovereign wealth funds, with net assets reaching $1.17 trillion. CIC established a business operation in Hong Kong as early as 2010 and has a total of eight institutions in the city, carrying out diversified financial businesses such as investment, asset management, securities, and insurance.