Hong Kong Financial Services Development Council: Strong growth across all financial sectors, whether Hong Kong can seize opportunities faster becomes key

On November 6, at the Legislative Council Panel on Financial Affairs meeting, Hong Kong Financial Services Development Council (FSDC) Chairman Laurence Li stated that he has been in the financial industry for nearly 40 years and has rarely seen such strong growth across different financial sectors as at present, including IPOs, insurance, asset and wealth management, family offices, banking, RMB business, and debt development. He believes that geopolitics are accelerating the restructuring of trade chains, investment chains, and capital flows, and that both enterprises and investors need to reassess global policy risks and seek a policy environment that delivers growth, risk diversification, and stability. Very few financial centers globally can simultaneously meet these three conditions, and Hong Kong is a prime example of one that does. Laurence Li pointed out that beyond policy research, market promotion, and talent development, the FSDC's work also aligns with two new areas in the Policy Address, including coordinating the entire financial industry to provide 1,000 internship placements and launching talent training for the gold and bulk commodities industry. He believes that Hong Kong does not lack opportunities at present; the key lies in whether it can move faster and more aggressively than other markets. The FSDC will continue to cooperate with the government, regulators, and industry, and is confident that Hong Kong will move further ahead, faster, and farther in the next major wave of financial development. In addition, he proposed that while many financial sub-sectors have their own demands, resources are limited, and priority should be given to promoting and developing several major sectorsincluding global asset reallocation, RMB internationalization, currency digitalization, and goldto maximize economic benefits.