Following my visit to Manila, the Philippines at the end of September to attend the Asian Development Bank Annual Meeting and another trip to Bangkok, Thailand in mid-October to attend the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting, Permanent Secretary for Financial Services & the Treasury (Financial Services) Salina Yan visited Japan last week to make a concerted effort to tell the good stories of the Hong Kong Special Administrative Region Government to participants attending the meetings from around the world and local government officials.
Permanent Secretary for Financial Services & the Treasury (Financial Services) Salina Yan attended a conference named “Managing Financial Risks in a Shock Prone World” organised by the International Monetary Fund (IMF) Regional Office for Asia and the Pacific and the University of Tokyo Center for Advanced Research in Finance (the IMF Conference) on November 17 and 18 in Tokyo, Japan. She discussed with representatives of governments and financial regulators from Asia and the Pacific region, industry representatives and scholars the impact of globalisation, pandemic, geopolitics, monetary policies of central banks and climate changes on financial systems, as well as maintaining financial stability under such backdrop.
The attending participants contributed their insights on the changing global financial environment and relevant risk management issues. Many agreed that the world is facing increasing uncertainties and risks. The interest rate hike, stagflation, geopolitical tension and evolution of the pandemic had brought shocks of different extent to the financial systems. The global community should continue to be open and collaborative with an aim to bringing mutual benefits, achieving win-win and avoiding protective restrictions, so that economies would have more resilience in coping with economic and financial volatilities. International organisations should play a more active role in providing guidance for global financial development and stability.
Among the exchanges, many participating guests expressed to the Permanent Secretary that the physical attendance of the Hong Kong SAR demonstrated our support to the conference at the right time. In particular, as an international financial centre as well as an important channel and platform for accessing the Mainland and other Asian markets, Hong Kong could continue to play a pivotal role in promoting collaboration in market development and maintaining financial stability. They were pleased with Hong Kong enhancing connections to the world and hoped to visit Hong Kong soon to experience the vibrancy of our city personally.
During the visit, the Permanent Secretary also met Deputy Managing Director of IMF Kenji Okamura and Commissioner of Financial Services Agency of Japan Junichi Nakajima respectively. Ms Yan introduced Hong Kong’s latest measures in proactive financial market development through leveraging Hong Kong’s unique advantages of connecting the world with the support of our country. She also shared Hong Kong’s efforts in maintaining financial stability and that our risk management measures have been effective in ensuring market resilience. At the meetings, the Deputy Managing Director and the Commissioner showed strong interest in Hong Kong’s development in various financial fields, including measures relating to fintech and green and sustainable finance. The Permanent Secretary briefed them on the work of the Green & Sustainable Finance Cross-Agency Steering Group and preparation to introduce a licensing regime for virtual assets as well as the views expressed by financial leaders at the Global Financial Leaders’ Investment Summit held in Hong Kong earlier.
The visit helps to expand a wider international network for Hong Kong, allows the economies to understand more about the future development in Hong Kong’s financial services sector, and provides room for further collaboration with these places in relevant disciplines. We will continue to strengthen our connectivity with the outside world in future, demonstrating Hong Kong’s strengths and opportunities, and telling good stories about Hong Kong.
Secretary for Financial Services & the Treasury Christopher Hui wrote this article and posted it on his blog on November 21.