Following is the speech by the Financial Secretary, Mr Paul Chan, at the Global Financial Leaders' Investment Summit Welcome Dinner this evening (November 2):
Eddie (Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Eddie Yue), distinguished guests, ladies and gentlemen,
Good evening.
Welcome to Hong Kong. And to those returning, welcome back.
It is wonderful to see so many financial leaders together, and to know that, for the next couple of hours, your attention will be on the menu rather than the markets.
My thanks to Eddie and the HKMA team for bringing us together. They have prepared two days of hard questions and fresh ideas for you, and one very good dinner. So I'll keep my remarks short and let you enjoy it.
This summit's theme, "Rethinking the Playbook", is well chosen. Before the rethinking begins, let me offer one observation from this city: playbooks change, but some fundamentals endure.
Investors value stability, clarity and choice. Under the "one country, two systems" framework, Hong Kong enjoys the staunch support from the Central Government. At the same time, we offer sound institutions, a predictable regulatory framework and friendly business environment, and the free flow of capital. You can bring capital here, put it to work and move it freely.
That freedom gives investors confidence. Our task is to give them compelling reasons to commit their capital to Hong Kong.
Our markets offer some of those reasons: access to capital, active trading and a broad investor base. In the first nine months of this year, IPO (initial public offering) fundraising in Hong Kong exceeded HK$388 billion, more than double the same period last year. That was a record for the period, too. Follow-on fundraising is strong, trading is active, and international and Chinese investors continue to choose Hong Kong.
The wider economy is also gathering momentum. Hong Kong's GDP (gross domestic product) grew by 5.1 per cent in the first half of this year, and that momentum continues. Exports have recorded strong double-digit growth for 12 consecutive months, supported by the global AI investment boom. Investment has registered double-digit growth, complemented by encouraging signs of rising consumption. Inflation has remained moderate at 1.7 per cent.
The property market is also recovering. Residential property prices have been rising for more than a year, while occupancy rates and rents in the commercial property market are stabilising.
Taken together, we are confident and optimistic about the economy. We will revise upward our full-year GDP growth forecast, putting Hong Kong on course for its strongest annual growth in five years.
But a financial centre is not measured by any single number. Its strength lies in how capital, expertise and services work together. That is the thinking behind Hong Kong's very First Five-Year Plan: bringing finance, shipping and aviation, trade, innovation and technology, as well as talent into one connected ecosystem, each part reinforcing the others.
Innovation and technology will power much of what comes next. We are backing it with patient capital, and connecting Hong Kong's research strengths and internationality with the Greater Bay Area's advanced manufacturing capabilities and supply chains.
The Northern Metropolis will deepen that collaboration, bringing universities, talent, research institutes and industry closer together. For investors, the opportunity goes beyond the next deal. It is to be part of an ecosystem where ideas can become businesses, and businesses can reach both the Mainland and global markets.
Ultimately, it is people who make that ecosystem work. And I hope you take a little time to experience Hong Kong beyond the boardroom.
Take the Star Ferry across the harbour. Walk our streets. Try somewhere new for lunch or dinner. You will feel this city's energy, and meet the people who create it: enterprising, open, always moving forward.
That same spirit brings us together tonight: renewing friendships, making new connections and exploring what we can achieve together.
Hong Kong is honoured to host you, and ready to work with you on what comes next.
But first, enjoy the dinner and enjoy the company. Thank you, and bon appetit.
