Newly elected legislators from Hong Kong’s financial and commercial sectors vowed to serve as a bridge between their industries and the community, champion digital transformation, and help businesses capture new opportunities. They said they aim to contribute to the city’s economic reform while strengthening its role as an international financial center.
Results of the eighth-term Legislative Council election were released early on Monday, after 16 hours of voting on Sunday. All 90 seats were filled from 161 candidates. Twenty-eight functional constituencies, including financial services, commerce and accountancy, accounted for 30 of those seats.
The Chinese Manufacturers’ Association of Hong Kong, one of the city’s largest business groups, said it expects the new lawmakers to live up to their mandate over the next four years by delivering tangible results and helping drive economic growth.
President Lo Kam-wing said the business sector and the public used their votes to signal their hopes for Hong Kong’s future and to show firm support for the government’s post-Tai Po fire recovery efforts, which “underscores the city’s resilience and cohesion when confronted with challenges”.
The Federation of Hong Kong Industries said it hopes lawmakers will prioritize the city’s overall interests, make full use of their professional expertise and help foster constructive interaction between the administration and the legislature. It added that lawmakers should work together to enhance the competitiveness of Hong Kong’s industries, improve the business environment, and promote more diversified economic development.
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Robert Lee Wai-wang, who secured another term representing the financial services constituency, said he will focus on implementing market reforms, improving the business environment for small and medium-sized enterprises, and energizing the securities markets.
He will also raise the profile of futures and derivatives, and promote comprehensive development of the gold market. These efforts, Lee said, will “contribute to reinforcing Hong Kong’s role as an international financial center”.
Lee said he will also push the sector to embrace technology and diversification, as digital currencies, blockchain, and artificial intelligence are transforming the financial ecosystem. For instance, he said, AI is delivering benefits by lowering operating costs, improving research efficiency, and enhancing the safety of trade clearing.
Re-elected to the commercial (third) constituency, Yim Kong said he will continue putting forward constructive views on economic growth, livelihoods improvement and regional cooperation. He also pledged to help explain national development strategies in the Hong Kong Special Administrative Region and enable the SAR to better capture the country’s emerging opportunities.
Yim, who is also the vice-chairman of China Merchants Port Holdings Co Ltd, added that he will work to strengthen communication between Chinese mainland enterprises in Hong Kong, the SAR government, and the whole of society.
In addition to advocating a more business-friendly environment, reducing operating costs and streamlining administrative approvals, Yim said he will also encourage mainland companies to take on greater social responsibility in Hong Kong and contribute to the local community.
In the accountancy sector, first-time candidate Webster Ng Kam-wah won. He said the end of the election marks the start of legislative work, including funding reviews, lawmaking and follow-up measures after the recent Tai Po fire that killed at least 159 people.
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Ng described accounting as the “common language” of the business world and a foundation of market trust, which is crucial to safeguarding Hong Kong’s position as an international financial center.
With the sector facing both opportunities from emerging business models and challenges to traditional practices, he said he will focus on the digital transformation of accounting firms and difficulties related to cross-border operations.
Leveraging Hong Kong’s deep familiarity with international accounting standards, Ng pledged to strengthen the city’s role as a superconnector, helping the profession support companies expanding into the wider Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road markets.
