Hong Kong finance chief sees strong growth across sectors, urges faster action
Financial Services Development Council Chairman Raymond Hung says Hong Kong's banking, insurance, asset management and other financial sectors are growing strongly. He urges the city to seize opportunities faster than rival markets amid geopolitical shifts.
The chairman of the Financial Services Development Council (FSDC), Raymond Hung, told a Legislative Council panel on 6 November that he had rarely seen such strong growth momentum across so many financial sectors in his nearly 40 years in the industry. He cited initial public offerings, insurance, asset and wealth management, family offices, banking, renminbi business and debt development as areas of strength.
Hung said geopolitical factors were accelerating the restructuring of trade, investment and capital chains. Companies and investors, he added, were reassessing global policy risks and seeking growth, risk diversification and a stable policy environment. He noted that few global financial centres could meet all three conditions, and that Hong Kong was a leading example.
Speaking at a meeting of the Legislative Council's Panel on Financial Affairs, Hung outlined the FSDC's work, which includes policy research, market promotion and talent development. He said the council would also take on two new tasks set out in the Chief Executive's policy address: coordinating the financial industry to provide 1,000 internship places, and launching training programmes for the gold and commodity sectors.
Hung said Hong Kong did not lack opportunities. The key, he argued, was whether the city could seize them faster and more aggressively than other markets. He expressed confidence that, with continued cooperation among the government, regulators and the industry, Hong Kong could move further ahead, faster and farther in the next big wave of finance.