Hong Kong’s Financial Secretary, Paul Chan, began a crucial European outreach on Monday, November 25, touching down in London to vigorously promote the city’s enduring financial stability, burgeoning innovation ecosystem, and global investment appeal. The official visit aims to deepen business ties, attract international capital, and reinforce Hong Kong’s status as a premier global hub, particularly in the twin engines of finance and technology.
Upon arrival, Mr. Chan immediately engaged with representatives of prominent family offices spanning Europe, the Middle East, and Asia. He highlighted Hong Kong’s strategic advantages, including a robust financial market, a dynamic innovation and technology sector, and a supportive environment for philanthropy, impact investing, and high-quality living. During dedicated discussions, he actively encouraged these firms to establish or expand their operations within the territory, and specifically met with one financial institution finalizing its plans to launch in Hong Kong.
Later, the Financial Secretary paid a courtesy call on China’s Ambassador to the United Kingdom, Zheng Zeguang, where discussions centered on Hong Kong’s ongoing development trajectory and the broader state of China-UK relations. The day concluded with Mr. Chan delivering a keynote address at the Hong Kong Dinner, hosted by the Hong Kong Trade Development Council, where he briefed influential British political and business leaders on recent economic developments and emerging opportunities.
Robust Economy and Enduring Confidence
Addressing the attendees, Mr. Chan affirmed that the relationship between Hong Kong and the UK has notably intensified over the past year, marked by growing bilateral commerce and expanding two-way capital flows. He reiterated that the fundamental principle of “one country, two systems” serves as the bedrock of Hong Kong’s success, underpinning the city’s strong, internationally recognized common law framework and rule of law.
Indicators of sustained international confidence, he noted, included continuous inflows of global capital and expansions by multinational corporations. Specific financial momentum cited included the Hang Seng Index’s approximately 30% gain this year, following an 18% increase the previous year. Hong Kong continues to lead globally in initial public offering (IPO) fundraising and reports sustained growth in asset and wealth management, alongside increasing bank deposits.
Economically, Hong Kong has recorded 11 consecutive quarters of GDP growth, with the full-year forecast upgraded to 3.2%. The tourism and Meetings, Incentives, Conventions, and Exhibitions (MICE) sectors have demonstrated a firm rebound, with visitor arrivals projected to reach 49 million this year.
Driving Growth Through Innovation and Finance
Mr. Chan identified finance and innovation and technology (I&T) as the dominant future growth engines. In finance, Hong Kong is cementing its role as a “super-connector,” facilitating global expansion for Mainland enterprises while simultaneously forging deeper market linkages with the Middle East, Southeast Asia, and Central Asia. Priorities include:
- Market Access Enhancement: Strengthening mutual access through initiatives like cross-listing of Exchange Traded Funds (ETFs).
- Regulatory Alignment: Achieving tighter coordination among regulatory bodies.
The city’s capital markets are undergoing transformation, fueled by technology; nearly 60% of this year’s total IPO proceeds were raised by new economy firms following recent listing reforms. Hong Kong is also establishing itself as a leader in digital assets and Web3, highlighted by the recent issuance of the world’s largest tokenized green bond and the implementation of clear regulatory frameworks for digital assets and stablecoins. Furthermore, diversification efforts include approving 12 Hong Kong metal warehouses by the London Metal Exchange, supporting the ambition to become a specialized commodities trading hub, alongside plans for an international gold trading center.
In I&T, efforts are concentrated on competitive advantages in artificial intelligence, biotechnology, fintech, new energy, and new materials. Through strategic attraction initiatives, the government has onboarded over 100 high-impact technology companies in the last three years, including major UK pharmaceutical firms AstraZeneca and GSK.
The Northern Metropolis is positioned as a pivotal platform for I&T expansion, integrating high-level planning, flexible land allocation, and preferential policies to attract top-tier firms. Critically, the Lok Ma Chau Loop will anchor a cross-boundary innovation corridor designed to streamline the flow of capital, talent, goods, data, and biosamples between the Mainland and Hong Kong—a feature highly attractive to international AI and biotech enterprises.
Concluding his remarks, Mr. Chan expressed strong confidence in Hong Kong’s future and extended an invitation to UK companies and professionals to invest, conduct business, and build careers in the city, capitalizing on these emerging opportunities. Mr. Chan is scheduled to continue his London agenda before proceeding to Milan, Italy, for the next segment of his European outreach.