As Hong Kong reopens, Lee plays up 'China advantage' to charm foreign banks
Story highlights
Strict Covid curbs led to an exodus of major companies and talent from Hong Kong and Lee reiterated his stand that they are working towards lifting the restrictions.
In an effort to revive Hong Kong's image as a global financial hub, Chief Executive John Lee pitched the city's connection with China during an address to some of the world's top financial executives. The city is hosting the Global Financial Leaders' Investment Summit, the biggest corporate event in Hong Kong since the pandemic forced it to shut its doors in 2020.
Strict Covid curbs led to an exodus of major companies and talent from Hong Kong and Lee reiterated his stand that they are working towards lifting the restrictions. Anti-government protests in 2019 and the imposition of a sweeping national security law have also had a negative effect on its economy.
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Senior executives from banks such as Goldman Sachs, Morgan Stanley, Blackrock, JP Morgan Chase, UBS, HSBC and Standard Chartered, who are in Hong Kong for the first time in almost three years, are attending the summit.
Foreign financial firms operating in China and Hong Kong have been trying to work amidst US-China tensions. Besides this, a depleting pool of talent is also creating a major challenge. Lee touted to the financial leaders the "China advantage" that Hong Kong holds.
"Hong Kong remains the only place in the world where the global advantage and the China advantage come together in a single city," Lee told roughly 250 summit participants.
"This unique convergence makes Hong Kong the irreplaceable connection between the mainland and the rest of the world."
Eddie Yue, chief executive of the city's de-facto central bank Hong Kong Monetary Authority (HKMA), said Hong Kong's reopening brings exciting growth opportunities to talents and financial institutions around the world.
Lee once again said that Hong Kong is trying its best to attract top talent. Recently, in his first speech as leader, Lee had talked about the various incentives he had in store for foreign talent coming to Hong Kong.
"As have many other major cities worldwide, Hong Kong has been through ups and downs over the years but our resilience remains remarkably unmatched," he told the summit.
Meanwhile, China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai told the summit that Hong Kong was a "very, very important" financial centre for China. He added that authorities were keen for more international companies to list in Hong Kong.
(With inputs from agencies)
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