The 18th Asian Financial Forum has just wrapped up in Hong Kong. Measures to boost Hong Kong's position as an international financial center were one of the highlights. Anne Cheng reports.
The 18th Asian Financial Forum, hosted in Hong Kong, showcased insights and discussions on financial markets and investment opportunities. The two-day event brought together some 3,600 business leaders and policy makers from over 50 countries and regions. Hong Kong's Chief executive, who gave the opening remarks, said Hong Kong will focus on three fronts, including expanding its overseas network.
JOHN LEE Chief Executive, Hong Kong SAR "Our strategy includes strengthening financial co-operation with the Middle East and the 10 member states of ASEAN, as well as other established and emerging markets. We will also organise more international financial events, seek collaboration in financial products, talent and experience sharing, and attract more overseas enterprises and capital to Hong Kong."
Beijing's measures to support Hong Kong's development as an international financial center were unveiled, including supporting the development of Hong Kong's capital market and deepening mutual access between financial markets in Hong Kong and the Chinese mainland.
PAN GONGSHENG Governor, The People's Bank of China "We will encourage quality enterprises to get listed and issue bonds in Hong Kong, and expand the connectivity mechanisms between the mainland and Hong Kong for stocks, bonds, wealth management products and interest rate swaps. Also we will deepen the financial cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area, and increase the allocation of China's foreign exchange reserves in assets in Hong Kong, so that the financial development in Hong Kong will embrace a broader future."
Hong Kong's position as an offshore RMB hub will also be strengthened, and measures include the launch of an RMB Trade Financing Liquidity Facility for banks to support their customers. This new facility has a total quota of US$13.6 billion. In a plenary session, themed "Collaboration: The Road to Growth and Prosperity", speakers discussed how to foster partnerships and growth among different economies in an increasingly divided world, and the importance of multilateralism was highlighted.
And in many of the different discussions, Artificial Intelligence was a hot topic. Kai-Fu Lee, CEO of 01.Ai, emphasized the need for financial firms to adopt AI to stay competitive, as traditional roles may be displaced. At a keynote luncheon, Stuart Russel, Co-chair of the World Economic Forum's Council on AI, shared that generative AI is moving towards agentic AI, which can perform autonomous actions in the real world. If that is achieved, he said the economic implications would be enormous as the vast majority of the world's economic output will be produced by AI systems, which brings unlimited wealth. Russel added, however, that that brings major concerns around the distribution of wealth and the role of human beings in a world dominated by AI. This forum wasn't just about speeches and discussions.
ANNE CHENG Hong Kong "I'm in the AFF-Deal making section, and as you can see, there are meetings going on behind me. This is a platform that gives participants a chance to connect with funds and investment projects from around the world. There are 10 key sectors, including fin tech, and healthcare tech."
Meanwhile, exhibition zones like the InnoVenture Salon and Fintech Showcase offered even more business and networking opportunities. Anne Cheng, CGTN, Hong Kong.