Hong Kong financial summit to explore risks, AI impact on markets
Hong Kong Monetary Authority chief Eddie Yue said next week's International Financial Leaders Investment Summit will focus on whether current market rules remain effective amid rapid tech change and geopolitical shifts. The event will gather about 280 global leaders to discuss emerging risks and opp
The fifth International Financial Leaders Investment Summit will be held in Hong Kong from next Monday to Wednesday, the Hong Kong Monetary Authority (HKMA) announced. HKMA Chief Executive Eddie Yue wrote in a blog post that despite accumulating risks and challenges, financial markets have remained resilient and even shown exuberance at times, prompting reflection on whether current market rules remain effective or whether risks and vulnerabilities are building into hidden undercurrents ready to erupt.
Yue said these critical questions lie at the heart of this year's summit theme, 'Thinking About Change, Planning for a New Future'. Over the past few years, global financial markets have experienced multiple shocks, including disruptive structural changes from rapid technological development; the far-reaching impact of regional military conflicts on the global economy; ongoing restructuring of global supply chains; blockchain technology reshaping global financial infrastructure and service models; and the continued expansion of non-bank financial institutions, making the benefits and drawbacks of financial services more complex.
Most significantly, Yue identified artificial intelligence as having the deepest impact. From astronomical levels of investment and financial sustainability, to AI-driven industry consolidation, and its effects on productivity, employment, inflation and interest rates, AI brings considerable uncertainty and risk to financial markets.
The summit will gather about 280 international financial leaders, including around 120 group chairmen and chief executives, Yue noted. They will discuss macroeconomic trends, financial market changes and technological developments, as well as emerging opportunities and potential risks across different industries, assets and regions.
Yue said participants will also experience first-hand how Hong Kong is using innovative technology to drive economic transformation while strengthening its competitiveness and momentum as an international financial centre. This includes deepening and expanding its role as a global offshore renminbi hub, promoting a more active fixed-income market, developing an enabling and resilient digital asset and payment ecosystem, and expanding gold and commodity businesses.