Hong Kong Business News

Secretary for Financial Services & the Treasury Christopher Hui attended the 2024 Zhongguancun Forum Fintech Parallel Forum in Beijing today.

Mr Hui also called on CPC Central Committee Hong Kong & Macao Work Office Director and State Council Hong Kong & Macao Affairs Office Director Xia Baolong on the same day.

He reported to Mr Xia the latest developments and the way forward for Hong Kong's financial market and key areas of work under the Financial Services & the Treasury Bureau, which include offshore renminbi businesses, securities, asset and wealth management, fintech and green finance.

Mr Xia fully recognised the bureau's work, adding that the CPC Central Committee Hong Kong & Macao Work Office will give full support to Hong Kong in pursuing economic growth and advancing development.

He also hoped that the Hong Kong Special Administrative Region Government would publicise, leverage and make good use of its unique edge and roles to attract more enterprises and talent to develop in the city.

Mr Hui expressed his gratitude for Mr Xia's encouragement, noting that he was especially grateful for the country's announcement on April 19 of a series of measures to further expand mutual access between the capital markets of the Mainland and Hong Kong.

The treasury chief also said he looked forward to liaising closely with the relevant Mainland ministries and institutions to implement the measures as early as possible, with an aim to jointly contribute to the country's development as a financial powerhouse and high-quality financial development.

Mr Hui delivered a keynote speech on how Hong Kong's financial sector addresses the opportunities and challenges brought by artificial intelligence (AI) at the parallel forum this morning.

Developing AI has become a major global trend. Hong Kong, as an international financial centre, should certainly look into its impact on the financial industry. In this regard, Mr Hui shared his three judgements.

“Firstly, as a data-driven industry, the financial sector is suitable for embracing AI to enhance its efficiency and competitiveness significantly. Secondly, AI is like a double-edged sword, and improper use can bring considerable risks. Thirdly, as AI will become more and more prevalent, the amount of investment it attracts in the future will continue to increase, creating new businesses that will revamp the industry ecosystem.

“Being an international financial centre, Hong Kong's financial market is open and inclusive towards the application of AI. We are committed to building a healthy and sustainable market environment, encouraging the financial sector to seize the opportunities brought by AI, and at the same time, safeguarding the overall financial security with responsible use of AI.”

He supplemented that the Hong Kong SAR Government will issue a policy statement later this year, setting out its policy stance and approach on the application of AI in the financial market, adding that he looked forward to maintaining close exchanges and co-operation between Beijing and Hong Kong in the areas of AI and digital economy in the future as well as exploring new development opportunities together.

Mr Hui will return to Hong Kong tomorrow. Before concluding his visit to Beijing, he will meet with the leadership of the China Development Bank and the Bank of China.

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