Hong Kong Business News

Secretary for Financial Services & the Treasury Christopher Hui began his visit to New York yesterday where he met leaders of financial and business institutions and addressed a reception with the Hong Kong community there.

While meeting Global Chief Economist of S&P Global Ratings Paul Gruenwald, Mr Hui elaborated on the measures taken to maintain the robustness of the financial system and fiscal state of Hong Kong.

He then met Federal Reserve Bank of New York President and Chief Executive Officer John Williams to discuss global economic trends and interest rates.

Attending a roundtable luncheon with the National Committee on US-China Relations, Mr Hui and the committee's President Stephen Orlins had conversations with participants mainly from the financial sector on the economic developments of China and Hong Kong. Mr Hui also highlighted Hong Kong’s roles as a "super connector" and "super value-adder" in the country’s development.

Additionally, he shared information about Hong Kong's measures to enhance the liquidity and competitiveness of its stock market amid the external challenges upon visiting the New York Stock Exchange (NYSE) and meeting its Vice President and Global Head of Advisory Chris Taylor and Director of Operations & NYSE Institute Will Goodwin in the afternoon.

Moreover, Mr Hui met New York City Economic Development Corporation Senior Vice President of Partnership Department Justin Kreamer to exchange views on strengthening bilateral economic co-operation and developments.

Afterwards, he attended a reception that was hosted by the Hong Kong Economic & Trade Office with the support of the Hong Kong Association of New York. In an address at the reception, Mr Hui said Hong Kong remains a magnet for global business, investment and talent.

He noted that Hong Kong is a leading international asset and wealth management hub in Asia, managing close to US$4 trillion in assets at the end of 2022 with two-thirds sourced from non-Hong Kong investors.

The city is home to more than 12,500 ultra-high-net-worth individuals, surpassing any other city globally, and a recent study estimated that there are over 2,700 single-family offices in it, Mr Hui added.

"Hong Kong will be at the heart of the continuing eastward shift of economic prospects. We are not only the 'super connector' but also the 'super value-adder', bringing the East and the West together for rewarding opportunities."

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