Sentiment in the Hong Kong Special Administrative Region’s financial markets has improved following the Chinese mainland’s interest-rate cuts and economic support measures, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog.
He noted that Hong Kong stocks reached a record single-day turnover exceeding HK$400 billion ($51.28 billion) on Sept 27 on the heels of the People’s Bank of China move to reduce the reserve requirement ratio for all banks by 50 basis points.
A Politburo meeting chaired by President Xi Jinping also pledged last week to invigorate the capital market, stabilize the real-estate market, and back the private sector.
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Chan, who recently returned from visits to Madrid, Spain and London, highlighted the SAR government’s efforts to entrench its position as a global financial hub through various “bringing in” and “going out” policies and activities.
This has helped to “open up broader markets and business opportunities for Hong Kong enterprises, and inject new development momentum”, he said.
Chan led a delegation of Hong Kong tech startups to Europe to explore new markets and attract investment. He also promoted the city’s role as a gateway to the Guangdong-Hong Kong-Macao Greater Bay Area -- a region the central government is developing into an economic and technological powerhouse.
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He said Spanish and British businesses have shown strong interest in Hong Kong’s developments in the artificial intelligence, biotechnology, financial technology, and new energy sectors.
“I sensed that the business communities in Spain and the UK are very willing to establish deeper connections with Hong Kong, showing a strong willingness for mutual cooperation,” Chan added.
