Hong Kong Business News

Financial Secretary Paul Chan visited companies and met business representatives in San Francisco, the United States yesterday.

Mr Chan had lunch with a group of representatives of startups, venture capital firms and private equity firms in Silicon Valley.

In a speech, he stated that the central government of the People’s Republic of China has reaffirmed its commitment to upholding the “one country, two systems” principle in Hong Kong in the long run.

He stressed that this institutional advantage allows Hong Kong to maintain an excellent business environment, the common law system, a linked exchange rate system and international connections. He added that it enables the continued free flow of capital, talent, cargo and information, and the convergence of international capital and talent in the city.

As part of the Greater Bay Area and with ready access to the vast Mainland and Asian markets, Hong Kong offers a prime option for foreign investors to explore the Mainland and Asia-Pacific markets, he asserted.

Mr Chan also spoke about the direction of Hong Kong’s economic development and the opportunities presented by it, particularly in finance and technological innovation.

He highlighted a series of attributes that make Hong Kong attractive, including strong fundamental scientific research capabilities, robust protection of intellectual property rights, vibrant startup and venture capital ecosystems, and the new industrialisation policies introduced by the Hong Kong Special Administrative Region Government.

In addition, he explained that Hong Kong is an international metropolis with excellent education, social diversity and inclusiveness, harmony between urban and rural areas, a rich cultural life, and good public security. The city welcomes businesses and talent from around the world, he added.

Mr Chan also visited a biotech startup in Silicon Valley that combines artificial intelligence and health technology data to enhance the efficiency of preliminary research efficiency and support discoveries in areas such as genetic engineering and medicine.

Due to Hong Kong’s strong scientific research talent and capabilities, along with the advantages of “one country, two systems” and policy support from the Government, the company is considering establishing a research and development centre and regional headquarters in Hong Kong to develop its business in Asia.

On a visit to an international company that specialises in payments and financial technology, Mr Chan exchanged spoke to its management about Hong Kong’s latest economic and financial situation and about the application and development of financial technology.

In the evening, Mr Chan attended the welcome reception for the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting.

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